Common use of Excess Cash Flow Funds Clause in Contracts

Excess Cash Flow Funds. On each Monthly Payment Date occurring on and after the occurrence and continuance of a Trigger Period, Borrower shall deposit (or cause to be deposited) into an Eligible Account with Lender or Servicer (the “Excess Cash Flow Account”) an amount equal to the Excess Cash Flow generated by the Property for the immediately preceding Interest Accrual Period (each such monthly deposit being herein referred to as the “Monthly Excess Cash Flow Deposits” and the amounts on deposit in the Excess Cash Flow Reserve Account being herein referred to as the “Excess Cash Flow Funds”). Provided no Event of Default has occurred and is continuing, (A) during the continuance of a Trigger Period, Lender may, in Lender’s sole and absolute discretion (with Borrower hereby acknowledging that Lender shall have no obligation to do so), disburse Excess Cash Flow Funds to pay for sums due under the Loan Documents, Approved Operating Expenses and/or Approved Extraordinary Expenses, in each case, to the extent that Property cash flow is insufficient to pay the same (which such payments (if any) shall be made in the order, priority and amounts determined by Lender in its sole and absolute discretion) and (B) any Excess Cash Flow Funds remaining in the Excess Cash Flow Account shall be disbursed to Borrower upon the expiration of any Trigger Period in accordance with the applicable terms and conditions hereof.

Excess Cash Flow Funds. On the first Monthly Payment Date occurring after each occurrence of a Trigger Period and on each Monthly Payment Date occurring thereafter during the continuance of such Trigger Period, Borrower shall make a True Up Payment into the Excess Cash Flow Account (provided, that, (i) such True Up Payments shall only be required after the occurrence of any Cash Management Violation and (ii) the amount of such True Up Payments shall be determined by Lender based upon Lender’s estimate of the amounts that would have been deposited into the Excess Cash Flow Account on each applicable Monthly Payment Date had the Cash Management Violation not occurred). On each Monthly Payment Date occurring on and after the occurrence and continuance of a Trigger Period, Borrower shall deposit (or cause to be deposited) into an Eligible Account with Lender or Servicer (the “Excess Cash Flow Account”) an amount equal to the Excess Cash Flow generated by the Property for the immediately preceding Interest Accrual Period (each such monthly deposit being herein referred to as the “Monthly Excess Cash Flow Deposits” and the amounts on deposit in the Excess Cash Flow Reserve Account being herein referred to as the “Excess Cash Flow Funds”). Provided no Event of Default has occurred and is continuing, (A) during the continuance of a Trigger Period, Lender may, in Lender’s sole and absolute discretion (with Borrower hereby acknowledging that Lender shall have no obligation to do so), disburse Excess Cash Flow Funds to pay for sums due under the Loan Documents, Approved Operating Expenses and/or Approved Extraordinary Expenses, in each case, to the extent that Property cash flow is insufficient to pay the same (which such payments (if any) shall be made in the order, priority and amounts determined by Lender in its sole and absolute discretion) and (B) any Excess Cash Flow Funds remaining in the Excess Cash Flow Account shall be disbursed to Borrower upon the expiration of any Trigger Period in accordance with the applicable terms and conditions hereof.

Excess Cash Flow Funds. On each Monthly Payment Date occurring on and after the occurrence and continuance of a Trigger PeriodDate, Borrower shall deposit (or cause to be deposited) into an Eligible Account with Lender or Servicer (the “Excess Cash Flow Account”) an amount equal to the Excess Cash Flow generated by the Property for the immediately preceding Interest Accrual Period (each such monthly deposit being herein referred to as the “Monthly Excess Cash Flow Deposits” and the amounts on deposit in the Excess Cash Flow Reserve Account being herein referred to as the “Excess Cash Flow Funds”). Provided no Event of Default has occurred and is continuing, (A) during on each Monthly Payment Date on which a shortfall exists in available revenues from the continuance of a Trigger Period, Lender may, in Lender’s sole and absolute discretion (with Borrower hereby acknowledging that Lender shall have no obligation to do so), disburse Excess Cash Flow Funds Property to pay for sums all or any portion of the Monthly Debt Service Payment due under on such Monthly Payment Date, required deposits into the Reserve Accounts due on such Monthly Payment Date, the Junior Loan Documents, Monthly Debt Service due on such Monthly Payment Date pursuant to the terms of the Junior Loan Documents and/or Approved Operating Expenses and/or or Approved Extraordinary Expenses, as applicable (as demonstrated to Lender’s reasonable satisfaction including, without limitation, by virtue of an Officer’s Certificate detailing the applicable shortfall and the amount(s) to be paid by the disbursement of Interest and Operating Expense Reserve Funds), Lender shall disburse an amount of available Excess Cash Flow Funds, up to the amount of such shortfall, in each casepayment of such amount(s); provided, however, that such amounts shall be paid first from Interest and Operating Expense Reserve Funds in accordance with Section 7.10 hereof, to the extent that Property cash flow available. Provided no Event of Default has occurred and is insufficient to pay the same (which such payments (if any) shall be made in the ordercontinuing, priority and amounts determined by Lender in its sole and absolute discretion) and (B) any Excess Cash Flow Funds remaining in the Excess Cash Flow Account upon the repayment in full of the Debt shall be disbursed to Borrower, unless any amount remains outstanding at such time pursuant to the Junior Loan Documents, in which case such funds shall be, and Borrower upon the expiration of any Trigger Period in accordance with the applicable terms and conditions hereofhereby directs that such funds be, disbursed to Junior Lender.

Excess Cash Flow Funds. On the first Monthly Payment Date occurring after each occurrence of a Trigger Period and on each Monthly Payment Date occurring thereafter during the continuance of such Trigger Period, Borrower shall make a True Up Payment into the Excess Cash Flow Account (provided, that, (i) such True Up Payments shall only be required after the occurrence of any Cash Management Violation and (ii) the amount of such True Up Payments shall be determined by Lender based upon Lender’s estimate of the amounts that would have been deposited into the Excess Cash Flow Account on each applicable Monthly Payment Date had the Cash Management Violation not occurred). On each Monthly Payment Date occurring on and after the occurrence and continuance of a Trigger Period, Borrower shall deposit (or cause to be deposited) into an Eligible Account with Lender or Servicer (the “Excess Cash Flow Account”) an amount equal to the Excess Cash Flow generated by the Property for the immediately preceding Interest Accrual Period (each such monthly deposit being herein referred to as the “Monthly Excess Cash Flow Deposits” and the amounts on deposit in the Excess Cash Flow Reserve Account being herein referred to as the “Excess Cash Flow Funds”). Provided no Event of Default has occurred and is continuing, (A) during the continuance of a Trigger Period, Lender may, in Lender’s sole and absolute discretion (with Borrower hereby acknowledging that Lender shall have no obligation to do so), disburse Excess Cash Flow Funds to pay for sums due under the Loan Documents, Approved Operating Expenses and/or Approved Extraordinary Expenses, in each case, to the extent that Property cash flow is insufficient to pay the same (which such payments (if any) shall be made in the order, priority and amounts determined by Lender in its sole and absolute discretion) and (B) any Excess Cash Flow Funds remaining in the Excess Cash Flow Account shall be disbursed to Borrower upon the expiration of any Trigger Period in accordance with the applicable terms and conditions hereof.