RECEIPT, DISTRIBUTION AND APPLICATION OF REVENUES FROM THE CO-ISSUERS Clause Samples

RECEIPT, DISTRIBUTION AND APPLICATION OF REVENUES FROM THE CO-ISSUERS. Each Obligor agrees and acknowledges that all Gross Revenues earned by such Obligor, including all revenues received by such Obligor from Project Documents (including Ground Leases) or Material Contacts to which it is a party and all of such Obligor’s right to receive monies or proceeds following the occurrence of a Casualty Event or a Condemnation Event with respect to its respective interest in and to any Project are subject to the security interests and other Liens granted or created under this Agreement and the other Security Documents and the Trustee shall at all times have a first priority perfected lien on all such revenues, monies and proceeds, subject to Permitted Liens.