In the event of a bankruptcy, how is recovery money allocated?

The C-PACE investment is secured by a voluntary benefit assessment lien levied against an eligible property, that:

  • Is of co-equal priority with real estate tax liens and other assessments
  • As to the current C-PACE installment payment that is due and any delinquent C-PACE payments, is senior to:
    • All previously recorded senior liens, provided a written lender consent agreement is executed by the holder of each such senior lien, and
    • Shall run with title to the property and shall not be extinguished by a foreclosure, and
    • Is evidenced by a C-PACE certificate, as may be amended from time to time in accordance with the C-PACE Resolutions and the C-PACE Assessment and Financing Agreement