Order of Priority of Funds in Cash Management Account Sample Clauses

Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender during the continuance of an Event of Default pursuant to Section 2.6.4, on each Payment Date during the Term, Collections on deposit in the Cash Management Account (less any fees and expenses of the Cash Management Account Bank then due and payable) on such day shall be applied on such Payment Date in the following order of priority:
Sample 1Sample 2Sample 3See All (19)
AutoNDA by SimpleDocs
Order of Priority of Funds in Cash Management Account. Subject to the other provisions of the Loan Documents (permitting disbursements from Accounts other than during the continuance of a Cash Trap Period), during the continuance of a Cash Trap Period, on each Monthly Payment Date during the Term, except the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority:
Sample 1Sample 2Sample 3See All (5)
Order of Priority of Funds in Cash Management Account. (a) During the continuation of a Sweep Event Period, on each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority:
Sample 1Sample 2See All (5)
Order of Priority of Funds in Cash Management Account. All funds deposited into the Cash Management Account (not including any minimum balance required by Cash Management Bank, in accordance with the Cash Management Agreement) shall be applied during a Cash Sweep Period on each Payment Date in the following order of priority: (a) First, at Lender’s sole discretion, to fund any deficiency that exists in the Reserve Funds; (b) then, funds sufficient to pay the Monthly Debt Service Payment Amount into an Account established for such purpose; (c) then, funds sufficient to pay any interest accruing at the Default Rate, late payment charges and all other amounts, other than those described under other clauses of this Section 7.10.1, then due to Lender and/or any Indemnified Party under the Loan Documents into an account established for such purpose; (d); then, during the continuance of an Cash Sweep Event, all amounts remaining in the Cash Management Account after deposits for items (a) through (d) above (the “Excess Cash Flow”) into the Capital Reserve Account as required under Section 7.5; and (e) lastly, provided no Cash Sweep Event remains in effect, payments to Borrower of all Excess Cash Flow.
Sample 1Sample 2See All (4)
Order of Priority of Funds in Cash Management Account. Subject to the other provisions of the Loan Documents, on each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority: (a) First, to make the required payments of Ground Rent Funds into the Ground Rent Account as required under Section 6.7; (b) then, to make the required payments of Tax Funds into the Tax Account as required under Section 6.3; (c) then, to make the required payments of Insurance Funds into the Insurance Account as required under Section 6.4; (d) then, funds sufficient to pay the Monthly Debt Service Payment into an Account established for such purpose; (e) then, to make the required payments of Capital Expenditure Funds into the Capital Expenditure Account as required under Section 6.5; (f) then, to make the required payments of 61 Rollover Funds into the Rollover Account as required under Section 6.6; (g) then, funds sufficient to pay any interest accruing at the Default Rate, late payment charges and all other amounts, other than those described under other clauses of this Section 6.11.1, then due to Lender and/or any Indemnified Party under the Loan Documents into an Account established for such purpose; (h) then, to make the required payments of Operating Expense Funds into the Operating Expense Account as required under Section 6.8; (i) then, during the continuance of a Cash Sweep Event Period, all amounts remaining in the Cash Management Account after deposits for items (a) through (h) above (the “Excess Cash Flow”) into the Excess Cash Flow Account as required under Section 6.9; and (k) lastly, provided no Cash Sweep Event Period shall then be in effect, payments to, or as directed by, Borrower of all Excess Cash Flow.
Sample 1
Order of Priority of Funds in Cash Management Account. Subject to the other provisions of the Loan Documents (permitting disbursements from Accounts provided no Cash Management Period then exists), during a Cash Management Period, on each Monthly Payment Date during such Cash Management Period, except during the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority: (a) First, to make the required payments of Tax Funds into the Tax Account as required under Section 6.3; (b) Second, to make the required payments of Insurance Funds into the Insurance Account as required under Section 6.4; (c) Third, funds sufficient to pay the Monthly Debt Service Payment into the Debt Service Account; (d) Fourth, to make the required payments of Capital Expenditure Funds into the Capital Expenditure Account as required under Section 6.5; (e) Fifth, funds sufficient to pay any interest accruing at the Default Rate, late payment charges and all other amounts, other than those described under other clauses of this Section 6.11.1, then due to Lender and/or any Lender Indemnified Party under the Loan Documents into the Debt Service Account for the payment of such amounts; (f) Sixth, to make the required payments of Operating Expense Funds into the Operating Expense Account as required under Section 6.8; and (g) Seventh, all amounts remaining in the Cash Management Account after deposits for items (a) through (f) above (the “Excess Cash Flow”) into the Excess Cash Flow Account as required under Section 6.9.
Sample 1
Order of Priority of Funds in Cash Management Account. Subject to the other provisions of the Loan Documents, on each Payment Date during the term of the Loan, except during the instance or continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding interest period shall be applied on such Payment Date in the following order of priority: (a) First, fund any deficiency that exists in the Capital Reserve Fund under Section 7.5; (b) then, to make the required payments of Tax Funds into the Tax Account as required under Section 7.2; (c) then, to make the required payments of Insurance Funds into the Insurance Account as required under Section 7.2; (d) then, funds sufficient to pay the Monthly Debt Service Payment into an Account established for such purpose; (e) then, to make the required payments of PIP Funds into the PIP Account as required under Section 7.6; (f) then, funds sufficient to pay any interest accruing at the Default Rate, late payment charges and all other amounts, other than those described under other clauses of this Section 7.10.1, then due to Lender and/or any Indemnified Party under the Loan Documents into an account established for such purpose; (g) then, to make the required payments of Operating Expense Funds into the Operating Expense Account as required under Section 7.8; (h) intentionally deleted; (i) then, during the continuance of an Cash Sweep Event, all amounts remaining in the Cash Management Account after deposits for items (a) through (i) above (the “Excess Cash Flow”) into the Cash Reserve Account as required under Section 7.5; and (j) lastly, provided no Cash Sweep Event remains in effect, payments to Borrower of all Excess Cash Flow.
Sample 1
AutoNDA by SimpleDocs
Order of Priority of Funds in Cash Management Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority: (i) First, if applicable, to make the required payments of Tax Funds into the Tax Account as required under Section 6.2; (ii) Second, if applicable, to make the required payments of Insurance Funds into the Insurance Account as required under Section 6.3; (iii) Third, funds sufficient to pay the Monthly Debt Service Payment into the Debt Service Account; (v) Fourth, funds sufficient to pay any interest accruing at the Default Rate and late payment charges, if any, (and all other amounts, other than those described under other clauses of this Section 6.7.1, then due to Lender under the Loan Documents) into the Debt Service Account; (vi) Fifth, if applicable under the terms of Section 6.4, to deposit all Operating Expenses and Excess Cash Flow in the applicable accounts in accordance with Section 6.4, and (vi) Lastly, provided no Event of Default has occurred and is continuing, and subject to Section 6.4, payments to Borrower of any excess amounts in accordance with the wiring instructions provided by Borrower from time to time.
Sample 1
Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Administrative Agent during the continuance of an Event of Default pursuant to Section 2.6.4, the Paying Agent shall (in accordance with the Monthly Payment Report as approved by the Administrative Agent as contemplated by Section 2.11(a)(i)) apply Collections on deposit in the Cash Management Account for the related Collection Period on each Payment Date in the following order of priority (in each case, after taking into account any prepayments made prior to such Payment Date pursuant to Section 2.4.4):
Sample 1

