Common use of Application of Gross Revenues; Distributions Clause in Contracts

Application of Gross Revenues; Distributions. Borrower shall promptly apply all Gross Revenues to the payment of all current and past due Operating Expenses and to the repayment of all sums currently due or past due under this Loan, including all payments of Capital Reserve pursuant to Section 4.1T and real estate tax escrow payments pursuant to Section 4.1.B of this Agreement, if any. After the Renovation Completion and so long as no Event of Default or Incipient Default exists, and subject to the provisions of Section 4.1.R, Borrower may make dividends to its shareholders of Net Cash Flow after the payment of all current and past due Operating Expenses, debt service on the Loan, Capital Reserve payments, real estate tax escrow payments pursuant to Section 4.1.B, if any, and all sums due and payable to Lender (for its own account or to be held by it) at or prior to the time of said dividend.