Priority of Distributions. On each Distribution Date, the Indenture Trustee shall first make the payments in sub-clause (z) below and then shall make the following deposits and distributions in the amounts and in the order of priority set forth below:
(a) to the Servicer, the Primary Servicing Fee due on that Distribution Date;
(b) to the Administrator, the Administration Fee due on that Distribution Date and all prior unpaid Administration Fees;
(c) to the Class A Noteholders, the Class A Noteholders’ Interest Distribution Amount, pro rata based on amounts payable as Class A Noteholders’ Interest Distribution Amount;
(d) to the Class B Noteholders, the Class B Noteholders’ Interest Distribution Amount;
(e) to the Reserve Account, the amount, if any, necessary to reinstate the balance of the Reserve Account to the Specified Reserve Account Balance;
(f) to the Class A Noteholders, until the principal balance of such class is paid in full, the Class A Noteholders’ Principal Distribution Amount;
(g) to the Class B Noteholders, until the principal balance of such class is paid in full, the Class B Noteholders’ Principal Distribution Amount;
(h) to the Indenture Trustee, the Eligible Lender Trustee and the Delaware Trustee, pro rata, based on amounts due, any unpaid fees and expenses due under Section 6.7 of the Indenture or Sections 8.1 and 8.3 of the Trust Agreement, as applicable, including, without limitation, any indemnity amounts, to the extent such amounts have not been paid by the Administrator or paid pursuant to sub-clause (z) below;
(i) to the Servicer, the aggregate unpaid amount of the Carryover Servicing Fee, if any;
(j) in the event the Trust Student Loans are not sold pursuant to Section 6.1(a) below or Section 4.4 of the Indenture, on each subsequent Distribution Date, an accelerated payment of principal shall be paid, first, to the Class A Noteholders until the Outstanding Amount of the Class A Notes is paid in full and reduced to zero, and second, to the Class B Noteholders until the Outstanding Amount of the Class B Notes is paid in full and reduced to zero, as set forth in Section 2.8 above; provided that the amount of such distribution shall not exceed the Outstanding Amount of the Class A Notes or the Class B Notes, as applicable, after giving effect to all other payments in respect of principal of the Class A Notes and the Class B Notes to be made on such Distribution Date; and
(k) to the Excess Distribution Certificateholder (initially, Navient CFC), any remainin...
Priority of Distributions. Parent and each Borrower hereby irrevocably waive the right to direct the application of any and all payments in respect of their Finance Obligations and any proceeds of Collateral after the occurrence and during the continuance of an Event of Default and agree that, notwithstanding the provisions of Sections 2.09(c) and 2.14, after the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have been required to be Cash Collateralized), all amounts collected or received on account of any Finance Obligation shall, subject to the provisions of Section 2.16 and Section 2.17, be applied by the Administrative Agent in the following order: FIRST, to pay interest on and then principal of any portion of the Loans that the Administrative Agent may have advanced on behalf of any Lender for which the Administrative Agent has not then been reimbursed by such Lender or a Borrower; SECOND, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of the Administrative Agent or the Collateral Agent in connection with enforcing the rights of the Finance Parties under the Finance Documents, including all expenses of sale or other realization of or in respect of the Collateral, including reasonable compensation to the agents and counsel for the Collateral Agent, and all expenses, liabilities and advances incurred or made by the Collateral Agent in connection therewith, and any other obligations owing to the Collateral Agent in respect of sums advanced by the Collateral Agent to preserve the Collateral or to preserve its security interest in the Collateral; THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of (i) each of the Lenders (including any L/C Issuer in their capacities as such) in connection with enforcing its rights under the Loan Documents or otherwise with respect to the Senior Credit Obligations owing to such Lender, (ii) each Swap Creditor in connection with enforcing any of its rights under the Swap Agreements or otherwise with respect to the Swap Obligations owing to such Swap Creditor and (iii) each Cash Management Bank in connection with enforcing any of its rights under any Secured Cash Management Agreement; FOURTH, to the payment of all of the Senior Credit Obligations consisting of accrued fees and interest; FIFTH, except as set forth in clauses FIRST thro...
Priority of Distributions. 6 Section 3.06 Protection of Trust Estate.......................................10 Section 3.07 Opinions as to Trust Estate......................................11 Section 3.08 Performance of Obligations; Servicing Agreement..................11
Priority of Distributions. 9 SECTION 4.3
Priority of Distributions. The proceeds of any sale of, or other realization upon, all or any part of the Collateral and any cash held in the Collateral Accounts shall be applied as provided in Section 8.03 of the Credit Agreement. The Collateral Agent may make distributions hereunder in cash or in kind or, on a ratable basis, in any combination thereof.
