Order of Priority of Funds in Deposit Account Sample Clauses

Order of Priority of Funds in Deposit Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Deposit Account during the immediately preceding Collection Period shall be applied on such Monthly Payment Date in the following order of priority: (i) First, to the Tax Account, to make the required payments of Tax Funds as required under Section 6.3; (ii) Second, to the Insurance Account, to make any required payments of Insurance Funds as required under Section 6.4; (iii) Third, to Agent, funds sufficient to pay the interest due on such Monthly Payment Date; (iv) Fourth, to the Capital Expenditure Account, to make the required payments of Capital Expenditure Funds as required under Section 6.5: (v) Fifth, to the Rollover Account, to make the required payments of Rollover Funds as required under Section 6.6; (vi) Sixth, to Agent, of any other amounts then due and payable under the Loan Documents; (vii) Seventh, to Borrower if a Trigger Period is continuing, funds in an amount equal to the Monthly Operating Expense Budgeted Amount; (viii) Eighth, to Borrower if a Trigger Period is continuing, payments for Approved Extraordinary Operating Expenses, if any; (ix) Ninth, if a New Mezzanine Loan (or any portion thereof) is outstanding, to the New Mezzanine Payment Account funds in an amount equal to the Monthly New Mezzanine Debt Service Payment due and owing on such Monthly Payment Date, plus any additional amount (other than principal payments) due and owing under the New Mezzanine Loan, in accordance with the New Mezzanine Lender Payment Instruction with respect to such Monthly Payment Date; (x) Tenth, to the Current Mezzanine Payment Account, funds in an amount equal to the Monthly Current Mezzanine Debt Service Payment due and owing on such Monthly Payment Date, plus any additional amount (other than principal payments) due and owing under the Current Mezzanine Loan, in accordance with the Current Mezzanine Lender Payment Instruction with respect to such Monthly Payment Date: and (xi) Lastly all amounts remaining after payment of the amounts set forth in clauses (i) through (x) above (the “Available Cash”): (A) during a Trigger Period, to the Cash Collateral Account to be held or disbursed in accordance with Section 6.8; or (B) If no Trigger Period is continuing, to Borrower.

Order of Priority of Funds in Deposit Account. On each Business Day during the Term, except during the continuance of an Event of Default, all funds deposited into the Deposit Account shall be applied in the following amounts and order of priority: (i) First, to the Disbursement Account relating to the Hilton Brand Managed Properties, funds necessary to pay any Approved Operating Expenses (excluding any Incentive Management Fees) relating to the Hilton Brand Managed Properties, to the extent not previously paid by Manager as Manager’s Expenses; (ii) Second, to the Tax Account, all funds necessary to make the required payments of Tax Funds on the next Monthly Payment Date as required under Section 6.3; (iii) Third, to the Insurance Account, all funds necessary to make the required payments of Insurance Funds on the next Monthly Payment Date as required under Section 6.4; (iv) Fourth, to the Ground Rent Account, all funds necessary to make the required payments of Ground Rent Funds on the next Monthly Payment Date as required under Section 6.7; (v) Fifth, to the Debt Service Account, all funds necessary to pay the Monthly Debt Service Payment Amount on the next Monthly Payment Date, taking into account any payments received pursuant to the Interest Rate Cap Agreement (provided, however, that amounts allocated to the Debt Service Account pursuant to this subparagraph (v) shall be held in the Debt Service Account until such Monthly Payment Date, at which time, such amounts shall be applied in accordance with the terms of Section 2.3.1); (vi) Sixth, to the Debt Service Account, all funds necessary to pay any other amounts due and payable under the Loan Documents on or prior to the next Monthly Payment Date (to the extent ascertainable on such Business Day) (provided, however, that amounts allocated to the Debt Service Account pursuant to this subparagraph (vi) shall be held in the Debt Service Account until such time such amounts are due and payable under the Loan Documents, at which time, such amounts shall be applied in accordance with the Loan Documents); (vii) Seventh, subject to the terms of the Cash Management Agreement, to Borrower, funds necessary to pay (without duplication) (A) any Approved Operating Expenses (excluding any Incentive Management Fees), to the extent not previously paid by Manager as Manager’s Expenses (including from the application of funds pursuant to subparagraph (i) above, as applicable), (B) any Emergency Expenses, (C) any Approved Capital Expenditures, to the extent not previ...