Related to Order of Priority of Funds in Cash Management Account

  • Cash Management Account Borrower hereby represents and warrants to Lender that:

  • CONCERNING MARGIN ACCOUNTS, SENIOR SECURITY ACCOUNTS, AND COLLATERAL ACCOUNTS 1. The Custodian shall, from time to time, make such deposits to, or withdrawals from, a Senior Security Account as specified in a Certificate received by the Custodian. Such Certificate shall specify the Series for which such deposit or withdrawal is to be made and the amount of cash and/or the amount and kind of Securities specifically allocated to such Series to be deposited in, or withdrawn from, such Senior Security Account for such Series. In the event that the Fund fails to specify in a Certificate the Series, the name of the issuer, the title and the number of shares or the principal amount of any particular Securities to be deposited by the Custodian into, or withdrawn from, a Senior Securities Account, the Custodian shall be under no obligation to make any such deposit or withdrawal and shall so notify the Fund.

  • Authorization of Receipt of Funds by the Trustee Under the Security Documents Subject to the provisions of the Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  • Authorization of Receipt of Funds by the Trustee Under the Collateral Documents Subject to the provisions of the Intercreditor Agreements, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  • Investment of Funds in the Collection Account and the Distribution Account (a) The Master Servicer may direct any depository institution maintaining the Collection Account (for purposes of this Section 3.12, an "Investment Account"), and the Trustee, in its individual capacity, may direct any depository institution maintaining the Distribution Account (for purposes of this Section 3.12, also an "Investment Account"), to invest the funds in such Investment Account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Trustee shall be entitled to sole possession (except with respect to investment direction of funds held in the Collection Account and any income and gain realized thereon) over each such investment, and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent, together with any document of transfer necessary to transfer title to such investment to the Trustee or its nominee. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Trustee shall:

  • Investment of Funds in the Collection Account The Servicer may direct any depository institution which holds the Collection Account to invest the funds in the Collection Account in one or more Permitted Investments bearing interest. All such Permitted Investments shall be held to maturity, unless payable on demand. In the event amounts on deposit in the Collection Account are at any time invested in a Permitted Investment payable on demand, the Servicer shall:

  • Application of Funds in the Collection Account The Master Servicer may, from time to time, make, or cause to be made, withdrawals from the Collection Account for the following purposes:

  • Cash Management (a) Borrowers shall (i) establish and maintain cash management services of a type and on terms satisfactory to Agent at one or more of the banks set forth on Schedule 2.7(a) (each a "Cash Management Bank"), and shall request in writing and otherwise take such reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by them directly to such Cash Management Bank, and (ii) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all Collections (including those sent directly by Account Debtors to a Cash Management Bank) into a bank account in Agent's name (a "Cash Management Account") at one of the Cash Management Banks.

  • Cash Management System Each Borrower shall, and shall cause its Subsidiaries to, establish and maintain the Cash Management Systems described below:

  • Servicer to Maintain Perfection and Priority The Servicer covenants that, in order to evidence the interests of CNHCR and Issuing Entity under this Agreement, Servicer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by Issuing Entity) to maintain and perfect, as a first priority interest, Issuing Entity’s security interest in the Receivables. Servicer shall, from time to time and within the time limits established by law, prepare and present to Issuing Entity for Issuing Entity to authorize the Servicer to file all financing statements, amendments, continuations, financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Issuing Entity’s security interest in the Receivables as a first-priority interest (each a “Filing”). Issuing Entity shall promptly authorize in writing Servicer to, and Servicer shall, effect such Filing under the Uniform Commercial Code without the signature of CNHCR or Issuing Entity where allowed by applicable law.

Time is Money Join Law Insider Premium to draft better contracts faster.