Principal Proceeds. On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority: (1) to the payment of the amounts referred to in clauses (1) through (8) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder; (2) on the Payment Date following the Portfolio Finalization Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Date, (i) first, to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until such Class has been paid in full; (3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal (i) first, to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full; (4) during the Replacement Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations; (5) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full; (6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full; (7) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full; and (8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.
Appears in 3 contracts
Samples: Indenture (Arbor Realty Trust Inc), Indenture (Arbor Realty Trust Inc), Indenture (Arbor Realty Trust Inc)
Principal Proceeds. On each Payment Date that is not a or Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of DefaultDate, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses paragraphs (1) through (8) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on to the Payment Date following extent that the Portfolio Finalization Dateamounts paid pursuant to paragraph (9) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class A Notes or Class B Notes are outstanding, to the payment of principal, in an amount equal to all amounts remaining the following amounts:
(a) in the Unused Proceeds Account event that the Class A-1 Notes are outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Portfolio Finalization Date, (i) firstClass A-1 Notes, to the payment in full of principal of the Class A A-1 Notes;
(b) in the event that the Class A-2 Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated Maturity of the Class A-2 Notes, (ii) to the payment in full of principal of, first, the Class A-1 Notes and second, to the Class A-2 Notes;
(c) in the event that the Class B Notes become due and payable (iiix) thirdas a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated Maturity of the Class C B Notes, in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment in full of principal (i) of, first, to the Class A-1 Notes, second, the Class A-2 Notes and third, the Class B Notes; or
(d) in the event of a Mandatory Redemption of the Class A Notes, (ii) second, to Notes and the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Periodfirst, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until A-1 Notes, second, to the payment of principal of the Class A A-2 Notes have been paid in full;
(6) and third, to the payment of principal of the Class B Notes, to the extent necessary to cause each of the Class A/B Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii));
(3) (a) if the Class A Notes until and the Class B Notes have been paid in full;
(7) are no longer Outstanding, to the payment of principal first, the amounts referred to in paragraph (10) of Section 11.1(a)(i) and second, the Class C Notes until amounts referred to in paragraph (11) of Section 11.1(a)(i), but only to the Class C Notes have been extent not paid in full; and
(8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.full thereunder;
Appears in 2 contracts
Samples: Indenture (Gramercy Capital Corp), Indenture (Marathon Real Estate Finance, Inc.)
Principal Proceeds. On each Payment Date that is not (w) a Redemption Date Date, (x) the Stated Maturity Date, (y) during a Defaulted Mortgage Asset Default Period or (z) a Payment Date following an acceleration of the Debt as a result of the occurrence and continuation of an acceleration of the Notes as a result of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 4) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on if, as of the Determination Date relating to such Payment Date following Date, the Portfolio Finalization DateInterest Coverage Test is not satisfied, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Date, (i) first, to principal on the Class A Notes, (ii) second, Loan to the Class B Notes and (iii) thirdextent necessary to cause the Interest Coverage Test to be satisfied or, to if sooner, until the Class C Notes, in each case until such Class A Loan has been paid in full;
(3) on each during the Permitted Replenishment Reserve Funding Period, at the election of the Issuer (which election shall be delivered to the Collateral Agent and the Controlling Class at least five (5) Business Days prior to the applicable Payment Date following the occurrence of a Rating Confirmation FailureDate), to the extent that application Replenishment Reserve Account in the amount of Interest any Permitted Principal Proceeds;
(4) any Principal Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to remaining shall be reinstated or to cause any affected Class to be paid in full, to the payment of principal applied as follows:
(iA) first, with respect to any Discounted Payoff Proceeds, to the Class A Notes, Lender in an amount up to the related Discounted Payoff Proceeds Entitlement Amount;
(iiB) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Period, for so long as the Issuer is permitted Class A Loan Principal Trigger Event has not occurred on or prior to purchase Replacement Loan Obligations in accordance with Section 12.2such Payment Date, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes Loan in an amount equal to the product of (x) the sum of such remaining Principal Proceeds plus the amount of any such Principal Proceeds distributed on such Payment Date pursuant to Section 11.1(a)(ii)(1) hereof multiplied by (y) the Class A Loan Pro Rata Funding Percentage as of the related Determination Date; and
(C) third, after the Class A Loan Principal Trigger Event has occurred, 100% of any such Principal Proceeds to the payment of principal of the Class A Loan until the Class A Notes have been Loan is paid in full;
(5) during the existence and continuance of a Defaulted Mortgage Asset Repurchase Period on account of a Defaulted Mortgage Asset in accordance with Section 12.1(a)(i) hereof, any remaining Principal Proceeds after application of sub-clauses
(1) through (4) above to the Collateral Agent for deposit into the Payment Account, which amounts shall be held therein until the earlier of (x) the immediately next Payment Date, in which case such remaining Principal Proceeds shall be disbursed in accordance with Section 11.1(a)(ii) or (iii), as applicable, on such next Payment Date or (y) to the extent no Event of Default, Interest Coverage Test failure, other Defaulted Mortgage Asset Repurchase Period or Defaulted Mortgage Asset Default Period has occurred and is continuing, on the related Defaulted Mortgage Asset Cure Date, in which case such remaining Principal Proceeds shall be disbursed in accordance with sub-clause (6) below within one (1) Business Day following receipt by a Bank Officer of the Collateral Agent of written notice of such Defaulted Mortgage Asset Cure Date;
(6) any remaining Principal Proceeds shall be applied as follows:
(A) first, to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;; then
(7B) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full; and
(8) second, any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order Holder of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency AgreementClass B Notes.
