Common use of Order of Priority of Funds in Collection Account Clause in Contracts

Order of Priority of Funds in Collection Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day 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 Collection 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 4.3.8; (b) second, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2; (c) third, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3; (d) fourth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (A) first, to the payment of interest then due and payable on Component A, (B) second, to the payment of interest then due and payable on Component B, (C) third, to the payment of interest then due and payable on Component C, (D) fourth, to the payment of interest then due and payable on Component D, (E) fifth, to the payment of interest then due and payable on Component E, (F) sixth, to the payment of interest then due and payable on Component F, and (G) seventh, to the payment of interest then due and payable on Component G; (e) fifth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month; (f) sixth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4; (g) seventh, 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; (h) eighth, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to 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 2.4.5(d); (i) ninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either: (A) if as of a Monthly Payment Date no Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if as of a Monthly Payment Date a 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 Account to be held or disbursed in accordance with Section 6.7.

Order of Priority of Funds in Collection Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day 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 Collection 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 4.3.8; (b) second, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2, subject to Section 6.2.3 if a Property Tax Prepayment Election is in effect; (c) third, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3; (d) fourth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (A) first, to the payment of interest then due and payable on Component A, (B) second, to the payment of interest then due and payable on Component B, (C) third, to the payment of interest then due and payable on Component C, (D) fourth, to the payment of interest then due and payable on Component D, (E) fifth, to the payment of interest then due and payable on Component E, E and (F) sixth, to the payment of interest then due and payable on Component F, and (G) seventh, to the payment of interest then due and payable on Component G; (e) fifth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month; (f) sixth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4; (g) seventh, 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; (h) eighth, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to 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 2.4.5(d); (i) ninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either: (A) if as of a Monthly Payment Date no Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if as of a Monthly Payment Date a 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 Account to be held or disbursed in accordance with Section 6.7.

Order of Priority of Funds in Collection Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day 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 Collection 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 4.3.8; (b) second, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2; (c) third, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3; (d) fourth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (A) first, to the payment of interest then due and payable on Component A, (B) second, to the payment of interest then due and payable on Component B, (C) third, to the payment of interest then due and payable on Component C, (D) fourth, to the payment of interest then due and payable on Component D, (E) fifth, to the payment of interest then due and payable on Component E, and (F) sixth, to the payment of interest then due and payable on Component F, and (G) seventh, to the payment of interest then due and payable on Component G; (e) fifth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month; (f) sixth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4; (g) seventh, 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; (h) eighth, to Lender the amount of any mandatory prepayment of the Outstanding Loan Principal Balance pursuant to 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 2.4.5(d); (i) ninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either: (A) if as of a Monthly Payment Date no Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if as of a Monthly Payment Date a 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 Account to be held or disbursed in accordance with Section 6.7.

Order of Priority of Funds in Collection Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day 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 Collection 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 4.3.8; (b) second, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2; (c) third, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3; (d) fourth, to Lender, funds sufficient to pay (A) first, the Monthly Debt Service Payment Amount, applied (A1) first, to the payment of interest then due and payable on Component A, A and (B2) second, to the payment of interest then due and payable on Component B, (C) third, to the payment of interest then due and payable on Component C, (D) fourth, to the payment of interest then due and payable on Component D, (E) fifth, to the payment of interest then due and payable on Component E, (F) sixth, to the payment of interest then due and payable on Component F, B and (GB) sevenththen, the regular monthly certificate administrator fee (deemed to be $6,575 per month) and the payment of interest then due and payable on Component Gregular monthly trustee fee (deemed to be $250 per month) under the Servicing Agreement; (e) fifth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month; (f) sixth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4; (g) seventh, 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; (h) eighth, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to 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 2.4.5(d);; and (i) ninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either: (A) if if, as of a Monthly Payment Date Date, no Low DSCR Period or Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if if, as of a Monthly Payment Date Date, a Low DSCR Period or 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 Account to be held or disbursed in accordance with Section 6.7.

