Distributions from Cash Management Account. (a) The Cash Management Agreement shall provide that the Cash Management Bank shall remit to the Qualified Operating Expense Account, at the end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender on the next Payment Date pursuant hereto (the “Minimum Balance”); provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default or Trigger Period upon notice to the Cash Management Bank. Lender may notify the Cash Management Bank at any time of any change in the Minimum Balance.
Distributions from Cash Management Account. (a) Lender shall transfer from the Cash Management Account to the Distribution Account, at the end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender on the next Payment Date pursuant hereto (the “Minimum Balance”); provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default or Trigger Period.
Distributions from Cash Management Account. (a) The Cash Management Agreement shall provide that the Cash Management Bank shall remit to the Junior Mezzanine Cash Management Account, at the end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account (other than Xxxx Excess Cash Flow and Restricted Cash) exceed the aggregate amount required to be paid to or reserved with Lender, or prepaid pursuant to Section 2.1(c)(i), on the next Payment Date pursuant to Section 3.2(b) (the “Minimum Balance”); provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default upon notice to the Cash Management Bank. Lender may notify the Cash Management Bank at any time of any change in the Minimum Balance. Lender shall deliver a copy of any notice of a change in the Minimum Balance to Borrower, for information only (but any failure by Lender to do so shall not in any way limit Borrower’s obligations or liabilities hereunder). Any payment received by any Borrower pursuant to this Section 3.2 shall be received free of the Lien of the Loan Documents.
Distributions from Cash Management Account. (a) On each Payment Date during a Trigger Period, provided no Event of Default is continuing (and, if and to the extent Lender so elects in its sole discretion, during the continuance of an Event of Default until the Loan has been accelerated), Lender shall transfer amounts from the Cash Management Account, to the extent available therein, to make the following payments in the following order of priority: (i) to the Basic Carrying Costs Escrow Account, the amounts then required to be deposited therein pursuant to Section 3.4; (ii) to Lender, the amount of all scheduled or delinquent interest and principal on the Loan and all other amounts then due and payable under the Loan Documents (with any amounts in respect of principal paid last); (iii) to the Operating Account, an amount equal to the Budgeted Operating Expenses for the month in which such Payment Date occurs, plus the minimum amount necessary to be distributed in order to comply with REIT regulations, provided, that (x) in no event shall such disbursements for the purpose of complying with REIT regulations exceed $125,000 per annum, (y) the amounts disbursed to the Operating Account in respect of Budgeted Operating Expenses pursuant to this clause (iii) shall be used by Borrower solely to pay Budgeted Operating Expenses for such month (Borrower agreeing that, in the event that such Budgeted Operating Expenses exceed the actual operating expenses for such month, such excess amounts shall be remitted by Borrower to the Cash Management Account prior to the next succeeding Payment Date) and (z) no amounts will be disbursed to Borrower in respect of the fees of the Approved Property Manager to the extent such fees exceed the Maximum Management Fee; (iv) to the Capital Expenditure Reserve Account, the amount, if any, required to be deposited therein pursuant to Section 3.6; (v) to the TI/LC Reserve Account, the amount, if any, required to be deposited therein pursuant to Section 3.5; and (vi) all remaining amounts to the Excess Cash Flow Reserve Account. 50 [AM_ACTIVE 400655008_12]
Distributions from Cash Management Account. (a) The Cash Management Agreement shall provide that the Cash Management Bank shall remit to an account specified by Borrower, at the end of each Business Day, the amount, if any, by which amounts then contained in the Cash Management Account exceed the Peg Balance; provided, however, that Servicer may terminate such remittances during the continuance of an Event of Default upon notice to the Cash Management Bank. Servicer may notify the Cash Management Bank at any time of any change in the Peg Balance.
Distributions from Cash Management Account. (a) So long as there is no continuing Event of Default or Trigger Period, Lender shall transfer from the Cash Management Account to the Operating Account, at the end of each month (or, at Borrower's election, on a less or more frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender on the next Payment Date pursuant hereto; provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default or Trigger Period.
Distributions from Cash Management Account. (a) Lender shall transfer from the Cash Management Account to Borrower, at the end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender and Mezzanine Lender on the next Payment Date pursuant hereto; provided, however, that, except as expressly set forth herein, including, without limitation, pursuant to Section 3.2(b)(iv) and Section 3.2(b)(v) below, Lender shall suspend such remittances during the continuance of an Event of Default or Trigger Period.
Distributions from Cash Management Account. (a) The Cash Management Agreement shall provide that from and after the termination of the Initial Cash Flow Reserve Period, the Cash Management Bank shall remit to an account specified by Borrower, at the end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender and the Mezzanine Lenders on the next Payment Date pursuant to this Agreement and the Mezzanine Loan Agreements (plus any additional amounts retained in such account by the Cash Management Bank in accordance with the second following proviso, the “Peg Balance”); provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default, Mezzanine Loan Event of Default or Trigger Period (and once again continue such remittances when no Event of Default, Mezzanine Event of Default or Trigger Period exists); and provided further, that the Cash Management Bank may retain in the Cash Management Account a nominal amount of funds (not to exceed $5,000) for the purpose of covering miscellaneous fees and charges associated with the administration of the Cash Management Account to the extent provided in the Cash Management Agreement. Lender may notify the Cash Management Bank at any time of any change in the Peg Balance.
Distributions from Cash Management Account. (a) The Cash Management Agreement shall provide that the Cash Management Bank shall remit to the Qualified Operating Expense Account, at the end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required (or estimated by Lender to be required) to be paid to or reserved with Lender on the next Payment Date pursuant hereto (the “Minimum Balance”); provided, however, that Lender shall have the right to terminate such remittances during the continuance of an Event of Default or Trigger Period upon notice to the Cash Management Bank. Lender may notify the Cash Management Bank at any time of any change in the Minimum Balance. Upon notice to Borrower following an Event of Default or Trigger Period, Borrower shall remit to the Cash Management Account all sums previously remitted to the Qualified Operating Expense Account during the then current Interest Accrual Period.
Distributions from Cash Management Account. (a) Lender shall transfer from the Cash Management Account to the Operating Account, at the end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender on the next Payment Date pursuant hereto; provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default or Trigger Period. On each Payment Date, provided no Event of Default is continuing (and, if and to the extent Lender so elects in its sole discretion, during the continuance of an Event of Default until the Loan has been accelerated), Lender shall transfer amounts from the Cash Management Account, to the extent available therein, to make the following payments in the following order of priority:
