Income from Property. Borrower shall first apply all income derived from the Property, including all income from Leases, to pay costs and expenses associated with the ownership, maintenance, operation and leasing of the Property, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose. No such income shall be distributed or paid to any member, partner, shareholder or, if Borrower is a trust, to any beneficiary or trustee, unless and until all such costs and expenses which are then due shall have been paid in full.
Income from Property. Borrower shall pay all costs and expenses associated with the ownership, maintenance, operation and leasing of the Property, including all amounts then required to be paid under the Loan Documents, in accordance with the terms of this Agreement and the other Loan Documents. No income derived from the Property, including any income from the Leases, shall be distributed or paid to any member, partner, shareholder or, if Borrower is a trust, to any beneficiary or trustee, following the occurrence and during the continuation of any Default with respect to which Administrative Agent has provided Notice to Borrower.
Income from Property. 1. Income derived by a resident of a Contracting State from the sale, exchange, lease or any other form of use of the immovable property situated in the other Contracting State, shall be liable to taxation only in that other State.
2. Income derived by a resident of a Contracting State from the sale, exchange, lease or any other form of use of movable property, excluding motor vehicles, situated in the other Contracting State, shall be liable to taxation only in the first-mentioned State.
Income from Property. Each Borrower shall pay all costs and expenses associated with the ownership, maintenance, operation and leasing of the Property of such Borrower, including all amounts then required to be paid under the Loan Documents, in accordance with the terms of this Agreement and the other Loan documents. No income derived from any Property, including any income from the Leases, shall be distributed or paid to any member, partner, shareholder or, if a Borrower is a trust, to any beneficiary or trustee, following the occurrence and during the continuation of any Default with respect to which Administrative Agent has provided Notice to any Borrower.
Income from Property. Borrower shall first apply any and all income from the Property to pay any and all amounts due under the Loan Documents and any costs and expenses associated with the ownership and maintenance of the Property and Improvements to protect Lender’s security interest therein. Upon the occurrence and continuance of an Event of Default, no income from the Property shall be distributed or paid to any member, partner, shareholder, or, if Borrower is a trust, beneficiary or trustee, unless and until all such costs and expense which are due under the Loan Documents have been paid in full.
Income from Property. Borrower, Guarantor and each Permitted Subsidiary shall first apply all income derived from the Property, including all income from Leases, to pay costs and expenses associated with the ownership, maintenance, operation and leasing of the Property, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose. No such income shall be distributed or paid to any member, partner, shareholder or, if Borrower, Guarantor or any Permitted Subsidiary is a trust, to any beneficiary or trustee, unless and until all such costs and expenses which are then due shall have been paid in full.
Income from Property. Borrower shall first apply all income derived from the Real Property, including all income from Leases, to pay costs and expenses associated with the ownership, maintenance, operation, leasing and financing of the Real Property, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose.
Income from Property. Borrower shall first apply all income derived from the Property, including all income from leases, to amounts due under the Loan Documents (as such term is defined in the Senior Borrower Loan Agreement), to pay costs and expenses, including reserves, associated with the ownership, maintenance, operation and marketing of the Land, Improvements and Personal Property, including all amounts then required to be paid under the Borrower Loan Documents, before using or applying such income for any other purpose. No such income shall be distributed to Borrower unless all such costs and expenses which are then due have been paid in full.
Income from Property. Borrower shall first apply all revenues from sales of Lots, and all other income derived from the Property, to pay costs and expenses associated with the ownership, maintenance, development, operation and marketing of the Land and Improvements, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose. Unless and until all such costs and expenses are paid in full, and the Loan is "in balance," Borrower shall not distribute any such income to any of its partners or shareholders, or allow any partner or shareholder to withdraw capital, or make any payments on indebtedness owed to any partner or shareholder. Despite the foregoing, Borrower is not prohibited from paying or distributing to any of its partners or shareholders (a) such reasonable management fees or reasonable salary as Bank may find acceptable from time to time, and (b) an amount equal to any income taxes imposed on that partner or shareholder which are attributable to Borrower's income from the Property.
Income from Property. The second sentence of Section 4.19 of the Loan Agreement is hereby deleted and replaced with the following: “No income derived from any Property, including any income from the Leases, shall be distributed or paid to any member, partner, shareholder or, if a Borrower is a trust, to any beneficiary or trustee. For avoidance of doubt, provided a Default has not occurred which is continuing, payment of Permitted REIT Expenses and Permitted Asset Management Fees as and when otherwise permitted by the Loan Documents shall not constitute a violation of the foregoing.”
