Property Cash Flow Allocation. (a) Notwithstanding anything stated to the contrary in this Agreement (but subject to Section 3.11(c) below), all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority:
(i) First, at any time prior to the Maturity Date hereunder, to Borrower to make Permitted REIT Distributions attributable to the immediately preceding Interest Period, subject to Section 3.12 below. For so long as the Mezzanine Loan remains outstanding at any time prior to the stated maturity date of the Mezzanine Loan, notwithstanding that an Event of Default shall have occurred and be continuing, Rents deposited into the Deposit Account shall be disbursed to Borrower to make Permitted REIT Distributions to the extent that sufficient amounts are on deposit in the Deposit Account to fully fund payment of the Monthly Debt Service Payment Amount (under subsection (iv) below) and the Monthly Mezzanine Debt Service Payment Amount (under subsection (viii) below) without regard for the adequacy of all Rents then on deposit in the Deposit Account to fully fund any prior amounts described in this Section 3.11(a), subsections (ii), (iii), (v), (vi) and (vii) below. No Rents shall be disbursed to Borrower to make Permitted REIT Distributions for so long as the Mezzanine Loan remains outstanding from and after the stated maturity date of the Mezzanine Loan.
(ii) Second, (if the obligation to fund the Tax and Insurance Subaccount is no longer waived by Lender pursuant to Section 3.3 hereof) to make payments into the Tax and Insurance Subaccount as required under Section 3.3 hereof;
(iii) Third, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement;
(iv) Fourth, to Lender to pay the Monthly Debt Service Payment Amount due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.11(a), then due to Lender under the Loan Documents);
(v) Fifth, (if the obligation to fund the Capital Reserve Subaccount is no longer waived by Lender pursuant to Section 3.4 hereof) to make payments into the Capital Reserve Subaccount as required under Section 3.4 hereof;
(vi) Sixth, to make payments for Approved Operating Expenses as required under Section 3.6 hereof;
(vii) Seventh, to make payments into the Rollover Reserve Subaccount as require...
Property Cash Flow Allocation. (a) Commencing on the Substantial Completion Date and continuing on each Payment Date thereafter through and including the Conversion Date, except during the continuance of an Event of Default, any Rents deposited into the Deposit Account or received by Borrower or Manager during the immediately preceding Interest Period shall be applied as follows in the following order of priority: (i) First, to pay any and all ground rents, if any, (ii) Second, to make required payments (if any) to the Tax and Insurance Escrow Fund; (iii) Third, to Lender to pay the interest due on such Payment Date (including, if applicable, interest at the Default Rate); (iv) Fourth, to make payments for Approved Operating Expenses; (v) Fifth, to make required payments (if any) to the Capital Reserve Fund; and (vi) Lastly, payments of any excess amounts to the Cash Collateral Subaccount.
(b) Commencing on the first Payment Date after the Conversion Date and continuing on each Payment Date thereafter through and including the Optional Prepayment Date, except during the continuance of an Event of Default, any Rents received by Borrower or Manager (and, during a Cash Management Period, Rents deposited into the Deposit Account) during the immediately preceding Interest Period shall be applied as follows in the following order of priority: (i) First, to pay any and all ground rents, if any; (ii) Second, to make required payments to the Tax and Insurance Escrow Fund; (iii) Third, to Lender to pay the Monthly Debt Service Payment Amount (plus, if applicable, interest at the Default Rate); (iv) Fourth, to make required payments to the Capital Reserve Fund; (v) Fifth, during a Cash Management Period, payments for Approved Operating Expenses; (vi) Sixth, during a Cash Management Period, to make required payments for any working capital reserves in accordance with the Annual Budget to the Working Capital Subaccount; and (vii) Lastly, payments to Manager of any excess amounts.
(c) Commencing on the first Payment Date after the Optional Prepayment Date and continuing on each Payment Date thereafter until the entire Debt has been paid in full, except during the continuance of an Event of Default, any Rents deposited into the Deposit Account (or otherwise received by Borrower or Manager) during the immediately preceding Interest Period shall be applied by Lender as follows in the following order of priority: (i) First, to pay any and all ground rents, if any; (ii) Second, to make required payments t...
Property Cash Flow Allocation. (a) During any Cash Management Period, any Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Interest Payment Date as follows in the following order of priority: (i) First, to make payments into the Tax and Insurance Subaccount as required under Section 11.02; (ii) Second, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement; (iii) Third, to the Lender to pay the interest due on such Interest Payment Date (plus, if applicable, interest at the Post Default Rate and all other amounts, other than those described under other clauses of this Section 11.09(a), then due to the Lender under the Loan Documents); (iv) Fourth, to make payments into the Capital Reserve Subaccount as required under Section 11.03; (v) Fifth, to make payments into the Rollover Reserve Subaccount as required under Section 11.04; (vi) Sixth, to make payments for Approved Operating Expenses as required under Section 11.05; and (vii) Lastly, payments to the Borrower of any excess amounts.
(b) The failure of the Borrower to make all of the payments required under clauses (i) through (vi) of Section 11.09(a) in full on each Interest Payment Date shall constitute an Event of Default under this Agreement.
(c) Notwithstanding anything to the contrary contained in this Section 11.09, after the occurrence of a Default or an Event of Default, the Lender may apply all Rents deposited into the Deposit Account and other proceeds of repayment in such order and in such manner as the Lender shall elect.
Property Cash Flow Allocation. Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, after the occurrence of a Default or an Event of Default, Lender may apply any Reserve Funds, all Rents, and other proceeds of repayment in such order and in such manner as Lender will elect.
Property Cash Flow Allocation. (a) all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority: (i) First, to make payments into the Tax and Insurance Subaccount as required under Section 3.3; (ii) Second, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement; (iii) Third, to Lender to pay the Monthly Debt Service Payment Amount due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.8(a), then due to Lender under the Loan Documents); (iv) Fourth, to Borrower the monthly amount set forth in the Approved Budget for the following month as being necessary for payment of Approved Operating Expenses and Approved Capital Expenses at the Property for such month; (v) Fifth, after the consummation of a Securitization, to pay the pro rata portion of the expenses described in Section 9.1.7; (vi)
Property Cash Flow Allocation. (a) During any Cash Management Period, all Rents deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority:
(i) First, to make payments into the Tax Subaccount as required under Section 3.3 hereof;
(ii) Second, to make payments into the Insurance Subaccount as required under Section 3.4 hereof;
(iii) Third, to pay the monthly portion of the fees charged by the Cash Management Bank in accordance with the Cash Management Agreement;
(iv) Fourth, to Lender to pay the interest due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.15(a), then due to Lender under the Loan Documents);
(v) Fifth, if MVP New Orleans is obligated to directly pay Ground Rent with respect to the New Orleans Ground Lease without any third-party reimbursement obligation or third-party liability therefor, to make payments into the Ground Rent Subaccount as required under Section 3.12 hereof;
(vi) Sixth, to make payments into the Capital Expense Reserve Subaccount as required under Section 3.5 hereof;
(vii) Seventh, funds in an amount equal to the Monthly Operating Expense Budgeted Amount and any then-current Approved Additional Operating Expenses shall be disbursed to Borrowers (or to an account designated by Borrowers);
(viii) Eighth, during the continuance of a Cash Management Period triggered solely a result of a Lease Sweep Period (and provided that a Cash Management Period is not continuing for any other reason), to make payments in an amount equal to the amount of Available Cash on such Payment Date as determined by Lender pursuant to Section 3.10 hereof into the Special Rollover Reserve Subaccount in accordance with Section 3.6.2 hereof; and
(ix) Lastly, to make payments in an amount equal to all remaining Available Cash on such Payment Date into the Cash Collateral Subaccount in accordance with Section 3.10 hereof.
(b) The failure of Borrowers to make all of the payments required under clauses (i) through (vi) of Section 3.15(a) hereof in full on each Payment Date shall constitute an Event of Default under this Agreement; provided, however, if adequate funds are available in the Cash Management Account for such payments, the failure by the Cash Management Bank to allocate such funds into the appropriate Subaccounts shall not constitute an Event of Default.
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Property Cash Flow Allocation. Notwithstanding anything to the contrary contained in this Article 6, upon the occurrence of an Event of Default, Lender, at its option, may withdraw the Reserve Funds and any other funds of Borrowers then in the possession of Lender, Servicer or Deposit Bank (including any Gross Revenue) and apply such funds to the items for which the Reserve Funds were established or to the payment of the Obligations in such order, proportion and priority as Lender may determine in its sole discretion. Lender's right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Property Cash Flow Allocation. 11 2.2.4 Default Rate 11 2.3 Loan Repayment and Defeasance........................ 11 2.3.1 Repayment 11 2.3.2
Property Cash Flow Allocation. (a On each Payment Date ----------------------------- during every period commencing on the occurrence of a Lockbox Event and ending on the date of the Lockbox Termination relating to such Lockbox Event, any Rents deposited into the Deposit Account during the immediately preceding calendar month shall, subject to Section 3.8 hereof, be applied as follows in the following order of priority: (i) First, to make required payments to the Tax and Insurance Escrow Fund for each of the Properties; (ii) Second, to Lender to pay the Monthly Debt Service Payment Amount (plus, if applicable, interest at the Default Rate); (iii) Third, to make required payments to the Capital Reserve Fund for each of the Properties; (iv) Fourth, to make required payments to the Rollover Reserve Fund for each of the Properties; (v) Fifth, payments for Approved Operating Expenses for each of the Properties; and (vi) Lastly, payment to Borrower of any excess amounts.
Property Cash Flow Allocation. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 3.10 of the Mortgage Loan Agreement.
(b) All transfers of funds from the Deposit Account or other sources to or for the benefit of Lender or Borrower pursuant to this Agreement, the Mortgage Loan Documents or any of the other Loan Documents in which Mortgage Borrower has an interest in, are intended by Borrower and Mortgage Borrower to constitute and shall constitute distributions from Mortgage Borrower to Borrower of such funds.
