Application of Deposits. As long as no Default or Event of Default has occurred and is continuing, all amounts deposited in the Concentration Account from time to time shall be applied as payments of Revolving Advances, and, if no Revolving Advances are outstanding, to reduee other Obligations in such other order as the Lender shall determine, upon (a) final collection thereof and (b) their transfer from the Bank to Lender in accordance with this Section, effective on the Business Day that each such payment is received (such date being called herein the "Application Date’'), provided however, so long as no Event of Default has occurred and is continuing, if no Revolving Advances and no Letter of Credit Obligations are outstanding and past due, the amounts on deposit in the Concentration Account shall not be applied to reduce the other Obligations. For purposes of the preceding sentence, Lender shall be deemed to have received a payment from the Bank on a particular Business Day only if it reeeives by wire transfer the same prior to 1:00 p.m. on such Business Day or, if received after such time, on the next following Business Day. Lender is not, however, required to credit Borrowers’ Account for the amount of any item of payment which is unsatisfactory to Lender and Lender may eharge Borrowers’ Aceount for the amount of any item of payment which is returned to Lender unpaid. Lender shall apply all amounts deposited in the Concentration Account as provided in Section 16.5 or, as applicable.
Application of Deposits. The Depositor and the Servicer shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Contracts pursuant to Section 2.3 hereof or Sections 2.02 and 2.28 of the Servicing Agreement. All such deposits with respect to a Collection Period shall be made in immediately available funds no later than 5:00 p.m., New York City time, on the Business Day preceding the Payment Date following such Collection Period.
Application of Deposits. In addition to any rights of set-off arising under the Loan Documents or under law, the Borrower hereby authorizes the Lender to apply any amount on deposit in any deposit account of the Borrower now or hereafter maintained with the Lender against any of the Borrower's indebtedness under the Loan Documents which is not paid when due.
Application of Deposits. All such deposited sums shall be held by Lender and applied in such order as Lender elects to pay such rents, taxes, assessments, premiums and Other Impositions or, in the Event of Default hereunder, may be applied in whole or in part, to indebtedness secured hereby. The arrangement provided for in this Article III is solely for the added protection of Lender and, except as may otherwise be required by applicable law, entails no responsibility on Lender’s part beyond the allowing of due credit, without interest, for the sums actually received by it. Upon any assignment of this Mortgage by Lender, any funds on hand shall be turned over to the assignee and any responsibility of Lender with respect thereto shall terminate. Each transfer of the Property shall automatically transfer to the transferee all rights of Borrower with respect to any funds accumulated hereunder. Upon payment in full of the Secured Obligations, Lender shall promptly refund to Borrower the remaining balance of any deposits then held by Lender.
Application of Deposits. Tenant understands and agrees that the pet fee and the security deposit may not be applied by Tenant as rent or against any other amount due from Tenant to Owner, and that the monthly rent will be paid each month. Tenant further understands that these deposits do not limit Xxxxxx’s responsibility to reimburse Owner for any damages or other sums due or payable hereunder.
Application of Deposits. In the event of any Default, Lender may, at its option, without being required to do so, apply any monies or securities that constitute deposits made to or held by Lender or any depositary pursuant to any of the provisions of this Mortgage toward payment of any of the Mortgagor’s obligations under the Note, this Mortgage, or any of the other Loan Documents, in such order and manner as Lender may elect. When the indebtedness secured hereby has been fully paid, any remaining deposits shall be paid to Mortgagor or to the then owner or owners of the Mortgaged Property. Such deposits are hereby pledged as additional security for the prompt payment of the indebtedness evidenced by the Note and any other indebtedness secured hereby and shall be held to be applied irrevocably by such depositary for the purposes for which made hereunder and shall not be subject to the direction or control of Mortgagor.
Application of Deposits. Section 3.5. Determination Date Calculations. Section 3.6. Reserve Account.
Application of Deposits. After an Event of Default, Lender may hold all Lockbox Amounts in the Account. Lender shall be under no obligation to make any disbursements to Borrower or any other parties and may exercise all other rights and remedies under this Agreement and the Loan Documents, including without limitation the rights set forth in Section 6 of this Agreement. The foregoing rights of Lender to disburse amounts from the Lockbox Amount from the Account shall create no obligation of Lender to fund, guaranty or make payments on the Loan or any other obligations of Borrower or its affiliates.
Application of Deposits. (1) Agent shall be authorized and required to allocate and/or disburse Funds on deposit in the Depository Account of each Shelbourne OP as follows:
(1) Except during any Cash Sweep Period, any Funds in the Depository Account of any Shelbourne OP shall be transferred periodically as determined by Agent (the Agent shall use its best efforts to have such Funds so transferred within one (1) Business Day of the receipt thereof) to the Operating Account of such Shelbourne OP, to be applied by such Shelbourne OP only for the payment of, in order of priority (a) the monthly interest payments due on the Loan to the extent not paid by the Borrower, (b) any required Mandatory Principal Prepayments due on the Loan, (c) any costs or expenses related to the operation and management of the Shelbourne OP, the Shelbourne Subsidiaries, or the Individual Properties, and then (d) for the payment of any Permitted Distribution. The Shelbourne OP may at its discretion transfer funds to, or retain any of such Funds in, the Shelbourne OP's Galaxy Account. The Shelbourne OP may also, at its discretion, retain funds from any Other Party in the Shelbourne OP's Galaxy Account and, at its discretion, transfer any such funds to the Operating Account of any Other Party.
(2) During any Cash Sweep Period:
(1) First, to the payment on the first Business Day of each month of the monthly interest payment due on the Loan;
(2) Second, if a Mandatory Principal Payment is due, to the Mandatory Principal Payment Account, to pay on the due date thereof the subject Mandatory Principal Payment;
(3) Third, certain of the other Funds in the Depository Account of each Shelbourne OP shall be transferred periodically as determined by Agent (the Agent shall use its best efforts to have such Funds so transferred within one (1) Business Day of the receipt thereof) to the Operating Account of such Shelbourne OP, to be applied by the Shelbourne OP only for the payment of (x) Operating Expenses in accordance with the Approved Budget or (y) Extraordinary Expenses (the Shelbourne OP may at its discretion transfer funds to, or retain any of such Funds in, the Shelbourne OP's Galaxy Account).; and
(4) Fourth, the balance of the Funds in the Depository Account of each Shelbourne OP shall be transferred periodically as determined by the Agent to the Cash Sweep Cash Collateral Account with respect to such Shelbourne OP to be held as collateral for the Obligations in accordance with the applicable Pledge and Security A...
Application of Deposits. The Seller and the Servicer shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Contracts pursuant to SECTION 2.3 hereof. All such deposits with respect to a Collection Period shall be made in immediately available funds no later than 5:00 p.m., New York City time, on the Business Day preceding the Payment Date following such Collection Period.
