Principal if a Cross-Over Situation Exists Clause Samples

The "Principal if a Cross-Over Situation Exists" clause defines the party who will be considered the principal in scenarios where a cross-over situation arises, such as when roles or obligations between parties overlap or change. In practice, this clause clarifies which party assumes primary responsibility for certain actions, payments, or liabilities if the contractual relationship shifts or if both parties could potentially be seen as principals. By establishing a clear principal in these situations, the clause helps prevent disputes and confusion, ensuring that obligations and rights are properly allocated even in complex or changing circumstances.
Principal if a Cross-Over Situation Exists. If a Cross-Over Situation exists with respect to the Class A and Class B Interests of a Mortgage Pool then: (a) if the Calculation Rate in respect of such outstanding Class A and Class B Interests is less than the Subordinate Net WAC, Principal Relocation Payments will be made proportionately to the outstanding Class A Interests prior to any other Principal Distributions from such Mortgage Pool; and (b) if the Calculation Rate in respect of the outstanding Class A and Class B Interests is greater than the Subordinate Net WAC, Principal Relocation Payments will be made proportionately to the outstanding Class B Interests prior to any other Principal Distributions from such Mortgage Pool. In each case, Principal Relocation Payments will be made so as to cause the Calculation Rate in respect of the outstanding Class A and Class B Interests to equal the Subordinate Net WAC. With respect to each Mortgage Pool, if (and to the extent that) the sum of (a) the principal payments comprising the Principal Remittance Amount received during the Due Period and (b) the Realized Losses, are insufficient to make the necessary reductions of principal on the Class A and Class B Interests, then interest will be added to the Mortgage Pool's other Interests that are not receiving Principal Relocation Payments, in proportion to their principal balances. (c) The outstanding aggregate Class A and Class B Interests for all Mortgage Pools will not be reduced below 1 percent of the excess of (i) the aggregate outstanding Class Principal Amounts of all Mortgage Pools as of the end of any Due Period over (ii) the Senior Certificates for all Mortgage Pools as of the related Distribution Date (after taking into account distributions of principal on such Distribution Date). If (and to the extent that) the limitation in paragraph (c) prevents the distribution of principal to the Class A and Class B Interests of a Mortgage Pool, and if the Mortgage Pool's Class C Interest has already been reduced to zero, then the excess principal from that Mortgage Pool will be paid to the Class C Interests of the other Mortgage Pools, the aggregate Class A and Class B Interests of which are less than one percent of the Pool Subordinated Amount. If the Mortgage Pool of a Class C Interest that receives such payment has a weighted average Net Mortgage Rate below the weighted average Net Mortgage Rate of the Mortgage Pool making the payment, then the payment will be treated by the Lower-Tier REMIC as a Realiz...
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Principal if a Cross-Over Situation Exists. If a Cross-Over Situation exists with respect to the R-2-A and R-2-B Interests then: (a) if the Calculation Rate in respect of the outstanding R-2-A and R-2-B Interests is less than the Adjustable Rate Subordinate Net Rate Cap, Principal Relocation Payments will be made proportionately to the outstanding R-2-A Interests prior to any other principal distributions from each such Variable Loan Group; and (b) if the Calculation Rate in respect of the outstanding R-2-A and R-2-B Interests is greater than the Adjustable Rate Subordinate Net Rate Cap, Principal Relocation Payments will be made proportionately to the outstanding R-2-B Interests prior to any other principal distributions from each such Variable Loan Group. In each case, Principal Relocation Payments will be made so as to cause the Calculation Rate in respect of the outstanding R-2-A and R-2-B Interests to equal the Adjustable Rate Subordinate Net Rate Cap. With respect to each Variable Loan Group, if (and to the extent that) the sum of (a) the principal payments comprising the Principal Distribution Amount payable for the related Distribution Date and (b) the Realized Losses, are insufficient to make the necessary reductions of principal on the R-2-A and R-2-B Interests, then interest will be added to the Variable Loan Group's R-2-E Interest. (c) The outstanding aggregate R-2-A and R-2-B Interests for both Variable Loan Groups will not be reduced below 1 percent of the excess of (i) the aggregate outstanding Stated Principal Balances of all Variable Loan Groups as of the end of any Due Period over (ii) the Senior Certificates related to the Variable Loan Groups as of the related Distribution Date (after taking into account distributions of principal on such Distribution Date). If (and to the extent that) the limitation in paragraph (c) prevents the distribution of principal to the R-2-A and R-2-B Interests of a Variable Loan Group, and if the Variable Loan Group's corresponding R-2-E Interest has already been reduced to zero, then the excess principal from that Variable Loan Group will be paid to the R-2-E Interest of the other Variable Loan Group, the aggregate R-2-A and R-2-B Interests of which are less than one percent of the Subordinate Component Balance. If the Variable Loan Group of the corresponding R-2-E Interest that receives such payment has a Group Net Rate Cap below the Group Net Rate Cap of the Variable Loan Group making the payment, then the payment will be treated by REMIC 2 as a Rea...
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Related to Principal if a Cross-Over Situation Exists

  • Fifth Amended and Restated Limited Liability Company Operating Agreement Dated as of November 30, 2012

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Investment Strategy The Company’s investment strategy described in the Registration Statement and the Prospectus accurately reflect in all material respects the current intentions of the Company with respect to the operation of the Company’s business, and no material deviation from such investment strategy is currently contemplated.

  • Asset Management Fees (i) Except as provided in Section 8.03(ii) hereof, the Company shall pay the Advisor as compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 0.75% of the sum of the Cost of Real Estate Investments and the Cost of Loans and other Permitted Investments. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee shall be payable on the last day of such month, or the first business day following the last day of such month. The Asset Management Fee may or may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Asset Management Fees not taken as to any period shall be deferred without interest and may be paid in such other fiscal period as the Advisor shall determine. (ii) Notwithstanding anything contained in Section 8.03(i) to the contrary, a Property, Loan or other Permitted Investment that has suffered an impairment in value, reduction in cash flow or other negative circumstances may either be excluded from the calculation of the Cost of Real Estate Investments or the Cost of Loans and other Permitted Investments or included in such calculation at a reduced value that is recommended by the Advisor and the Company's management and then approved by a majority of the Company's independent directors, and the resulting change in the Asset Management Fee with respect to such investment will be applicable upon the earlier to occur of the date on which (i) such investment is sold, (ii) such investment is surrendered to a Person other than the Company, its direct or indirect wholly owned subsidiary or a Joint Venture or partnership in which the Company has an interest, (iii) the Advisor determines that it will no longer pursue collection or other remedies related to such investment, or (iv) the Advisor recommends a revised fee arrangement with respect to such investment.

  • NETLINK MANAGEMENT PTE LTD. (in its capacity as trustee of NetLink Trust) (Company Registration Number: 201704784C), a company incorporated in Singapore with its registered address at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ Road, #07-03 Viva Business Park Singapore 469005 (“NLT”) AND