Common use of Recovery of Unsatisfied Indemnification Payments Clause in Contracts

Recovery of Unsatisfied Indemnification Payments. Notwithstanding anything to the contrary set forth in this Article 4, if any Noteholder does not pay its Pro Rata Share of any indemnity amount, reimbursement or other payment required to be paid under Section 2.6 of this Agreement or Section 2.6 of any Senior Co-Lender Agreement, then such Noteholder shall be deemed to be a Delinquent Noteholder for all purposes hereunder, and until such time as the unpaid amount shall have been paid in full, in lieu of disbursing funds to such Delinquent Noteholder in the manner required under this Article 4, any amounts otherwise payable to such Delinquent Noteholder under Article 4, shall instead be paid to and retained by Administrative Agent to pay the unpaid amount (together with interest at the Default Rate from the date that the Delinquent Noteholder failed to make the applicable payment); provided, that a Noteholder which is a Securitization Vehicle that does not make payments under Section 2.6 shall not constitute a Delinquent Noteholder under this Section 4.3 solely by reason of such failure, but any amounts otherwise payable to any such Securitization Vehicle which fails to make such payments under Section 2.6 shall instead be paid to and retained by Administrative Agent to pay the unpaid amount as otherwise contemplated above in this Section 4.3. Each of the Noteholders hereby acknowledges and agrees that any amounts deducted from amounts to be distributed to a non-paying Noteholder pursuant to this Section 4.3 shall not be recoverable thereafter.