Junior Interests definition
Examples of Junior Interests in a sentence
Subject to the foregoing, and not otherwise, such distributions (payable in cash, securities or other property) as may be determined by the Board of Managers or any duly authorized committee of the Board of Managers may be declared and paid on any securities, including Common Interests and other Junior Interests, from time to time out of any funds legally available for such payment, and holders of Designated Preferred shall not be entitled to participate in any such distributions.
The Designated Preferred shall rank equally with Parity Interests and shall rank senior to Junior Interests with respect to the payment of distributions and the distribution of assets in the event of any dissolution, liquidation or winding up of the Issuer.
With respect to Mortgage Assets other than Junior Interests, CMBS, RMBS and Pass-Through Interests, if the servicer of the Mortgage Assets is a Seller or an Affiliate of a Seller, upon the occurrence and during the continuance of an Event of Default, the Agent shall have the right to terminate the Seller or Affiliate as servicer of the Mortgage Assets and transfer servicing to its designee, at no cost or expense to the Agent, at any time thereafter.
Upon any liquidation, dissolution or winding up of LLC, each holder of Series M Class 2 Interests shall be entitled to be paid, before any distribution or payment is made upon any Junior Interests, an amount in cash equal to the aggregate Liquidation Value (plus all accrued and unpaid dividends) of all Series M Class 2 Interests held by such holder, and the holders of Series M Class 2 Interests shall not be entitled to any further payment.
Each Seller covenants to cause the servicing of the Mortgage Assets (other than Junior Interests, CMBS, RMBS and Pass-Through Interests) to be maintained in conformity with Accepted Servicing Practices and in a manner at least equal in quality to the servicing the Seller would provide for Mortgage Assets which it owns.
Series M Dividends shall be cumulative such that all accrued and unpaid dividends shall be fully paid or declared with funds irrevocably set apart for payment before any dividend, distribution or payment may be made with respect to any Junior Interests (Series M).
Buyer agrees to release its ownership interest in Purchased Assets, or release its security interest in the Mezzanine Loans and Mezzanine Loan Junior Interests, immediately upon receipt of such Repurchase Price, and concurrently with such release, Buyer shall be deemed to have transferred its ownership interest in such Purchased Assets to the Seller.
With respect to Purchased Assets, Mezzanine Loans or Mezzanine Loan Junior Interests being serviced by Third Party Servicers, the Seller or Mezzanine Loan Subsidiary, as applicable, and Servicer shall forward all payments to the Buyer to the extent received from the underlying obligor and Third Party Servicer.
The Junior Interests identified on Schedules 1.1(a) and (b) and the NationsLink I/O Bond identified on Schedule 1.1(c) shall, on the Effective Date, be Borrowing Base Assets, and the Borrowing Base Value initially attributable to such Borrowing Base Assets shall be determined in accordance with the definition of Borrowing Base Value.
With respect to each Transaction which Seller requests to enter into simultaneously with the purchase by the Seller or the Mezzanine Loan Subsidiaries of the related Purchased Assets, Mezzanine Loans or Mezzanine Loan Junior Interests, Seller and the Buyer shall cooperate in entering into a document and funding escrow arrangement acceptable to the Buyer in its sole discretion.