INCOME TO BE APPLIED TO DEBT SERVICE. After the occurrence of a Default and during the pendency of a Default, Borrower shall apply all gross operating income from the Property and Improvements only to the payment of operating expenses directly attributable to the Property and the payment of accrued interest and outstanding principal on the Loan. To the extent such gross operating income exceeds such operating expenses, such excess shall be used first to pay accrued interest (regardless of any interest reserve) and then to pay the outstanding principal on the Loan. After the occurrence of a Default, no gross operating income shall be distributed to any partner, venturer, member or equity investor of Borrower until such Default has been cured.
INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall apply all gross operating income from the Property and Improvements only to the payment of operating expenses directly attributable to the Property and the payment of accrued interest and outstanding principal on the Loan (collectively, the “Mandatory Obligations”). To the extent such gross operating income exceeds such operating expenses, such excess shall be used first to pay accrued interest (regardless of any interest reserve). In no event shall any gross operating income be distributed to any partner, venturer, member or equity investor of Borrower other than from portions of gross operating income remaining after payment of all Mandatory Obligations.
INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall apply all income from the Property and Improvements only to the payment of Operating Expenses of the Property and Improvements and the payment of accrued interest and regularly scheduled principal payments, if any, prior to any other purpose. To the extent income exceeds Operating Expenses, such excess shall be used first to pay accrued interest (regardless of any reserve for interest expense or carrying costs). To the extent income in any month exceeds Operating Expenses and accrued interest and regularly scheduled principal payments, if any, Borrower may use such excess for any lawful purpose, including without limitation, capital expenditures or distributions to its partners.
INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall apply all Gross Operating Revenue from the Property as follows: first, to the payment of Permitted Operating Expenses; second, to the payment of all accrued interest; and third, to the payment of principal payments due and payable on the Loan (collectively, the “Required Payments”). So long as no Default exists, Borrower will have the right to use any Gross Operating Revenue remaining after all Required Payments have been made for other purposes.
INCOME TO BE APPLIED TO DEBT SERVICE. After the occurrence of a Default and during the pendency of a Default, Borrower shall apply all gross operating income from the Property only to the payment of operating expenses directly attributable to the Property and the payment of accrued interest and outstanding principal on the Loan. To the extent such gross operating income exceeds such operating expenses, such excess shall be used first to pay accrued interest (regardless of any interest reserve). After the occurrence of a Default, no gross operating income shall be distributed to any partner, venturer, member or equity investor of Borrower until such Default has been cured.
INCOME TO BE APPLIED TO DEBT SERVICE. Apply all Gross Operating Income from the Land and Improvements only to the payment of (i) Permitted Operating Expenses, (ii) accrued interest and outstanding principal on the Loans, and (iii) Permitted Distributions, provided, however, that no Permitted Distributions may be made after the occurrence and during the continuance of any Default.
INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall first apply all income from leases, and all other income derived from the Property, to pay costs and expenses associated with the ownership, maintenance, development, operation, and marketing of the Borrower’s interest in the Property and the Improvements, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose. Prior to Conversion, (a) all Net Operating Income shall be used first to pay monthly interest payments coming due under the Loan, other amounts payable under the Loan Documents and expenses of rehabilitation and operation of the Property, except as otherwise provided in the Loan Documents, and (b) except for payments of developer fees permitted hereunder, Borrower may not distribute any income to any of its members, partners, or shareholders, allow any member, partner, or shareholder to withdraw capital or make any payments on indebtedness owed to any member, partner, or shareholder. After the Conversion Date, Borrower may not distribute any income to any of its members, partners, or shareholders, allow any member, partner, or shareholder to withdraw capital, or make any payments on indebtedness owed to any member, partner, or shareholder, unless all property expenses then due have been paid in full.
INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall first apply all income from leases, 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 the Improvements, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose. At all times while any portion of the Loan is outstanding, (a) to the extent that proceeds of the Loan that are allocated to payment of interest on the Loan pursuant to the Financial Requirements Analysis, are insufficient, all Net Monthly Cash Income shall be used first to pay monthly interest payments coming due under the Loan except as otherwise provided in the Loan Documents, and
INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall first apply all income from leases, and all other income derived from the Property, to pay costs and expenses associated with the ownership, maintenance, development, operation, and marketing of the Borrower’s interest in the Property and the Improvements, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose. Prior to Conversion, (a) all Net Monthly Cash Income shall be used first to pay monthly interest payments coming due under the Loan, other amounts payable under the Loan Documents and expenses of construction and operation of the Property, except as otherwise provided in the Loan Documents, and
INCOME TO BE APPLIED TO DEBT SERVICE. Borrower shall first apply all income from leases, and all other income derived from the Property, to pay costs and expenses associated with the ownership, maintenance, development, operation, and marketing of the Borrower’s interest in the Property and the Improvements, including all amounts then required to be paid under the Loan Documents, before using or applying such income for any other purpose. Prior to Conversion, (a) all Net Monthly Cash Income shall be used first to pay monthly interest payments coming due under the Loan, other amounts payable under the Loan Documents and expenses of rehabilitation and operation of the Property, except as otherwise provided in the Loan Documents, and
