Common use of Debt Service Account Clause in Contracts

Debt Service Account. The Administrative Agent shall designate and establish the Debt Service Account for the deposit by the Borrowers of payment of principal, interest, fees and other amounts due Administrative Agent, the Collateral Agent and/or any other Secured Parties under this Agreement and the other Loan Documents, including any Debt Yield Deficiency Payment, DSCR Deficiency Payment or Adjusted DSCR Deficiency Payment made pursuant to Section 2.05(b)(i)(2), Section 2.05(b)(ii)(2) or Section 2.05(b)(v)(2) (collectively, the “Deficiency Payments”). The Paying Agent shall distribute amounts from the Debt Service Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution; provided, however, that the amounts constituting the Deficiency Payments shall remain in the Debt Service Account and shall not be distributed until after an occurrence of an Event of Default. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, instruct the Paying Agent to withdraw all or any portion of the Deficiency Payments from the Debt Service Account and apply such funds to the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender.

Debt Service Account. The Administrative Agent shall designate and establish the Debt Service Account for the deposit by the Borrowers of payment of principal, interest, fees and other amounts due Administrative Agent, the Collateral Agent and/or any other Secured Parties under this Agreement and the other Loan Documents, including any Debt Yield Deficiency Payment, DSCR Deficiency Payment or Adjusted DSCR Deficiency Payment made pursuant to Section 2.05(b)(i)(2), Section 2.05(b)(ii)(2) or Section 2.05(b)(v)(2) (collectively, the “Deficiency Payments”). The Paying Agent shall distribute amounts from the Debt Service Account in accordance with the written instruction of the Administrative Agent (which may be in electronic form) received no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the date of distribution; provided, however, that the amounts constituting the Deficiency Payments shall remain in the Debt Service Account and shall not be distributed until after an occurrence of an Event of Default. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, instruct the Paying Agent to withdraw all or any portion of the Deficiency Payments from the Debt Service Account and apply such funds to the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender.