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 2.7.3, 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: (a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9; (b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d); (c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1; (d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2; (e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H; (f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full; (g) seventh, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month; (h) eighth, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3; (i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document; (j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement; (k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (j) above (the “Available Cash”) shall be applied as follows: (A) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if as of a Payment Date a Cash Sweep Period is continuing: (1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount; (2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and (3) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 3 contracts
Samples: Loan Agreement (Altisource Residential Corp), Loan Agreement (Altisource Residential Corp), Loan Agreement (Altisource Residential Corp)
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 2.7.32.6.4, 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:
(a) first, to Borrower, funds sufficient to pay the Rent Refund Monthly Disbursement Amount for such Payment Date, if any;
(b) second, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(bc) secondthird, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(cd) thirdfourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(de) fourthfifth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(ef) fifthsixth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; , and (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, (i) management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar monthmonth and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by Manager to third-party property managers pursuant to sub-management agreements;
(h) eighth, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (ji) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Period is continuing:
(1A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 2 contracts
Samples: Loan Agreement (Colony Starwood Homes), Loan Agreement (Colony Starwood Homes)
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 2.7.3, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component A, (ii) second, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component B, (iii) third, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component C, (iv) fourth, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component D, (v) fifth, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G B until such Component is paid in full, (viii) eighth, to the Outstanding Principal Balance of Component C until such Component is paid in full, (ix) ninth, to the Outstanding Principal Balance of Component D until such Component is paid in full, and (viix) eighthtenth, to the Outstanding Principal Balance of Component H E until such Component is paid in full;
(gf) seventhsixth, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month;
(hg) eighthseventh, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(ih) nintheighth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(ji) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jh) above (the “Available Cash”) shall be applied as follows:
(A) prior to the Anticipated Repayment Date all Available Cash shall be applied as follows:
(1) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B2) if as of a Payment Date a Cash Sweep Period is continuing:
a. first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
b. second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
c. third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6;
(B) from and after the Anticipated Repayment Date all Available Cash and all amounts remaining in the Cash Collateral Subaccount shall be applied as follows:
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and;
(3) third, to the Cash Collateral Subaccount Lender, to be held or disbursed applied towards the repayment of the Outstanding Principal Balance of the Loan as follows: a. first, to the Outstanding Principal Balance of Component A until such Component is paid in accordance with Section 6.6full, b. second, to the Outstanding Principal Balance of Component B until such Component is paid in full, c. third, to the Outstanding Principal Balance of Component C until such Component is paid in full, d. fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, and e. fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full;
(4) fourth, to Lender, to pay the Accrued Additional Interest; and
(5) fifth, any remaining amounts to Borrower’s Operating Account.
Appears in 1 contract
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 2.7.32.6.4, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Borrower’s Operating Account, the amount of any sales taxes with respect to Rent or Other Income received during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.11;
(c) third, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(cd) thirdfourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(de) fourthfifth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(ef) fifthsixth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, E and (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, (i) management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar monthmonth and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by Manager to third-party property managers pursuant to sub-management agreements;
(h) eighth, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (ji) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Period is continuing:
(1A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender Required Lenders during the continuance of an Event of Default pursuant to Section 2.7.37.4.2, on each Payment Date during the TermDate, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Collateral Agent, the fees, expenses and indemnities then owed to Collateral Agent under the Collateral Agency Agreement;
(c) third, if such Payment Date is the Maturity Date, to Lenders, pro rata based on their applicable Lender Percentages, funds sufficient to pay the Outstanding Principal Balance of the Loan on the Maturity Date;
(d) fourth, to Lenders, pro rata based on their applicable Lender Percentages, the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in of the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2Loan;
(e) fifth, to Lender, funds sufficient the Tax Reserve in the amount of Tax Funds then required under Section 7.3.1 to pay the Monthly Debt Service Payment Amount, applied (i) firstbe transferred thereto, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component Hextent such transfer has not yet occurred;
(f) sixth, to Lender, funds sufficient the Insurance Reserve in the amount of Insurance Funds then required under Section 7.3.3 to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) firstbe transferred thereto, to the Outstanding Principal Balance of Component A until extent such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in fulltransfer has not yet occurred;
(g) seventh, to the HOA Reserve in the amount of HOA Funds then required under Section 7.3.2 to be transferred thereto, to the extent such transfer has not yet occurred;
(h) eighth, to Lenders, pro rata based on their applicable Lender Percentages, the unpaid Monthly Debt Service then due and payable to Lenders for the related Payment Date and any accrued and unpaid Monthly Debt Service payable to Lenders with respect to any prior Payment Date;