Appears in 2 contracts
Samples: Indenture and Credit Agreement (Terra Property Trust, Inc.), Indenture and Credit Agreement (Terra Secured Income Fund 5, LLC)
Principal Proceeds. On each Payment Date that is not a or Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of DefaultDate, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses paragraphs (1) through (8) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on to the Payment Date following extent that the Portfolio Finalization Dateamounts paid pursuant to paragraph (9) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class A Notes or Class B Notes are Outstanding, to the payment of principal, in an amount equal to all amounts remaining the following amounts:
(a) in the Unused Proceeds Account event that the Class A-1 Notes are Outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Portfolio Finalization Date, (i) firstClass A-1 Notes, to the payment in full of principal of the Class A A-1 Notes;
(b) in the event that the Class A-2 Notes are Outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class A-2 Notes, (ii) to the payment in full of principal of, first, the Class A-1 Notes and second, to the Class A-2 Notes;
(c) in the event that the Class B Notes become due and payable (iiix) thirdas a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated Maturity of the Class C B Notes, in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment in full of principal (i) of, first, to the Class A-1 Notes, second, the Class A-2 Notes and third, the Class B Notes; or
(d) in the event of a Mandatory Redemption of the Class A Notes, (ii) second, to Notes and the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Periodfirst, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until A-1 Notes, second, to the payment of principal of the Class A A-2 Notes have been paid in full;
(6) and third, to the payment of principal of the Class B Notes, to the extent necessary to cause each of the Class A/B Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii));
(3) (a) if the Class A Notes until and the Class B Notes have been paid in full;
(7) are no longer Outstanding, to the payment of principal first, the amounts referred to in paragraph (10) of Section 11.1(a)(i) and second, the Class C Notes until amounts referred to in paragraph (11) of Section 11.1(a)(i), but only to the Class C Notes have been extent not paid in full; and
(8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.full thereunder;
Appears in 1 contract
Samples: Indenture (Gramercy Capital Corp)
Principal Proceeds. On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 9) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on the Payment Date following the Portfolio Finalization Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Date, (i) first, to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal (i) first, to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;
(6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;
(7) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full; and
(8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.
Appears in 1 contract
Samples: Indenture (Arbor Realty Trust Inc)
Principal Proceeds. On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 10) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on the Payment Date following the Portfolio Finalization Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Date, (i) first, to the Class A Notes, (ii) second, to the Class B Notes and A-S Notes, (iii) third, to the Class C B Notes, (iv) fourth, to the Class C Notes and (iv) fifth, to the Class D Notes in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(911.1(a)(i)(11) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal (i) first, to the Class A Notes, (ii) second, to the Class B Notes and A-S Notes, (iii) third, to the Class B Notes, (iv) fourth, to the Class C Notes and (v) fifth, to the Class D Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;
(6) to the payment of principal of the Class A-S Notes until the Class A-S Notes have been paid in full;
(7) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;
(7) 8) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full; and
(8) 9) to the payment of principal of the Class D Notes until the Class D Notes have been paid in full;
(10) to the payment of principal of the Class E Notes (including Class E Deferred Interest) until the Class E Notes have been paid in full; and
(11) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.
Appears in 1 contract
Samples: Indenture (Arbor Realty Trust Inc)
Principal Proceeds. On each Payment Date that is not a or Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of DefaultDate, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on to the Payment Date following extent that the Portfolio Finalization Dateamounts paid pursuant to clause (9) of Section 11.1(a)(i) hereof are insufficient to pay such amounts in full thereunder and any Class A Notes or Class B Notes are Outstanding, to the payment of principal, in an amount equal to all amounts remaining the following amounts:
(a) in the Unused Proceeds Account event that the Class A-1 Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Portfolio Finalization DateClass A-1 Notes, to the payment in full of principal of the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation;
(b) in the event that the Class A-2 Notes become due and payable (x) as a result of an acceleration following an Event of Default, (iy) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class A-2 Notes, to the payment in full of principal of, first, the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation and second, the Class A-2 Notes;
(c) in the event that the Class B Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class B Notes, to the payment in full of principal of, first, the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation, second, the Class A-2 Notes and third, the Class B Notes; or
(d) in the event of a Mandatory Redemption of the Class A Notes and the Class B Notes, first, to the payment of principal of the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation and as described in Section 11.1(a)(iii), second, to the payment of principal of the Class A-2 Notes and third, to the payment of principal of the Class B Notes, to the extent necessary to cause each of the Class A/B Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and this Section 11.1(a)(ii));
