Common use of Principal Payments prior to an Event of Default Clause in Contracts

Principal Payments prior to an Event of Default. In the absence of a continuing Event of Default and prior to the occurrence of the Facility Maturity Date, on each Payment Date the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Principal Collections held by the Account Bank in the Collection Account to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority: (i) to pay amounts due under Section 2.04(a)(i) through 2.04(a)(vii), to the extent not paid thereunder; (ii) during the Revolving Period, in the Servicer’s discretion, to be deposited into the Collection Account as Principal Collections for reinvestment in Eligible Loan Assets; (iii) during the Amortization Period, to repay the Advances Outstanding in an amount equal to the product of the (A) Principal Collections held by the Account Bank in the Collection Account and (B) the Weighted Average Advance Rate and, second, to repay the Advances Outstanding in an amount equal to the product of the (A) Principal Collections held by the Account Bank in the Collection Account and (B) the Additional Lender Percentage; (iv) to make any Permitted RIC Distributions (subject to the limitations on the use of Interest Collections and Principal Collections set forth herein); (v) to pay amounts due under Section 2.04(a)(x), to the extent not paid thereunder; (vi) to the payment of any Administrative Expenses, to the extent not paid pursuant to clause (i); (vii) to pay amounts due under Section 2.04(a)(xii) to the extent not paid thereunder; (viii) to pay amounts due under Section 2.04(a)(xiii) to the extent not paid thereunder; (ix) to pay amounts due under Section 2.04(a)(xiv) to the extent not paid thereunder; and (x) so long as no Unmatured Event of Default has occurred and is continuing, to the Borrower any remaining amounts as Principal Collections, which may be distributed to the Transferor at the Borrower’s discretion.

Principal Payments prior to an Event of Default. In the absence of a continuing Event of Default and or prior to the occurrence of the Facility Maturity Date, on each Payment Date the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Principal Collections held by the Account Bank in the Collection Account to the following Persons in the following amounts, calculated as of the most recent Determination Date, and priority: (i) to pay amounts due under Section 2.04(a)(i) through 2.04(a)(vii), to the extent not paid thereunder; (ii) during the Revolving Period, in the Servicer’s discretion, to be deposited into the Collection Account as Principal Collections for reinvestment in Eligible Loan Assets; (iii) during the Amortization Period, to repay the Advances Outstanding Outstanding, and any accrued and unpaid Prepayment Premium, until paid in an amount equal to the product of the (A) Principal Collections held by the Account Bank in the Collection Account and (B) the Weighted Average Advance Rate and, second, to repay the Advances Outstanding in an amount equal to the product of the (A) Principal Collections held by the Account Bank in the Collection Account and (B) the Additional Lender Percentagefull; (iv) to make any Permitted RIC Distributions (subject to the limitations on the use of Interest Collections Proceeds and Principal Collections Proceeds set forth herein); (v) to pay amounts due under Section 2.04(a)(x), to the extent not paid thereunder; (vi) to the payment of any Administrative Expenses, to the extent not paid pursuant to clause (i); (viivi) to pay amounts due under Section 2.04(a)(xii2.04(a)(x) to the extent not paid thereunder; (viiivii) to pay amounts due under Section 2.04(a)(xiii) to the extent not paid thereunder; (ix) to pay amounts due under Section 2.04(a)(xiv2.04(a)(xi) to the extent not paid thereunder; and (xviii) so long as no Unmatured Event of Default has occurred and is continuing, to the Borrower any remaining amounts as Principal Collections, which may be distributed to the Transferor at the Borrower’s discretion.