(i) ninth, to the Capital Expenditures Reserve in the amount of Capital Expenditures Funds (if any) then required under Section 7.3.4 to be transferred thereto, to the extent such transfer has not yet occurred;
(j) tenth, to the Advance Rent Reserve in the amount of any Advance Rent Funds then required under Section 7.3.5 to be transferred thereto, to the extent such transfer has not yet occurred; DB1/ 149149761.5
(k) eleventh, to Manager, the management fees payable to such Manager for the prior calendar month ending immediately prior to such Payment Date, (but not in excess of the Management Fee Cap Cap) together with any other Operating Expenses incurred by such Manager on behalf of Borrower for such calendar monthperiod;
(hl) eighthtwelfth, to transfer into the Capital Expenditure SubaccountCasualty and Condemnation Reserve, to make in the required payments amount of Capital Expenditure Casualty and Condemnation Funds as (if any) then required under Section 6.37.3.5 to be transferred thereto to the extent such transfer has not yet occurred;
(im) ninththirteenth, to LenderLenders, pro rata based on their applicable Lender Percentages, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document, including without limitation, payment of the monthly servicing fee of any Servicer, if a Servicer is then being retained;
(jn) tenthfourteenth, if as of such Payment Date no Cash Sweep Trigger Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventheffect, all amounts remaining after payment of the amounts set forth in clauses (a) through (jm) above (the “Available Cash”) shall be applied as follows:
(A) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bo) fifteenth, if as of a Payment Date a Cash Sweep Trigger Period is continuing:
in effect, all Available Cash (1) first, to Borrower’s Operating Account, funds in an amount equal but subject to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, paramount rights of Collateral Agent and Lenders if any; and
(3) thirdan Event of Default is continuing as described in Section 7.4.2), to the Cash Collateral Subaccount Reserve to be held or disbursed in accordance with Section 6.67.3.7; provided, however, that to the extent Borrower has incurred any Approved Extraordinary Expenses pursuant to Section 7.4.4 below, Required Lenders shall direct Servicer in writing to remit the amount of such Approved Extraordinary Expenses from the Cash Collateral Reserve to or at the direction of Borrower.
Appears in 1 contract
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 2.7.3, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Loan Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; , (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (iivii) secondeighth, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iiiix) thirdninth, to the Outstanding Principal Balance of Component C until such Component is paid in full, (ivx) fourthtenth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (vxi) fiftheleventh, to the Outstanding Principal Balance of Component E until such Component is paid in full, full and (vixii) sixthtwelfth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(gf) seventhsixth, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month;
(hg) eighthseventh, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(ih) nintheighth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(ji) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jh) above (the “Available Cash”) shall be applied as followseither:
(A) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B) if as of a Payment Date a Cash Sweep Period is continuing:
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
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 2.7.32.6.4, 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:
(a) first, to Borrower, funds sufficient to pay the Rent Refund Monthly Disbursement Amount for such Payment Date, if any;
(b) second, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(bc) secondthird, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(cd) thirdfourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1, subject to Section 6.1.4 if a Property Tax Prepayment Election is in effect;
(de) fourthfifth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(ef) fifthsixth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; , and (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, (i) management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar monthmonth and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by Manager to third-party property managers pursuant to sub-management agreements;
(h) eighth, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (ji) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Period is continuing:
(1A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
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 2.7.3, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component A, (ii) second, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component B, (iii) third, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component C, (iv) fourth, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component D, (v) fifth, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component E, (vi) sixth, to the payment of interest (calculated at the Initial Interest Rate) then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (iiviii) secondeighth, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iiiix) thirdninth, to the Outstanding Principal Balance of Component C until such Component is paid in full, (ivx) fourthtenth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (vxi) fiftheleventh, to the Outstanding Principal Balance of Component E until such Component is paid in full, full and (vixii) sixthtwelfth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(gf) seventhsixth, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month;
(hg) eighthseventh, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(ih) nintheighth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(ji) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jh) above (the “Available Cash”) shall be applied as follows:
(A) prior to the Anticipated Repayment Date all Available Cash shall be applied as follows:
(1) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B2) if as of a Payment Date a Cash Sweep Period is continuing:
a. first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
b. second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
c. third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6;
(B) from and after the Anticipated Repayment Date all Available Cash and all amounts remaining in the Cash Collateral Account shall be applied as follows:
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and;
(3) third, to the Cash Collateral Subaccount Lender, to be held or disbursed applied towards the repayment of the Outstanding Principal Balance of the Loan as follows: a. first, to the Outstanding Principal Balance of Component A until such Component is paid in accordance with Section 6.6full, b. second, to the Outstanding Principal Balance of Component B until such Component is paid in full, c. third, to the Outstanding Principal Balance of Component C until such Component is paid in full, d. fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, e. fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full and f. sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full;
(4) fourth, to Lender, to pay the Accrued Additional Interest; and
(5) fifth, any remaining amounts to Borrower’s Operating Account.