(a) if the Class A Notes and the Class B Notes are no longer Outstanding, to the payment of first, the amounts referred to in clause (10) of Section 11.1(a)(i) and second, the amounts referred to in clause (11) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(b) if the Class A Notes, (ii) second, to the Class B Notes and (iii) thirdthe Class C Notes are no longer Outstanding, to the payment of first, the amounts referred to in clause (12) of Section 11.1(a)(i) and second, the amounts referred to in clause (13) of Section 11.1(a)
(i) but only to the extent not paid in full thereunder;
(c) if the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are no longer Outstanding, to the payment of first, the amounts referred to in clause (14) of Section 11.1(a)(i) and second, the amounts referred to in clause (15) of Section 11.1(a)
(i) but only to the extent not paid in full thereunder;
(4) to the extent that the amounts paid pursuant to clause (16) of Section 11.1(a)(i) above are insufficient to pay such amounts in full thereunder and any Class C Notes, Class D Notes or Class E Notes are Outstanding, to the payment of the following amounts:
(a) in the event that the Class C Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class C Notes, to the payment in each case until such full of principal (including any applicable Capitalized Interest) of first, the Class has been paid in fullA-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation, second, the Class A-2 Notes, third, the Class B Notes and fourth, the Class C Notes;
(3b) in the event that the Class D Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class D Notes, to the payment in full of principal (including any applicable Capitalized Interest) of first, the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation, second, the Class A-2 Notes, third, the Class B Notes, fourth, the Class C Notes and fifth, the Class D Notes;
(c) in the event that the Class E Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class E Notes, to the payment in full of principal (including any applicable Capitalized Interest) of first, the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation, second, the Class A-2 Notes, third, the Class B Notes, fourth, the Class C Notes, fifth, the Class D Notes and sixth, the Class E Notes; or
(d) in the event of a Mandatory Redemption of the Class C Notes, the Class D Notes and the Class E Notes, first, to the pro rata payment of principal of the Class A-1A Notes and the Class A-1AR Notes, based on the Class A-1A/A-1AR Pro Rata Allocation and as described in Section 11.1(a)(iii), second, to the payment of principal of the Class A-2 Notes, third, to the payment of principal of the Class B Notes, fourth, to the payment of principal of the Class C Notes, fifth, to the payment of principal of the Class D Notes and sixth, to the payment of principal of the Class E Notes, to the extent necessary to cause each of the Class C/D/E Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and this Section 11.1(a)(ii));
(a) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are no longer Outstanding, to the payment of first, the amounts referred to in clause (17) of Section 11.1(a)(i) and second, the amounts referred to in clause (18) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(b) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes are no longer Outstanding, to the payment of first, the amounts referred to in clause (19) of Section 11.1(a)(i) and second, the
(i) but only to the extent not paid in full thereunder;
(c) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes are no longer Outstanding, to the payment of first, the amounts referred to in clause (21) of Section 11.1(a)(i) and second, the amounts referred to in clause (22) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(6) to the extent that the amounts paid pursuant to clause (23) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class F Notes, Class G Notes or Class H Notes are Outstanding, to the payment of the following amounts:
(a) in the event that the Class F Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class F Notes, to the payment in full of principal (including any applicable Capitalized Interest) of first, the Class A-1A Notes and the Class A-1AR Notes, based on the Class A-1A/A-1AR Pro Rata Allocation, second, the Class A-2 Notes, third, the Class B Notes, fourth, the Class C Notes, fifth, the Class D Notes, sixth, the Class E Notes and seventh, the Class F Notes;
(b) in the event that the Class G Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class G Notes, to the payment in full of principal (including any applicable Capitalized Interest) of first, the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation, second, the Class A-2 Notes, third, the Class B Notes, fourth, the Class C Notes, fifth, the Class D Notes, sixth, the Class E Notes, seventh, the Class F Notes and eighth, the Class G Notes;
(c) in the event that the Class H Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class H Notes, to the payment in full of principal (including any applicable Capitalized Interest) of first, the Class A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation, second, the Class A-2 Notes, third, the Class B Notes, fourth, the Class C Notes, fifth, the Class D Notes, sixth, the Class E Notes, seventh, the Class F Notes, eighth, the Class G Notes and ninth, the Class H Notes; or
(d) in the event of a Mandatory Redemption of the Class F Notes, the Class G Notes and the Class H Notes, first, to the pro rata payment of principal of the Class A-1A Notes and the Class A-1AR Notes, based on the Class A-1A/A-1AR Pro Rata Allocation and as described in Section 11.1(a)(iii), second, to the payment of principal of the Class A-2 Notes, third, to the payment of principal of the Class B Notes, fourth, to the payment of principal of the Class C Notes, fifth, to the payment of principal of the Class D Notes, sixth, to the payment of principal of the Class E Notes, seventh, to the payment of principal of the Class F Notes, eighth, to the payment of principal of the Class G Notes and ninth, to the payment of principal of the Class H Notes, to the extent necessary to cause each of the Class F/G/H Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii));
(7) to the extent that the amounts paid pursuant to clause (24) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Notes are Outstanding, on the first Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application payment of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to principal of each Class of Notes to be reinstated or to cause any affected Class to be paid in fullNotes, to the payment of principal (i) first, to the Class A A-1A Notes and the Class A-1AR Notes, pro rata, based on the Class A-1A/A-1AR Pro Rata Allocation and as described in Section 11.1(a)(iii), (ii) second, to the Class B Notes and A-2 Notes, (iii) third, to the Class B Notes, (iv) fourth, to the Class C Notes, (v) fifth, to the Class D Notes, (vi) sixth, to the Class E Notes, (vii) seventh, to the Class F Notes, (viii) eighth, to the Class G Notes, and (ix) ninth, to the Class H Notes, in each case until the rating ratings assigned on the Closing Date to each Class of Notes has have been reinstated or such Class has been paid in full;
(48) in such amounts pursuant to written instructions to the Trustee from the Collateral Manager no later than the related Determination Date, in the Collateral Manager's discretion and in the priority directed by the Collateral Manager (a) prior to the last day of the Reinvestment Period, to the Class A-1AR Notes, as Class A-1AR Prepayments and (b) to the Delayed Funding Obligations Account (during the Replacement Reinvestment Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations);
(59) on or prior to the last day of the Reinvestment Period, to the investment in Eligible Investments and reinvestment in Substitute Collateral Debt Securities subject to the Reinvestment Criteria or, if determined by the Collateral Manager, to pay any Special Amortization Amount, to amortize the Class A-1 Notes as described in Section 11.1(a)(iii), the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes as follows: (x) if each of the S&P Special Amortization Pro Rata Condition and the Xxxxx'x Special Amortization Pro Rata Condition is satisfied with respect to such Payment Date and, except as otherwise described in Section 9.7, the Class A/B Par Value Test has not failed to be satisfied on any prior Determination Date, on a pro rata basis (based on the Aggregate Outstanding Amount of each Class) among all Classes of Notes, or (y) if either the S&P Special Amortization Pro Rata Condition or the Xxxxx'x Special Amortization Pro Rata Condition is not satisfied with respect to such Payment Date or, except as otherwise described in Section 9.7, the Class A/B Par Value Test has failed to be satisfied on any prior Determination Date, sequentially among all Classes of Notes; provided, however, that amounts representing recoveries in respect of Defaulted Securities will be distributed sequentially in any event;
(10) after the Reinvestment Period (x) on each Payment Date that is not also a Redemption Date or the Stated Maturity of the Notes and (y) in the absence of an acceleration following an Event of Default, to the payment of principal (including any applicable Capitalized Interest) of (i) first, to the pro rata payment of principal of the Class A A-1A Notes and the Class A-1AR Notes, based on the Class A-1A/A-1AR Pro Rata Allocation, until the Class A A-1 Notes have been paid in full;
, (6ii) to second, the payment of principal of Class A-2 Notes, until the Class A-2 Notes have been paid in full, (iii) third, the Class B Notes Notes, until the Class B Notes have been paid in full;
, (7iv) to the payment of principal of fourth, the Class C Notes Notes, until the Class C Notes have been paid in full, (v) fifth, the Class D Notes, until the Class D Notes have been paid in full, (vi) sixth, the Class E Notes, until the Class E Notes have been paid in full, (vii) seventh, the Class F Notes, until the Class F Notes have been paid in full, (viii) eighth, the Class G Notes, until the Class G Notes have been paid in full, and (ix) ninth, the Class H Notes, until the Class H Notes have been paid in full;
(11) to the payment of amounts referred to in clause (25) of Section 11.1(a)(i) to the extent not paid thereunder;
(12) the payment of amounts referred to in clause (26) of Section 11.1(a)(i) to the extent not paid thereunder;
(13) the payment of amounts referred to in clause (27) of Section 11.1(a)(i) to the extent not paid thereunder;
(14) the payment of amounts referred to in clause (28) of Section 11.1(a)(i) to the extent not paid thereunder; and
(8) 15) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Shares Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Shares Paying Agency Agreement.
Appears in 1 contract
Samples: Indenture (Arbor Realty Trust Inc)
Principal Proceeds. On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed distributed, for the avoidance of doubt, net of amounts payable or reimbursable to the Master Servicer or Special Servicer, as applicable, pursuant to the Servicing Agreement, in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 4) of Section 11.1(a)(i) in the same order of priority specified therein, but without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on the Payment Date following the Portfolio Finalization Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as principal of the Portfolio Finalization Date, (i) first, to Notes until the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until such Class has have been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal amounts referred to in clause (i6) first, of Section 11.1(a)(i) to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been extent not paid in full;thereunder; and
(4) during the Replacement Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;
(6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;
(7) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full; and
(8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid first, to the Majority Equityholder in connection with any Cure Payments made by the Majority Equityholder plus Reimbursement Interest thereon, and second, (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Equity Interest Distribution Account for distribution to the Holders of the Preferred Shares Equityholders as payments of the Preferred Shares Issuer Equity Securities Distribution Amount subject Amount.
(b) [Reserved]
(c) If on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period is insufficient to make the full amount of the disbursements required by the statements furnished by the Trustee pursuant to Section 10.10(b) hereof, the Trustee shall make the disbursements called for in the order and according to the priority set forth under Section 11.1(a) above, to the extent funds are available therefor.
(d) If on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period are insufficient to make the full amount of the disbursements required by any lettered clause of Section 11.1(a)(i) or Section 11.1(a)(ii), the Trustee shall make the disbursements called for by such clause ratably in accordance with the provisions respective amounts of such disbursements then due and payable to the extent funds are available therefor.
(e) In the event that Interest Proceeds or Principal Proceeds on any Payment Date are to be applied to the payment of principal of or interest of the Preferred Share Paying Agency Notes pursuant to Section 11.1(a)(i) or Section 11.1(a)(ii), such payments will be made to Noteholders, as to each such Section, pro rata based on the amounts thereof then due and payable.
(f) In connection with any required payment by the Issuer to the Master Servicer or Special Servicer pursuant to the Servicing Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Collateral Interests, such amounts shall be distributed to the Master Servicer and Special Servicer, as applicable, pursuant to the terms of the Servicing Agreement.
Appears in 1 contract
Samples: Indenture (Redwood Trust Inc)
Principal Proceeds. On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 9) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on the Payment Date following the Portfolio Finalization Effective Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Effective Date, (i) first, to the Class A Notes, Notes and (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(911.1(a)(i)(10) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal (i) first, to the Class A Notes, Notes and (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Reinvestment Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations Reinvestment Mortgage Loans in accordance with Section 12.2, at the direction of the Loan Obligation Collateral Manager, the amount designated by the Loan Obligation Collateral Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan ObligationsReinvestment Mortgage Loans;
(5) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;
(6) to the payment of principal of the Class B Notes (including any Class B Capitalized Interest) until the Class B Notes have been paid in full;
(7) to the payment of principal amounts referred to in clause (11) of Section 11.1(a)(i) in the Class C Notes until the Class C Notes have been paid in full; andsame order of priority specified therein;
(8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.
Appears in 1 contract
Principal Proceeds. On each Payment Date that is not a or Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of DefaultDate, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses paragraphs (1) through (8) 9) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on to the Payment Date following extent that the Portfolio Finalization Dateamounts paid pursuant to paragraph (10) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class A Notes or Class B Notes are Outstanding, to the payment of principal, in an amount equal to all amounts remaining the following amounts:
(a) in the Unused Proceeds Account event that the Class A-1 Notes are Outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Portfolio Finalization Date, (i) firstClass A-1 Notes, to the payment in full of principal of the Class A A-1 Notes;
(b) in the event that the Class A-2 Notes are Outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class A-2 Notes, (ii) to the payment in full of principal of, first, the Class A-1 Notes and second, the Class A-2 Notes;
(c) in the event that the Class A-3 Notes are outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class A-3 Notes, to the payment in full of principal of, first, the Class A-1 Notes, second, the Class A-2 Notes and third, the Class A-3 Notes;
(d) in the event that the Class B Notes become due and payable (iiix) thirdas a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon Stated Maturity of the Class C B Notes, in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment in full of principal (i) of, first, to the Class A-1 Notes, second, the Class A-2 Notes, third, the Class A-3 Notes and fourth, pro rata the Class B Notes; or
(e) in the event of a Mandatory Redemption of the Class A Notes, (ii) second, to Notes and the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Periodfirst, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until A-1 Notes, second, to the payment of principal of the Class A A-2 Notes, third, to the payment of principal of the Class A-3 Notes have been paid in full;
(6) and fourth, pro rata to the payment of principal of the Class B Notes until Notes, to the extent necessary to cause the Class A/B Notes have been paid in full;
Par Value Coverage Test to be satisfied (7) after giving effect to the payment of principal of the Class C Notes until the Class C Notes have been all amounts previously paid in full; and
(8) any remaining Principal Proceeds on such Payment Date pursuant to be released from the lien of Section 11.1(a)(i) and this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.Section 11.1(a)(ii));
Appears in 1 contract
Samples: Indenture (Gramercy Capital Corp)
Principal Proceeds. On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on the Payment Date following the Portfolio Finalization Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Date, (i) first, to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal (i) first, to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;
(6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;
(7) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full; and
(8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.
Appears in 1 contract
Samples: Indenture (Arbor Realty Trust Inc)
Principal Proceeds. On each Payment Date that is not a Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 9) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on the Payment Date following the Portfolio Finalization Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Date, (i) first, to the Class A Notes, (ii) second, to the Class B Notes and Notes, (iii) third, to the Class C NotesNotes and (iv) fourth, to the Class D Notes in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(911.1(a)(i)(10) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal (i) first, to the Class A Notes, (ii) second, to the Class B Notes and Notes, (iii) third, to the Class C Notes and (v) fourth, to the Class D Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Class A Notes until the Class A Notes have been paid in full;
(6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;
(7) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full; and
(8) to the payment of principal of the Class D Notes until the Class D Notes have been paid in full;
(9) to the payment of principal of the Class E Notes (including Class E Deferred Interest) until the Class E Notes have been paid in full; and
(10) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments payment of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.
Appears in 1 contract
Samples: Indenture (Arbor Realty Trust Inc)
Principal Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Class A Loans or the Notes due to the occurrence and continuation of an acceleration of the Notes as a result of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 5) of Section 11.1(a)(i) the Priority of Payments—Application of Interest Proceeds in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on if a Market Trigger has occurred and is continuing as of the Determination Date related to such Payment Date following the Portfolio Finalization Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account as of the Portfolio Finalization Date, (i) first, to principal on the Class A NotesLoans until the Market Trigger has been cured or, (ii) secondif sooner, to until the Class B Notes and (iii) third, to the Class C Notes, in each case until such Class has A Loans have been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal (i) first, to the Class A Notes, (ii) second, to the Class B Notes and (iii) third, to the Class C Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Reinvestment Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Reinvestment Mortgage Assets under Section 12.2, at the direction of the Loan Obligation Collateral Manager, the amount (which amount may, for the avoidance of doubt, be comprised of Principal Proceeds described in clause (3) of the definition thereof) designated by the Loan Obligation Collateral Manager during the related Interest Accrual Period to be deposited into the Reinvestment Account to be held for payment reinvestment in Reinvestment Mortgage Assets or, pursuant to written direction of the Collateral Manager (on behalf of the Issuer) to be applied to pay the purchase price of Replacement Loan ObligationsReinvestment Mortgage Assets (it being understood that the Collateral Manager will be deemed to have directed the reinvestment of all Principal Proceeds until such time as it has provided the Note Administrator with a notice to the contrary);
(54) to the payment of principal of the Class A Notes Loans until the Class A Notes Loans have been paid in full;
(5) to the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted Interest Amount, to the extent not paid pursuant to clause (7) of Section 11.1(a)(i);
(6) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full;
(7) to the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted Interest Amount, to the extent not paid pursuant to clause (8) of Section 11.1(a)(i);
(8) to the payment of principal of the Class C Notes until the Class C Notes have been paid in full;
(9) to the payment of the Class D Interest Distribution Amount, plus, any Class D Defaulted Interest Amount, to the extent not paid pursuant to clause (9) of Section 11.1(a)(i);
(10) to the payment of principal of the Class D Notes until the Class D Notes have been paid in full;
(11) to the payment of the Class E Interest Distribution Amount, plus, any Class E Defaulted Interest Amount, to the extent not paid pursuant to clause (11) of Section 11.1(a)(i);
(12) to the payment of principal of the Class E Notes (including any Class E Deferred Interest) until the Class E Notes have been paid in full;
(13) to the payment of the Class F Interest Distribution Amount, plus, any Class F Defaulted Interest Amount, to the extent not paid pursuant to clause (13) of Section 11.1(a)(i);
(14) to the payment of principal of the Class F Notes (including any Class F Deferred Interest) until the Class F Notes have been paid in full; and
(8) 15) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency AgreementClass G Notes.
Appears in 1 contract
Samples: Indenture and Security Agreement (Lument Finance Trust, Inc.)
Principal Proceeds. On each Payment Date that is not a or Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of DefaultDate, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses (1) through (8) 7) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on to the Payment Date following extent that the Portfolio Finalization Dateamounts paid pursuant to clause (8) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class A Notes or Class B Notes are Outstanding, to the payment of principal, in an amount equal to all amounts remaining the following amounts:
(a) in the Unused Proceeds Account event that the Senior Class A Notes are Outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Rated Final Maturity of the Portfolio Finalization Date, (i) first, to the Senior Class A Notes, to the payment in full of principal of the Senior Class A Notes;
(iib) secondin the event that the Junior Class A Notes are Outstanding and become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon the Rated Final Maturity of the Junior Class A Notes, to the payment in full of principal of the Junior Class A Notes;
(c) in the event that the Class B Notes become due and payable (iiix) thirdas a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean-up Call or a Tax Redemption or (z) upon Rated Final Maturity of the Class C B Notes, in each case until such Class has been paid in full;
(3) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment in full of principal (i) of, first, to the Senior Class A Notes, (ii) second, to the Junior Class A Notes, and third, the Class B Notes; and
(d) in the event of a Mandatory Redemption of the Class A Notes and (iii) third, to the Class C B Notes, in each case until the rating assigned on the Closing Date to each Class of Notes has been reinstated or such Class has been paid in full;
(4) during the Replacement Periodfirst, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations;
(5) to the payment of principal of the Senior Class A Notes until Notes, second, to the payment of principal of the Junior Class A Notes have been paid in full;
(6) Notes, and third, to the payment of principal of the Class B Notes, to the extent necessary to cause each of the Class A/B Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii));
(3) (a) if the Class A Notes until and the Class B Notes have been paid in full;
(7) are no longer Outstanding, to the payment of principal first, the amounts referred to in clause (9) of Section 11.1(a)(i) and second, the Class C Notes until amounts referred to in clause (10) of Section 11.1(a)(i), but only to the Class C Notes have been extent not paid in full; and
(8) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares as payments of the Preferred Shares Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.full thereunder;
Appears in 1 contract
Samples: Indenture (CBRE Realty Finance Inc)
Principal Proceeds. On each Payment Date that is not a or Redemption Date or a Payment Date following the occurrence and continuation of an acceleration of the Notes as a result of an Event of DefaultDate, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority:
(1) to the payment of the amounts referred to in clauses paragraphs (1) through (8) 7) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder;
(2) on to the Payment Date following extent that the Portfolio Finalization Dateamounts paid pursuant to paragraph (8) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class A Notes or Class B Notes are outstanding, to the payment of principal, in an amount equal to all amounts remaining the following amounts:
(a) in the Unused Proceeds Account event that the Class A Notes are outstanding and become due and payable (x) as a result of the Portfolio Finalization Datean acceleration following an Event of Default, (iy) firstpursuant to an Auction Call Redemption, to an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class A Notes, to the payment in full of principal of the Class A Notes as described in Section 11.1(g);
(iib) in the event that the Class B Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class B Notes, to the payment in full of principal of, first, the Class A Notes as described in Section 11.1(g) and second, the Class B Notes; or
(c) in the event of a Mandatory Redemption of the Class A Notes and the Class B Notes, first, to the payment of principal of the Class A Notes as described in Section 11.1(g), second, for deposit into the Class A-1R Suspense Account, the Required Class A-1R Suspense Account Deposit, and third, to the payment of principal of the Class B Notes, to the extent necessary to cause each of the Class A/B Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i));
(a) if the Class A Notes and the Class B Notes are no longer outstanding, to the payment of first, the amounts referred to in paragraph (9) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (10) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(a) if the Class A Notes, the Class B Notes and (iii) thirdthe Class C Notes are no longer outstanding, to the payment of first, the amounts referred to in paragraph (11) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (12) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(b) if the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are no longer outstanding, to the payment of first, the amounts referred to in paragraph (13) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (14) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(4) to the extent that the amounts paid pursuant to paragraph (15) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class C Notes, Class D Notes or Class E Notes are outstanding, to the payment of the following amounts:
(a) in the event that the Class C Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class C Notes, to the payment in each case until such full of principal of first, the Class has been paid A Notes as described in fullSection 11.1(g), second, the Class B Notes and third, the Class C Notes;
(3b) in the event that the Class D Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class C Notes, to the payment in full of principal of first, the Class A Notes as described in Section 11.1(g), second, the Class B Notes, third, the Class C Notes and fourth, the Class D Notes;
(c) in the event that the Class E Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class E Notes, to the payment in full of principal of first, the Class A Notes as described in Section 11.1(g), second, the Class B Notes, third, the Class C Notes, fourth, the Class D Notes and fifth, the Class E Notes; or
(d) in the event of a Mandatory Redemption of the Class C Notes, the Class D Notes and the Class E Notes, first, to the payment of principal of the Class A Notes as described in Section 11.1(g), second, for deposit into the Class A-1R Suspense Account, the Required Class A-1R Suspense Account Deposit, third, to the payment of principal of the Class B Notes, fourth, to the payment of principal of the Class C Notes, fifth, to the payment of principal of the Class D Notes and sixth, to the payment of principal of the Class E Notes, to the extent necessary to cause the Class C/D/E Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on each such Payment Date pursuant to Section 11.1(a)(i) and this Section 11.1(a)(ii));
(5) (a) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are no longer outstanding, to the payment of first, the amounts referred to in paragraph (16) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (17) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(a) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes are no longer outstanding, to the payment of first, the amounts referred to in paragraph (18) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (19) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(b) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes are no longer outstanding, to the payment of first, the amounts referred to in paragraph (20) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (21) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(6) to the extent that the amounts paid pursuant to paragraph (22) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Class F Notes, Class G Notes or Class H Notes are outstanding, to the payment of the following amounts:
(a) in the event that the Class F Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class F Notes, to the payment in full of principal of first, the Class A Notes as described in Section 11.1(g), second, the Class B Notes, third, the Class C Notes, fourth, the Class D Notes, fifth, the Class E Notes and sixth, the Class F Notes;
(b) in the event that the Class G Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class G Notes, to the payment in full of principal of first, the Class A Notes as described in Section 11.1(g), second, the Class B Notes, third, the Class C Notes, fourth, the Class D Notes, fifth, the Class E Notes, sixth, the Class F Notes and seventh, the Class G Notes;
(c) in the event that the Class H Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class H Notes, to the payment in full of principal of first, the Class A Notes as described in Section 11.1(g), second, the Class B Notes, third, the Class C Notes, fourth, the Class D Notes, fifth, the Class E Notes, sixth, the Class F Notes, seventh, the Class G Notes and eighth, the Class H Notes; or
(d) in the event of a Mandatory Redemption of the Class F Notes, the Class G Notes and the Class H Notes, first, to the payment of principal of the Class A Notes as described in Section 11.1(g), second, for deposit into the Class A-1R Suspense Account, the Required Class A-1R Suspense Account Deposit, third, to the payment of principal of the Class B Notes, fourth, to the payment of principal of the Class C Notes, fifth, to the payment of principal of the Class D Notes, sixth, to the payment of principal of the Class E Notes, seventh, to the payment of principal of the Class F Notes, eighth, to the payment of principal of the Class G Notes and ninth, to the payment of principal of the Class H Notes, to the extent necessary to cause the Class F/G/H Coverage Tests to be satisfied (after giving effect to the payment of all amounts previously paid on such Payment Date pursuant to Section 11.1(a)(i) and this Section 11.1(a)(ii));
(7) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes and the Class H Notes are no longer outstanding, to the payment of first, the amounts referred to in paragraph (23) of Section 11.1(a)(i) and second, the amounts referred to in paragraph (24) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;
(8) in the event that the Class J Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class J Notes, to the payment in full of principal of first, the Class A Notes as described in Section 11.1(g), second, the Class B Notes, third, the Class C Notes, fourth, the Class D Notes, fifth, the Class E Notes, sixth, the Class F Notes, seventh, the Class G Notes, eighth, the Class H Notes and, ninth, the Class J Notes;
(9) to the extent that the amounts paid pursuant to paragraph (27) of Section 11.1(a)(i) are insufficient to pay such amounts in full thereunder and any Notes are outstanding, on the first Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest Proceeds pursuant to Section 11.1(a)(i)(9) is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the payment of principal of the following Classes of Notes: (i) first, to the Class A NotesNotes as described in Section 11.1(g), (ii) second, to the Class B Notes and Notes, (iii) third, to the Class C Notes, (iv) fourth, to the Class D Notes, (v) fifth, the Class E Notes, (vi) sixth, the Class F Notes, (vii) seventh, the Class G Notes, (viii) eighth, the Class H Notes, (ix) ninth, the Class J Notes and (x) tenth, the Class K Notes, in each case until the rating ratings assigned on the Closing Date to each such Class of Notes has have been reinstated or such Class has been paid in full;
(410) in such amounts pursuant to written instructions to the Trustee from the Collateral Manager no later than the related distribution date, in the Collateral Manager’s discretion and in the priority directed by the Collateral Manager (a) prior to the last day of the Replenishment Period, to the Class A-1R Notes, as Class A-1R Prepayments and (b) to the Delayed Funding Obligations Account (during the Replacement Replenishment Period, so long as the Issuer is permitted to purchase Replacement Loan Obligations in accordance with Section 12.2, at the direction of the Loan Obligation Manager, the amount designated by the Loan Obligation Manager during the related Interest Accrual Period for payment of the purchase price of Replacement Loan Obligations);
(511) prior to the last day of the Replenishment Period, to the investment in Eligible Investments and reinvestment in Substitute Collateral Obligations subject to the Replenishment Criteria or, if determined by the Collateral Manager to pay any Special Amortization Amount, to amortize the Class A Notes as described in Section 11.1(g), the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes, the Class H Notes and the Class J Notes as follows: (x) if each of the S&P Special Amortization Pro Rata Condition and the Mxxxx’x Special Amortization Pro Rata Condition is satisfied with respect to such Payment Date, on a pro rata basis (based on the Aggregate Outstanding Amount of each Class) among all such Classes of Notes (other than the Class K Notes), or (y) if either the S&P Special Amortization Pro Rata Condition or the Mxxxx’x Special Amortization Pro Rata Condition is not satisfied with respect to such Payment Date, sequentially among all such Classes of Notes (other than the Class K Notes) to pay principal in respect thereof (and any Required Class A-1R Suspense Account Deposit, to the Class A-1R Suspense Account); provided, however, that amounts representing recoveries in respect of Defaulted Securities will be distributed sequentially among all Classes of Notes (other than the Class K Notes) to pay principal in respect thereof in any event;
(12) after the Replenishment Period (x) on each Payment Date that is not also a Redemption Date or the Stated Maturity of the Notes and (y) in the absence of an acceleration following an Event of Default, to the payment of principal of (i) first, the Class A Notes as described in Section 11.1(g), until the Class A Notes have been paid in full;
full (6) and any Required Class A-1R Suspense Account Deposit, to the payment of principal of Class A-1R Suspense Account), (ii) second, the Class B Notes Notes, until the Class B Notes have been paid in full;
, (7iii) to the payment of principal of third, the Class C Notes Notes, until the Class C Notes have been paid in full, (iv) fourth, the Class D Notes, until the Class D Notes have been paid in full, (v) fifth, the Class E Notes, until the Class E Notes have been paid in full, (vi) sixth, the Class F Notes, until the Class F Notes have been paid in full, (vii) seventh, the Class G Notes, until the Class G Notes have been paid in full, (viii) eighth, the Class H Notes, until the Class H Notes have been paid in full and (ix) ninth, the Class J Notes, until the Class J Notes have been paid in full;
(13) to the payment of amounts referred to in paragraph (28) of Section 11.1(a)(i) to the extent not paid thereunder;
(14) to the payment of amounts referred to in paragraph (29) of Section 11.1(a)(i) to the extent not paid thereunder;
(15) to the payment of amounts referred to in paragraph (30) of Section 11.1(a)(i) to the extent not paid thereunder;
(16) in the event that the Class K Notes become due and payable (x) as a result of an acceleration following an Event of Default, (y) pursuant to an Auction Call Redemption, an Optional Redemption, a Clean up Call or a Tax Redemption or (z) upon the Stated Maturity of the Class K Notes, to the payment in full of principal of first, the Class A Notes as described in Section 11.1(g), second, the Class B Notes, third, the Class C Notes, fourth, the Class D Notes, fifth, the Class E Notes, sixth, the Class F Notes, seventh, the Class G Notes, eighth, the Class H Notes, ninth, the Class J Notes and tenth, the Class K Notes;
(17) if the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class G Notes, the Class H Notes and the Class J Notes are no longer outstanding, to the payment of full in principal of the Class K Notes; and
(8) 18) any remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Shares Paying Agent Owner Trustee for deposit into the Preferred Share Certificate Distribution Account for distribution to the Holders of the Preferred Shares Certificateholder as payments of the Preferred Shares Certificate Distribution Amount subject to and in accordance with the provisions of the Preferred Share Paying Agency AgreementAmount.
Appears in 1 contract
Samples: Indenture (Capitalsource Inc)
