Common use of Distributions from Cash Management Account Clause in Contracts

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) The Cash Management Agreement shall provide that the Cash Management Bank shall remit to the Junior Mezzanine Cash Management Accountan 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 (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) The Cash Management Agreement shall provide that the Cash Management Bank shall remit to the Junior Mezzanine Cash Management Accountan 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 (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 or Mortgage Loan 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) The Cash Management Agreement shall provide that the Cash Management Bank shall remit to the Junior an account specified by Mezzanine Cash Management AccountLender, 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)(i2.1(b), 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.