Priority of Distributions. All Distributions (including in connection with the dissolution and liquidation of the Company pursuant to the terms of Article XI hereof) shall be made, when and as declared by the Manager, to the Holders pro rata based on the number of Common Units held by each such Holder.
Priority of Distributions. Subject to the priority of Distributions pursuant to Section 13.3(c), if applicable, all Distributions determined to be made by the Board pursuant to this Section
Priority of Distributions. (i) Except as provided in Section 18.2(c)(ii), unless full cumulative distributions on the Class M Preferred Unit have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, no distributions (other than in the form of Common Units or other Junior Units) shall be declared or paid or set apart for payment and no other distribution shall be declared or made upon any Junior Units or Parity Preferred Units nor shall any Junior Units or Parity Preferred Units be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any shares of any such Junior Units or Parity Preferred Units) by the Company (except by conversion into or exchange for Junior Units).
(ii) If any shares of Class M Preferred Units are outstanding, no full distributions shall be declared or paid or set apart for payment on any Parity Preferred Units or Junior Units for any period unless full cumulative distributions have been or contemporaneously are declared and paid (contemporaneously with the respective dates that the distributions on the Parity Preferred Units or Junior Units are so declared and so paid) or declared and a sum sufficient for the payment thereof set apart for such payment on the Class M Preferred Units for all past distribution periods. When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the shares of the Class M Preferred Units and any Parity Preferred Units, all distributions declared upon the shares of the Class M Preferred Units and any such Parity Preferred Units shall be declared pro rata so that the amount of distributions declared per unit on the Class M Preferred Units and all other such Parity Preferred Units shall in all cases bear to each other the same ratio that accrued and unpaid distributions per unit on the units of the Class M Preferred Units and all other such Parity Preferred Units bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Class M Preferred Units which may be in arrears.
Priority of Distributions. Subject to the terms and requirements of the Operative Agreements, all payments and amounts received by Trust Company as the Owner Trustee or on its behalf shall be distributed to the Agent for allocation by the Agent in accordance with the terms of Section 8.7 of the Participation Agreement or, if such payments or amounts are received by the Owner Trustee from the Agent, then they shall be distributed forthwith upon receipt in the following order of priority: first, in accordance with the Holder Yield protection provisions set forth in Section 11.3 of the Participation Agreement; and, second, the balance, if any, of such payment or amount remaining thereafter shall be distributed to the Holders pro rata (based on the ratio of the individual Holder's Holder Commitment to the aggregate of all the Holders' Holder Commitments).
Priority of Distributions. Not less than once each calendar quarter, the Manager shall determine the extent (if any) of the Company's Distributable Cash. If the Manager, in its reasonable discretion, determines that such Distributable Cash exists, and may be distributed under the Company's loan agreements, promissory notes and other agreements, the Manager shall distribute the Distributable Cash to the Members as soon as reasonably practicable. All distributions of Distributable Cash or other property shall be made in the following order of priority:
(i) First, to the Private Investors and the Social Impact Investor, in proportion to their accrued but unpaid Preferred Returns, until the aggregate distributions to the Private Investors and the Social Impact Investor under this clause (i) are sufficient for each of the Private Investors to receive a 6% Preferred Return and for each of the Social Impact Investors to receive a 3% Preferred Return;
(ii) Second, to the Private Investors, in proportion to their respective Capital Contributions, until the aggregate distributions to the Private Investors under this clause (ii) are sufficient to return their respective Capital Contributions to the Company;
(iii) Third, to the Social Impact Investors, in proportion to their respective Capital Contributions, until the aggregate distributions to the Social Impact Investors under this clause (iii) are sufficient to return their respective Capital Contributions to the Company;
(iv) Fourth, to the Government Investor and CIC, in proportion to their respective Capital Contributions, until the aggregate distributions to the Government Investor and CIC under this clause (iv) are sufficient for each of them to receive a 3% Preferred Return;
(v) Fifth, to the Government Investor and CIC, in proportion to their respective Capital Contributions, until the aggregate distributions to the Government Investor and CIC under this clause (v) are sufficient to return their respective Capital Contributions to the Company;
(vi) Sixth, to the Social Impact Investors, the Government Investor and CIC, in proportion to their pro rata shares of an amount sufficient to provide a 6% Preferred Return to each of such Members, until the aggregate distributions to each of the Social Impact Investors, the Government Investor and CIC under clauses (i), (iv) and (vi) are sufficient for each of them to receive a 6% Preferred Return; and
(vii) Seventh, the remainder, if any, to the Private Investors, the Social Impact Investors, t...
