Common use of Property Cash Flow Allocation Clause in Contracts

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. (a) During any Cash Management Period, any All 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 11.023.3; (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 the Lender to pay the interest Monthly Interest Payment Amount or the Monthly Debt Service Payment Amount, as the case may be, 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(a3.11(a), then due to the Lender under the Loan Documents); (iv) Fourth, to make payments into the Capital Reserve Subaccount as required under Section 11.03intentionally omitted; (v) Fifth, to make payments into the Rollover Reserve Subaccount as required under Section 11.04intentionally omitted; (vi) SixthFourth, during the continuance of a Cash Trap Period, to make payments for Approved Operating Expenses as required under Section 11.053.6; and (vii) LastlyFifth, payments to during the Borrower continuance of any excess amounts. (b) The failure of the Borrower a Cash Trap Period, to make payments in an amount equal to all of the payments required under clauses (i) through (vi) of Section 11.09(a) in full remaining Available Cash on each Interest such 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 Cash Collateral Subaccount in such order and in such manner as the Lender shall elect.accordance with

Property Cash Flow Allocation. (a) During any Cash Management Period, any all 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; 3.3 hereof; (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(a3.11(a), then due to the Lender under the Loan Documents); ; (iv) Fourth, to make payments into the Capital Reserve Subaccount Subaccount, if and as required under Section 11.03; 3.4 hereof; (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 11.053.6 hereof; (vi) Sixth, provided no Event of Default is then continuing, to make payments in an amount equal to all remaining Available Cash on such Payment Date into the Rollover Reserve Subaccount in accordance with Section 3.5.1 hereof; and and (vii) Lastly, to make payments in an amount equal to all remaining Available Cash on such Payment Date into the Borrower of any excess amountsCash Collateral Subaccount in accordance with Section 3.9. (b) The failure of the Borrower to make all of the payments required under clauses (i) through (viiv) of Section 11.09(a3.11(a) above in full on each Interest Payment Date shall constitute an Event of Default under this Agreement; provided, however, if adequate funds are available in the Deposit Account for such payments, the failure by the Deposit Bank to allocate such funds into the appropriate Subaccounts shall not constitute an Event of Default. Nothing herein, however, shall be construed to restrict Borrower from depositing its own funds (other than Rents) into the Deposit Account in order to fund any of the amounts required under clauses (i) through (iv) of Section 3.11(a) above (to the extent that the Rents previously deposited into the Deposit Account are insufficient for the same). (c) Notwithstanding anything to the contrary contained in this Section 11.093.11, after the occurrence and during the continuance 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. (a) During any Cash Management Period, any All 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 11.023.3; (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 the Lender to pay the interest Monthly Interest Payment Amount or the Monthly Debt Service Payment Amount, as the case may be, 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(a3.11(a), then due to the Lender under the Loan Documents); (iv) Fourth, to make payments into the Capital Reserve Subaccount as and when required under Section 11.033.4; (v) Fifth, to make payments into the Rollover Reserve Subaccount as and when required under Section 11.043.5; (vi) SixthSixth to make payments into the Debt Service Subaccount as and when required under Section 3.12, each in the amount of the then-applicable Monthly Debt Service Reserve Deposit; (vii) Seventh, during the continuance of a Cash Trap Period or Cash Sweep Period, to make payments for Approved Operating Expenses as required under Section 11.053.6; and (viiviii) LastlyEighth, payments to either (A) during the Borrower continuance of any excess amounts. (b) The failure of the Borrower a Cash Trap Period, to make payments in an amount equal to all of the payments required under clauses (i) through (vi) of Section 11.09(a) in full remaining Available Cash on each Interest such 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 Cash Collateral Subaccount in such order and accordance with Section 3.9, or (B) if a Cash Trap Period is not in such manner as effect, but a Cash Sweep Period is in effect, to make payments in an amount equal to all remaining Available Cash into the Lender shall elect.Debt Service

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 11.023.3; (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 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(a3.10(a), then due to the Lender under the Loan Documents); (iv) Fourth, to make payments for Approved Operating Expenses as required under Section 3.6; (v) Fifth, to make payments into the Capital Reserve Subaccount as required under Section 11.033.4; (vvi) FifthSixth, to make payments into the Rollover Reserve Subaccount as required under Section 11.043.5; (vivii) SixthSeventh, after the consummation of a Secondary Market Transaction, to make payments for Approved Operating Expenses as required under pay the pro rata portion of the expenses described in Section 11.059.1.7; and (viiviii) 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 (vivii) of Section 11.09(a3.10(a) in full on each Interest Payment Date shall constitute an Event of Default under this Agreement; provided, however, if adequate funds are available in the Deposit Account for such payments, the failure by the Deposit Bank to allocate such funds into the appropriate Subaccounts shall not constitute an Event of Default. (c) Notwithstanding anything to the contrary contained in this Section 11.093.10, 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. (a) During any Cash Management Period, any Any Rents deposited into the Deposit Account Accounts during the immediately preceding Interest Period shall be applied on each Interest Payment Date as follows in the following order of priority: (i1) First, (in the case of Impac III only) to make payments into the Ground Rent Subaccount as required under Section 3.4; (ii) Second, to make payments into the applicable Tax and Insurance Subaccount as required under Section 11.023.2; (ii1) SecondThird, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account AgreementAgreements; (iiiiv) ThirdFourth, 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(a3.9(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 applicable Capital Expense and FF&E Reserve Subaccount as required under Section 11.043.3; (vi) Sixth, after the occurrence and during the continuance of an Event of Default, to make payments for Approved Operating Expenses as required under Section 11.053.5; (vii) Seventh, after the consummation of a Secondary Market Transaction, to pay the pro rata portion of the expenses described in Section 9.1.7; and (viiviii) Lastly, payments to the Borrower respective Borrowers of any excess amounts. (b) The failure of . Notwithstanding the Borrower foregoing, provided that in any given Interest Period, all amounts referred to make all of in the payments required under foregoing clauses (i) through - (vivii) 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.have