Common use of Distribution of Principal and Interest Clause in Contracts

Distribution of Principal and Interest. Agent will receive and accept all payments (including prepayments) of principal and interest made by Borrowers on the Loan and the Notes and will hold all such payments in trust for the benefit of all present and future Syndication Parties, in an account segregated from Agent's other funds and accounts ("Payment Account"). After the receipt by Agent of any payment representing interest or principal on the Loan, Agent shall remit to each Syndication Party an amount equal to such payment, multiplied by the Syndication Party's Syndication Share ("Payment Distribution") no later than the same Business Day as such payment is received by Agent if received no later than 11:00 a.m. Pacific time or the next Business Day if received by Agent thereafter. Any Syndication Party's rights to its Payment 48 Distribution shall be subject to the rights of any Contributing Syndication Parties to such amounts as set forth in Section 11.4 hereof.

Distribution of Principal and Interest. Agent will receive and accept all payments (including prepayments) of principal and interest made by Borrowers on the Loan and the Notes and will hold all such payments in trust for the benefit of all present and future Syndication Parties, in an account segregated from Agent's other funds and accounts ("Payment Account"). After the receipt by Agent of any payment representing interest or principal on the Loan, Agent shall remit to each Syndication Party an amount equal to such payment, multiplied by the Syndication Party's Syndication Share ("Payment Distribution") no later than the same Business Day as such payment is received by Agent if received no later than 11:00 a.m. Pacific time or the next Business Day if received by Agent thereafter. Any Syndication Party's rights to its Payment 48 Distribution shall be subject to the rights of any Contributing Syndication Parties to such amounts as set forth in Section 11.4 hereof.