Order of Priority of Funds in Collection Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day 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 Collection 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 4.3.8; (b) second, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2; (c) third, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3; (d) fourth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (A) first, to the payment of interest then due and payable on Component A, (B) second, to the payment of interest then due and payable on Component B, (C) third, to the payment of interest then due and payable on Component C, (D) fourth, to the payment of interest then due and payable on Component D, (E) fifth, to the payment of interest then due and payable on Component E, (F) sixth, to the payment of interest then due and payable on Component F, and (G) seventh, to the payment Outstanding Principal Balance of interest then due Component A until such Component is paid in full, (H) eighth, to the Outstanding Principal Balance of Component B until such Component is paid in full, (I) ninth, to the Outstanding Principal Balance of Component C until such Component is paid in full, (J) tenth, to the Outstanding Principal Balance of Component D until such Component is paid in full, (K) eleventh, to the Outstanding Principal Balance of Component E until such Component is paid in full and payable on (L) twelfth, to the Outstanding Principal Balance of Component GF until such Component is paid in full; (e) fifth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month; (f) sixth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4; (g) seventh, 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; (h) eighth, to Lender the amount of any mandatory prepayment of the Outstanding Loan Principal Balance pursuant to 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 2.4.5(d); (i) ninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either: (A) if as of a Monthly Payment Date no Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if as of a Monthly Payment Date a 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 Account to be held or disbursed in accordance with Section 6.7.

Order of Priority of Funds in Collection Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day shall be applied on such Monthly Payment Date in the following order of priority: (a) first, to Collateral Agent, any unpaid costs, expenses or indemnities then due or payable to it under this Agreement or any Loan Documents, and to the extent not paid by Administrative Agent pursuant to Section 9.1, any unpaid fees; (b) second, to the applicable Security Deposit Account, the amount of any security deposits that have been deposited into the Collection 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 Administrative Agent delivered pursuant to Section 4.3.8; (bc) secondthird, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2, subject to Section 6.2.3 if a Property Tax Prepayment Election is in effect; (cd) thirdfourth, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3; (de) fourthfifth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (A) first, to the payment of interest then due and payable on Component A, (B) second, to the payment of interest then due and payable on Component B, (C) third, to the payment of interest then due and payable on Component C, (D) fourth, to the payment of interest then due and payable on Component D, (E) fifth, to the payment of interest then due and payable on Component E, (F) sixth, to the payment of interest then due and payable on Component F, and (G) seventh, to the payment of interest then due and payable on Component G; (ef) fifthsixth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month; (fg) sixthseventh, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4; (gh) seventheighth, to LenderLender and Administrative Agent, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under this Agreement or any other Loan Document; (hi) eighthninth, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to 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 2.4.5(d); (ij) ninthtenth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either: (A) if as of a Monthly Payment Date no Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if as of a Monthly Payment Date a 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, at the election of Administrative Agent, either (x) to prepay the Loan in accordance with Section 2.4.5 (together with the payment of Yield Maintenance Premium thereon) until such time as a Trigger Period is no longer continuing or (y) to the Cash Collateral Account to be held or disbursed in accordance with Section 6.7.

Order of Priority of Funds in Collection Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, Collections on deposit in the Collection Account on such day 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 Collection 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 4.3.8; (b) second, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.2; (c) third, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.3; (d) fourth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied (A) first, to the payment of interest then due and payable on Component A, (B) second, to the payment of interest then due and payable on Component B, (C) third, to the payment of interest then due and payable on Component C, (D) fourth, to the payment of interest then due and payable on Component D, (E) fifth, to the payment of interest then due and payable on Component E, E and (F) sixth, to the payment of interest then due and payable on Component F, and (G) seventh, to the payment of interest then due and payable on Component G; (e) fifth, to the Manager, management fees payable for the calendar month ending immediately prior to such Monthly Payment Date, but not in excess of six percent (6%) of gross Rents collected during such calendar month; (f) sixth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.4; (g) seventh, 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; (h) eighth, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to 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 2.4.5(d); (i) ninth, all amounts remaining after payment of the amounts set forth in clauses (a) through (h) above (the “Available Cash”) either: (A) if as of a Monthly Payment Date no Low Debt Yield Period is continuing, any remaining amounts to Borrower’s Operating Account; and (B) if as of a Monthly Payment Date a 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 Account to be held or disbursed in accordance with Section 6.7.