Appears in 1 contract
Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender Required Lenders during the continuance of an Event of Default pursuant to Section 2.7.37.4.2, on each Payment Date during the TermDate, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Collateral Agent, the fees, expenses and indemnities then owed to Collateral Agent under the Collateral Agency Agreement;
(c) third, if such Payment Date is the Maturity Date, to Lenders, pro rata based on their applicable Lender Percentages, funds sufficient to pay the Outstanding Principal Balance of the Loan on the Maturity Date;
(d) fourth, to Lenders, pro rata based on their applicable Lender Percentages, the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in of the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2Loan;
(e) fifth, to Lender, funds sufficient the Tax Reserve in the amount of Tax Funds then required under Section 7.3.1 to pay the Monthly Debt Service Payment Amount, applied (i) firstbe transferred thereto, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component Hextent such transfer has not yet occurred;
(f) sixth, to Lender, funds sufficient the Insurance Reserve in the amount of Insurance Funds then required under Section 7.3.3 to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) firstbe transferred thereto, to the Outstanding Principal Balance of Component A until extent such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in fulltransfer has not yet occurred;
(g) seventh, to the HOA Reserve in the amount of HOA Funds then required under Section 7.3.2 to be transferred thereto, to the extent such transfer has not yet occurred;
(h) eighth, to Lenders, pro rata based on their applicable Lender Percentages, the unpaid Monthly Debt Service then due and payable to Lenders for the related Payment Date and any accrued and unpaid Monthly Debt Service payable to Lenders with respect to any prior Payment Date;
(i) ninth, to the Capital Expenditures Reserve in the amount of Capital Expenditures Funds (if any) then required under Section 7.3.4 to be transferred thereto, to the extent such transfer has not yet occurred;
(j) tenth, to the Advance Rent Reserve in the amount of any Advance Rent Funds then required under Section 7.3.5 to be transferred thereto, to the extent such transfer has not yet occurred;
(k) eleventh, to Manager, the management fees payable to such Manager for the prior calendar month ending immediately prior to such Payment Date, (but not in excess of the Management Fee Cap Cap) together with any other Operating Expenses incurred by such Manager on behalf of Borrower for such calendar monthperiod;
(hl) eighthtwelfth, to transfer into the Capital Expenditure SubaccountCasualty and Condemnation Reserve, to make in the required payments amount of Capital Expenditure Casualty and Condemnation Funds as (if any) then required under Section 6.37.3.5 to be transferred thereto to the extent such transfer has not yet occurred;
(im) ninththirteenth, to LenderLenders, pro rata based on their applicable Lender Percentages, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document, including without limitation, payment of the monthly servicing fee of any Servicer, if a Servicer is then being retained;
(jn) tenthfourteenth, if as of such Payment Date no Cash Sweep Trigger Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventheffect, all amounts remaining after payment of the amounts set forth in clauses (a) through (jm) above (the “Available Cash”) shall be applied as follows:
(A) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bo) fifteenth, if as of a Payment Date a Cash Sweep Trigger Period is continuing:
in effect, all Available Cash (1) first, to Borrower’s Operating Account, funds in an amount equal but subject to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, paramount rights of Collateral Agent and Lenders if any; and
(3) thirdan Event of Default is continuing as described in Section 7.4.2), to the Cash Collateral Subaccount Reserve to be held or disbursed in accordance with Section 6.67.3.7; provided, however, that to the extent Borrower has incurred any Approved Extraordinary Expenses pursuant to Section 7.4.4 below, Required Lenders shall direct Servicer in writing to remit the amount of such Approved Extraordinary Expenses from the Cash Collateral Reserve to or at the direction of Borrower.