Order of Priority of Funds in Deposit Account. (a) From and after the occurrence of a Sweep Event, provided no Event of Default shall have occurred and be continuing, commencing on the first Business Day of each Interest Period, Lender shall allocate amounts deposited in the Deposit Account from time to time as they are received during such Interest Period in the following order and priority, in each case to the extent sufficient funds remain therefor: (i) First, to fund the Tax Account until the amount deposited therein pursuant to this clause (i) is equal to the amount required to be deposited in the Tax Account on the related Monthly Payment Date in accordance with the terms and conditions of Section 6.3 hereof; (ii) Second, to fund the Insurance Account until the amount deposited therein pursuant to this clause (ii) is equal to the amount required to be deposited in the Insurance Account on the related Monthly Payment Date in accordance with the terms and conditions of Section 6.4 hereof; (iii) Third, to fund the Debt Service Account until the amount deposited therein pursuant to this clause (iii) is equal to the Monthly Interest Payment or the Monthly Debt Service Payment Amount due and payable by Borrowers on the related Monthly Payment Date in accordance with the terms and conditions of this Agreement; (iv) Fourth, to fund the FF&E Reserve Account until the amount deposited therein pursuant to this clause (iv) is equal to the amount required to be deposited in the FF&E Reserve Account on the related Monthly Payment Date in accordance with the terms and conditions of Section 6.5 hereof; (v) Fifth, to fund the Debt Service Account until the amount deposited therein pursuant to this clause (v) is equal to any other amounts then due and payable under the Loan Documents; and (vi) Lastly, payment to Operating Lessee of any and all amounts remaining in accordance with Section 6.7.1(b) below. (b) Provided that no Event of Default is continuing, Lender shall disburse amounts allocated to the Debt Service Account to Lender on the related Monthly Payment Date. Amounts deposited into the Reserve Funds shall be disbursed as provided in the paragraph(s) of this Agreement applicable to each such Reserve Fund. Amounts payable to Operating Lessee under clause (vi) of Section 6.7.1(a) above shall be disbursed to Operating Lessee on the last Business Day of each week into a single operating account established and maintained by Operating Lessee at the Clearing Bank (as designated by Operating Lessee to Lender in w...

Order of Priority of Funds in Deposit Account. On each Business Day during a Trigger Period, except during the continuance of an Event of Default, all funds deposited into the Mortgage Deposit Account shall be applied as set forth in the Mortgage Loan Agreement.

Order of Priority of Funds in Deposit Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds received by Lender from Mortgage Lender during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority: (i) First, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount, applied first to the payment of interest computed at the Interest Rate with the remainder applied to the reduction of the Outstanding Principal Balance; (ii) Second, to Lender, for purposes of funding any reserves, if required under Section 6.2; (iii) Third, to Lender, of any other amounts then due and payable under the Loan Documents; and (iv) Lastly, to Borrower of any remaining amounts.

Order of Priority of Funds in Deposit Account. Subject to the other provisions of this Agreement and the other Loan Documents, on each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority: (i) First, to make the required payments of Insurance Funds into the Insurance Account as required under Section 6.3; (ii) Second, funds sufficient to pay the Monthly Debt Service Payment; (iii) Third, to make the required payments of Operating Expense Funds into the Operating Expense Account as required under Section 6.5; and (iv) Lastly, provided no Sweep Event has occurred and is continuing, payments to Borrower of any excess amounts. Following the occurrence and during the continuance of an Event of Default, Lender may apply funds in the Deposit Account from time to time on account of the obligations in such order as it may determine.

Order of Priority of Funds in Deposit Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Deposit Account shall be applied in the following amounts and order of priority: (i) First, to Lender, all funds necessary to pay the Monthly Debt Service Payment Amount on such Monthly Payment Date, to be applied in accordance with the terms of Section 2.3.1; (ii) Second, to Lender, for purposes of funding any reserves, if required pursuant to Section 6.2; and (iii) Third, to Lender, all funds necessary to pay any other amounts due and payable under the Loan Documents on or prior to such Monthly Payment Date, to be applied in accordance with the Loan Documents.

Order of Priority of Funds in Deposit Account. On each Monthly Payment Date during any Cash Trap Period except during the continuance of an Event of Default, all funds in the Deposit Account shall be applied on such Monthly Payment Date pursuant to Section 3.4 of the Cash Management Agreement. Excess Cash Flow shall be held in the Cash Collateral Account and disbursed in accordance with Sections 6.5.1, 6.5.2, and/or 6.9.2 hereof.

Order of Priority of Funds in Deposit Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority: (i) First, to make the required payments of Tax Funds into the Tax Account as required under Section 6.3; (ii) Second, to make the required payments of Insurance Funds into the Insurance Account as required under Section 6.4; (iii) Third, funds sufficient to pay the Monthly Debt Service Payment Amount into the Debt Service Account; (iv) Fourth, to make the required payments of Capital Expenditure Funds into the Capital Expenditure Account as required under Section 6.5; (v) Fifth, to make the required payments of Rollover Funds into the Rollover Account as required under Section 6.6; (vi) Sixth, funds sufficient to pay any interest accruing at the Default Rate and late payment charges, if any, (and all other amounts, other than those described under other clauses of this Section 6.9.1, then due to Lender under the Loan Documents) into the Debt Service Account; and (vii) Lastly, provided no Event of Default has occurred and is continuing, payments to Borrower of any excess amounts.

Order of Priority of Funds in Deposit Account. On each Payment Date, except during the continuance of an Event of Default, all funds deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on such Payment Date in accordance with the priority set forth below: (i) First, to Agent (for the benefit of Lender) (or, with respect to any Servicing Fee, at Agent’s option, to Servicer), in the amount equal to any Servicing Fee and Construction Consultant costs, fees or expenses in accordance with the Loan Documents for the month in which such Payment Date occurs, and to pay all other amounts due and payable to Agent and/or Lender pursuant to the Loan Documents (except for any amounts payable pursuant to clauses (ii) through (viii) of this Section 7.8); (ii) Second, to Agent (for the benefit of Lender), to pay the amount of all delinquent interest and principal on the Loan and all other amounts then due and payable under the Loan Documents (with any amounts in respect of principal paid last); (iii) Third, the Monthly Debt Service Payment Amount; and (iv) Fourth, to the Borrower Operating Account.