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

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 writing), which funds Borrowers hereby agree shall be use by Operating Lessee first to pay all Operating Expenses, Capital Expenditures and FF&E Expenses due and payable with respect to the Properties prior to disbursing or paying any such funds to any partner, member or other owner of Operating Lessee.

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 writing), which funds Borrowers hereby agree shall be use by Operating Lessee first to pay all Operating Expenses, Capital Expenditures and FF&E Expenses due and payable with respect to the Pool 2 Properties prior to disbursing or paying any such funds to any partner, member or other owner of Operating Lessee.

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 writing), which funds Borrowers hereby agree shall be use by Operating Lessee first to pay all Operating Expenses, Capital Expenditures and FF&E Expenses due and payable with respect to the Pool 1 Properties prior to disbursing or paying any such funds to any partner, member or other owner of Operating Lessee.