Appears in 1 contract
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 2.7.32.6.4, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; , and (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to LenderManager, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar monthmonth and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by Manager to third-party property managers pursuant to sub-management agreements;
(hg) eighthseventh, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(ih) nintheighth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(ji) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jh) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Period is continuing:
(1A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
Samples: Loan Agreement (Starwood Waypoint Residential Trust)
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 2.7.32.6.4, 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:
(a) first, to Borrower, funds sufficient to pay the Rent Refund Monthly Disbursement Amount for such Payment Date, if any;
(b) second, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(bc) secondthird, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(cd) thirdfourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(de) fourthfifth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(ef) fifthsixth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, E and (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, (i) management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar monthmonth and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by Manager to third-party property managers pursuant to sub-management agreements;
(h) eighth, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (ji) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Period is continuing:
(1A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender On each Monthly Payment Date during the Term, except during the continuance of an Event of Default pursuant to Section 2.7.3Default, on each Payment Date during the Term, identified and available 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 Monthly Payment Date in the following order of prioritypriority for amounts calculated through and including the last day of the related Interest Period:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during for the calendar month ending immediately prior to such Monthly Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9the related Security Deposit and Advance Rent Notice;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax SubaccountAccount, funds sufficient to make the required payments of Tax Funds as required under Section 6.16.2;
(dc) fourththird, to the Insurance SubaccountAccount, funds sufficient to make any required payments of Insurance Funds as required under Section 6.26.3;
(ed) fifthfourth, to Lender, funds sufficient to pay the Monthly Debt Service Payment AmountAmount (which is generally accrued interest on the principal balance of the Components for the related Interest Period (including, applied with respect to each Deferrable Component, any applicable Deferred Interest Amounts)), applied:
(i) first, to the payment of interest then due and payable on Component A, ,
(ii) second, to the payment of interest then due and payable on Component B, ,
(iii) third, to the payment of interest then due and payable on Component C, ,
(iv) fourth, to the payment of interest then due and payable on Component D, 101 BUSINESS.30586915.9
(v) fifth, to the payment of interest then due and payable on Component EE1 (other than, if a Subordination Period has occurred and is continuing with respect to Component E1, the Deferrable Interest on Component E1),
(vi) sixth, to the payment of interest then due and payable on Component F; E2 (other than, if a Subordination Period has occurred and is continuing with respect to Component E2, the Deferrable Interest on Component E2), and
(vii) seventh, to the payment of interest then due and payable on Component G, and F;
(viiie) eighthfifth, to Lender the payment amount of interest any mandatory prepayment of the Outstanding Principal Balance pursuant to Sections 2.4.3 then due and payable on Component Hand all other amounts payable in connection therewith and not previously paid, such amounts to be applied in the manner set forth in Section 2.4.5(d);
(f) sixth, to Lenderthe Manager, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, all management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of the Management Fee Cap for six percent (6.00%) of gross Rents collected during such calendar month;
(hg) eighthseventh, to the Capital Expenditure SubaccountAccount, funds sufficient to make the required payments of Capital Expenditure Funds as required under Section 6.36.4;
(h) eighth, if a Subordination Period has occurred and is continuing with respect to Component E1, to Lender, to pay a portion of the Deferrable Interest with respect to Component E1 in an amount equal to the related DC Interest Amount with respect to Component E1, to the extent current funds are available to pay such DC Interest Amount;
(i) ninth, if a Subordination Period has occurred and is continuing with respect to Component E2, to Lender, to pay a portion of the Deferrable Interest with respect to Component E2 in an amount equal to the related DC Interest Amount with respect to Component E2, to the extent current funds are available to pay such DC Interest Amount;
(j) tenth, if no Component D DSCR Period has occurred and is continuing with respect to Component E1, to the Lender, to pay any Deferrable Interest with respect to Component E1 through and including the last day of such Interest Period not paid (or deferred) pursuant to clauses (d)(v) or (h) above to the extent current funds are available to pay such amounts; provided, that if there are insufficient current funds to pay such Deferrable Interest with respect to Component E1 in full, then any unpaid Deferrable Interest with respect to Component E1 will be deferred in accordance with Section 2.3.6;
(k) eleventh, if no Component E1 DSCR Period has occurred and is continuing with respect to Component E2, to the Lender, to pay any Deferrable Interest with respect to Component E2 through and including the last day of such Interest Period not paid (or deferred) pursuant to clauses (d)(vi) or (i) above to the extent current funds are available to pay such amounts; provided, that if there are insufficient current funds to pay such Deferrable Interest with respect to Component E2 in full, then any unpaid Deferrable Interest with respect to Component E2 will be deferred in accordance with Section 2.3.6;
(l) twelfth, to Lender, funds sufficient to pay any other fees, costs, expenses (including any unpaid Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;; and
(jm) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) elevenththirteenth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jl) above (the “Available Cash”) shall be applied as follows:
either: 102 BUSINESS.30586915.9 (A) if if, as of a such Monthly Payment Date Date, no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B) if as of a Payment Date a Cash Sweep Low DSCR Period is continuing:
(1) first, to Borrower’s Operating Account, funds in an amount equal Component E1 to the Monthly Budgeted Amountreduce any Deferred Interest Amount until such Deferred Interest Amount is reduced to zero;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if anyComponent E2 to reduce any Deferred Interest Amount until such Deferred Interest Amount is reduced to zero; and
(3) third, to pay any remaining amounts to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.Borrower’s Operating Account; or
Appears in 1 contract
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 2.7.3, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G B until such Component is paid in full, and (viiviii) eighth, to the Outstanding Principal Balance of Component H C until such Component is paid in full;, (ix) ninth, to the Outstanding Principal Balance of Component D until such Component is paid in full and (x) tenth, to the Outstanding Principal Balance of Component E until such Component is paid in full.
(gf) seventhsixth, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month;
(hg) eighthseventh, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(ih) nintheighth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(ji) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jh) above (the “Available Cash”) shall be applied as follows:):
(A) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B) if as of a Payment Date a Cash Sweep Period is continuing:
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender On each Payment Date during a Trigger Period, except during the continuance of an Event of Default pursuant to Section 2.7.3Default, on each Collections received since the prior Payment Date during the Term, Collections then remaining 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:
(a) first, to the applicable Security Deposit AccountAccount (or to Borrower for deposit therein), the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the prior calendar month ending immediately prior to such Payment Date, (as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.93.14(a)) and have not previously been so disbursed;
(b) second, to the Advance Rent Subaccount, in the amount of the Advance Rent Funds (if any) then required under Section 5.8 to be transferred thereto, to the extent such transfers have not yet occurred;
(c) third, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section 2.4.2 1.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d1.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Tax Subaccount, to make any required payments in the amount of Insurance Tax Funds as then required under Section 6.25.2 to be transferred thereto, to the extent such transfer has not yet occurred;
(e) fifth, to Lenderthe Insurance Subaccount, funds sufficient in the amount of Insurance Funds then required under Section 5.3 to pay the Monthly Debt Service Payment Amount, applied (i) firstbe transferred thereto, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component Hextent such transfer has not yet occurred;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Monthly Debt Service Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, extent then due and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in fullpayable;
(g) seventh, to the Manager, management fees payable for the prior calendar month ending immediately prior to such Payment Date, (but not in excess of the Management Fee Cap for such calendar monthCap);
(h) eighth, to the Capital Expenditure Subaccount, to make Subaccount in the required payments amount of Capital Expenditure Funds as then required under Section 6.35.4 to be transferred thereto, to the extent such transfer has not yet occurred;
(i) ninth, to the Casualty and Condemnation Subaccount, in the amount of Casualty and Condemnation Funds (if any) then required under Section 5.5 to be transferred thereto, to the extent such transfers have not yet occurred;
(j) tenth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (j) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Trigger Period is continuingin effect, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Trigger Period is continuing:continuing (but subject to the paramount rights of Lender if an Event of Default exists as described in Section 5.9.2):
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Operating Expenses, if any; and
(3) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.65.6.
Appears in 1 contract
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 2.7.3, on each Payment Date during the Term, Collections on deposit in received during the Cash Management Account related Collection Period (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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Lender, funds sufficient to pay the Outstanding Principal Balance of the Loan on the Maturity Date;
(c) third, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(cd) thirdfourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(de) fourthfifth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(ef) fifthsixth, to the HOA Subaccount, to make any required payments of HOA Funds as required under Section 6.1;
(g) seventh, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied ;
(i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viiih) eighth, to the payment Capital Expenditure Subaccount, to make the required payments of interest then due and payable on Component HCapital Expenditure Funds as required under Section 6.3;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventhninth, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month;
(hj) eighthtenth, to the Capital Expenditure Casualty and Condemnation Subaccount, to make in the required payments amount of Capital Expenditure Casualty and Condemnation Funds (if any), as required under Section 6.36.4;
(ik) nintheleventh, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(jl) tenth, if as of such Payment Date no Cash Sweep Period is continuingtwelfth, to Manager, all any remaining management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts operating expenses then due to Manager under the Management Agreementand payable;
(km) elevenththirteenth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jl) above (the “Available Cash”) shall be applied as follows:
(A) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B) if as of a Payment Date a Cash Sweep Period is continuing:
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
Samples: Loan Agreement (AG Mortgage Investment Trust, Inc.)
Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender On each Monthly Payment Date during the Term, except during the continuance of an Event of Default pursuant to Section 2.7.3, on each Payment Date during the TermDefault, 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 (other than Advance Rent, which shall not be deemed available for disbursement until, and shall be disbursed on, the Monthly Payment Date specified in the Advance Rent Notice), which shall be applied on such Monthly Payment Date in the following order of priority:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Monthly Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.94.3.8;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Loan Principal Balance pursuant to Section 2.4.2 Sections 2.4.3 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d2.4.5(d);
(c) third, to the Tax SubaccountAccount, to make the required payments of Tax Funds as required under Section 6.16.2;
(d) fourth, to the Insurance SubaccountAccount, to make any required payments of Insurance Funds as required under Section 6.26.3;
(e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (iA) first, to the payment of interest then due and payable on Component A, (iiB) second, to the payment of interest then due and payable on Component B, (iiiC) third, to the payment of interest then due and payable on Component C, (ivD) fourth, to the payment of interest then due and payable on Component D, (vE) fifth, to the payment of interest then due and payable on Component E, and (viF) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of the Management Fee Cap for six percent (6%) of gross Rents collected during such calendar month;
(hg) eighthseventh, to the Capital Expenditure SubaccountAccount, to make the required payments of Capital Expenditure Funds as required under Section 6.36.4;
(ih) nintheighth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(ji) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (jh) above (the “Available Cash”) shall be applied as followseither:
(A) if as of a Monthly Payment Date no Cash Sweep Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B) if as of a Monthly Payment Date a Cash Sweep Low Debt Yield Period is continuing:
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Operating Expenses, if any; and
(3) third, to the Cash Collateral Subaccount Account to be held or disbursed in accordance with Section 6.66.7.
Appears in 1 contract
Samples: Loan Agreement (American Residential Properties, Inc.)
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 2.7.3, 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:
(a) first, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(b) second, to Lender the amount of any mandatory prepayment of the Outstanding Loan Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(d) fourth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(e) fifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; , (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (iiviii) secondeighth, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iiiix) thirdninth, to the Outstanding Principal Balance of Component C until such Component is paid in full, (ivx) fourthtenth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (vxi) fiftheleventh, to the Outstanding Principal Balance of Component E until such Component is paid in full, full and (vixii) sixthtwelfth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(gf) seventhsixth, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month;
(hg) eighthseventh, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(ih) nintheighth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(ji) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (ji) above (the “Available Cash”) shall be applied as followseither:
(A) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B) if as of a Payment Date a Cash Sweep Period is continuing:
(1) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
Appears in 1 contract
Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender during Subject to the continuance other provisions of an Event of Default pursuant to Section 2.7.3the Loan Documents, on each Payment Date during the Termterm of the Loan, Collections on deposit in except during the instance or continuance of an Event of Default, all funds deposited into the Cash Management Account (less any fees and expenses of during the Cash Management Account Bank then due and payable) on such day immediately preceding interest period shall be applied on such Payment Date in the following order of priority:
: (a) firstFirst, to fund any deficiency that exists in the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Capital Reserve Fund under Section 4.3.9;
7.5; (b) second, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(c) third, to the Tax Subaccountthen, to make the required payments of Tax Funds into the Tax Account as required under Section 6.1;
7.2; (dc) fourth, to the Insurance Subaccountthen, to make any the required payments of Insurance Funds into the Insurance Account as required under Section 6.2;
7.2; (ed) fifth, to Lenderthen, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component Finto an Account established for such purpose; (viie) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar month;
(h) eighth, to the Capital Expenditure Subaccountthen, to make the required payments of Capital Expenditure PIP Funds into the PIP Account as required under Section 6.3;
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) ninththen, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as during the continuance of such Payment Date no an Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventhEvent, all amounts remaining in the Cash Management Account after payment of the amounts set forth in clauses deposits for items (a) through (ji) above (the “Available CashExcess Cash Flow”) shall be applied into the Cash Reserve Account as follows:
required under Section 7.5; and (Aj) if as of a Payment Date lastly, provided no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(B) if as of a Payment Date a Cash Sweep Period is continuing:
(1) first, to Borrower’s Operating Account, funds Event remains in an amount equal to the Monthly Budgeted Amount;
(2) second, to Borrower’s Operating Accounteffect, payments for Approved Extraordinary Expenses, if any; and
(3) third, to the Borrower of all Excess Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6Flow.
Appears in 1 contract
Samples: Commercial Loan Agreement (Red Oak Capital Fund IV, LLC)
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 2.7.32.6.4, 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:
(a) first, to Borrower, funds sufficient to pay the Rent Refund Monthly Disbursement Amount for such Payment Date, if any;
(b) second, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(bc) secondthird, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(cd) thirdfourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1, subject to Section 6.1.4 if a Property Tax Prepayment Election is in effect;
(de) fourthfifth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(ef) fifthsixth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, and (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G until such Component is paid in full, and (vii) eighth, to the Outstanding Principal Balance of Component H until such Component is paid in full;
(g) seventh, to Manager, (i) management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar monthmonth and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by Manager to third-party property managers pursuant to sub-management agreements;
(h) eighth, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (ji) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Period is continuing:
(1A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
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Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender On each Payment Date during the Term, except during the continuance of an Event of Default pursuant to Section 2.7.3, on each Payment Date during the TermDefault, 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:
(a) first, to Borrower, funds sufficient to pay the Rent Refund Monthly Disbursement Amount for such Payment Date, if any;
(b) second, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9;
(bc) secondthird, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to Section Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d);
(cd) thirdfourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under Section 6.1;
(de) fourthfifth, to the Insurance Subaccount, to make any required payments of Insurance Funds as required under Section 6.2;
(ef) fifthsixth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of interest then due and payable on Component F; (vii) seventh, to the payment of interest then due and payable on Component G, and (viii) eighth, to the payment of interest then due and payable on Component H;
(f) sixth, to Lender, funds sufficient to pay the Outstanding Principal Balance of each Component on the Payment Date immediately preceding the Maturity Date, applied (i) first, to the Outstanding Principal Balance of Component A until such Component is paid in full, (ii) second, to the Outstanding Principal Balance of Component B until such Component is paid in full, (iii) third, to the Outstanding Principal Balance of Component C until such Component is paid in full, (iv) fourth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (v) fifth, to the Outstanding Principal Balance of Component E until such Component is paid in full, (vi) sixth, to the Outstanding Principal Balance of Component F until such Component is paid in full, (vii) seventh, to the Outstanding Principal Balance of Component G B until such Component is paid in full, and (viiviii) eighth, to the Outstanding Principal Balance of Component H C until such Component is paid in full, (ix) ninth, to the Outstanding Principal Balance of Component D until such Component is paid in full and (x) tenth, to the Outstanding Principal Balance of Component E until such Component is paid in full;
(g) seventh, to Manager, (i) management fees payable for the calendar month ending immediately prior to such Payment Date, but not in excess of the Management Fee Cap for such calendar monthmonth and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by Manager to third-party property managers pursuant to sub-management agreements;
(h) eighth, to the Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3;
(i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document;
(j) tenth, if as of such Payment Date no Cash Sweep Period is continuing, to Manager, all management fees payable for the calendar month ending immediately prior to such Payment Date in excess of the Management Fee Cap for such calendar month and all other amounts due to Manager under the Management Agreement;
(k) eleventh, all amounts remaining after payment of the amounts set forth in clauses (a) through (ji) above (the “Available Cash”) shall be applied as followseither:
(Ai) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and
(Bii) if as of a Payment Date a Cash Sweep Period is continuing:
(1A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount;
(2B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and
(3C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6.
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