Common use of Turn Over of Payments Clause in Contracts

Turn Over of Payments. All amounts payable hereunder to the Defaulting Lender in respect of the Obligations (whether on account of principal, interest, fees or otherwise, including, without limitation, interest payments from interest reserve allocations to the Defaulting Lender and any amounts that would otherwise be payable to the Defaulting Lender pursuant to Section 2.15, but excluding Section 2.18(b)), shall be paid to Administrative Agent, retained in a segregate account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by Administrative Agent as follows: (i) first, to the payment of any amounts owing by the Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of any Advance in respect of which the Defaulting Lender has failed to fund its portion as required by this Agreement, as determined by Administrative Agent, (iii) third, to the payment of any amounts owing by the Defaulting Lender to the non-Defaulting Lenders hereunder, including without limitation for any Special Advance under paragraph (c) of this Section 12.11, (iv) fourth, if so determined by Administrative Agent, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, and (v) fifth, to the Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Advances, and (y) made at a time when the conditions set forth in Section 4.1 are satisfied, such payment shall be applied solely to repay the Advances of all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Advances owed to the Defaulting Lender.

Appears in 4 contracts

Samples: Borrowing Base Revolving Line of Credit Agreement (Cole Credit Property Trust Iv, Inc.), Borrowing Base Revolving Line of Credit Agreement (Cole Real Estate Income Strategy (Daily Nav), Inc.), Borrowing Base Revolving Line of Credit Agreement (Cole Credit Property Trust Iv, Inc.)

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Turn Over of Payments. All amounts payable hereunder to the Defaulting Lender in respect of the Obligations Indebtedness (whether on account of principal, interest, fees or otherwise, including, without limitation, interest payments from interest reserve allocations to the Defaulting Lender and any amounts that would otherwise be payable to the Defaulting Lender pursuant to Section 2.152.13, but excluding Section 2.18(b2.14(2)), ) shall be paid to Administrative Agent, retained in a segregate account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by Administrative Agent as follows: (i) first, to the payment of any amounts owing by the Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of any Advance Borrowing in respect of which the Defaulting Lender has failed to fund its portion as required by this Agreement, as determined by Administrative Agent, (iii) third, to the payment of any amounts owing by the Defaulting Lender to the nonNon-Defaulting Lenders hereunder, including including, without limitation limitation, for any Special Advance under paragraph subsection (c) of this Section 12.1114.11, and (iv) fourth, if so determined by Administrative Agent, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, and (v) fifth, to the Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Advances, Loans and (y) made at a time when the conditions set forth in Section 4.1 Schedule 2.1 are satisfied, such payment shall be applied solely to repay the Advances Loans of all nonNon-Defaulting Lenders pro rata prior to being applied to the prepayment of any Advances Loans owed to the Defaulting Lender.

Appears in 2 contracts

Samples: Loan Agreement (Alexanders Inc), Loan Agreement (Alexanders Inc)

Turn Over of Payments. All amounts payable hereunder to the Defaulting Lender in respect of the Obligations Indebtedness (whether on account of principal, interest, fees or otherwise, including, without limitation, interest payments from interest reserve allocations to the Defaulting Lender and any amounts that would otherwise be payable to the Defaulting Lender pursuant to Section 2.152.6, but excluding Section 2.18(b2.10(b)), shall be paid to Administrative Agent, retained in a segregate segregated account and, subject to any applicable requirements of lawRequirements, be applied at such time or times as may be determined by Administrative Agent as follows: (i) first, to the payment of any amounts owing by the Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of any Advance in respect of which the Defaulting Lender has failed to fund its portion as required by this Agreement, as determined by Administrative Agent, (iii) third, to the payment of any amounts owing by the Defaulting Lender to the nonNon-Defaulting Lenders hereunder, including without limitation for any Special Advance under paragraph (c) of this Section 12.119.13, (iv) fourth, if so determined by Administrative AgentAgent and Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, and (v) fifth, to the Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Advances, Loans and (y) made at a time when the conditions set forth in Section 4.1 Articles VI and VII are satisfied, such payment shall be applied solely to repay the Advances Loans of all nonNon-Defaulting Lenders pro rata prior to being applied to the prepayment of any Advances Loans owed to the Defaulting Lender.

Appears in 2 contracts

Samples: Construction Loan Agreement (Bluerock Residential Growth REIT, Inc.), Construction Loan Agreement (Bluerock Residential Growth REIT, Inc.)

Turn Over of Payments. All amounts payable hereunder to the Defaulting Lender in respect of the Obligations (whether on account of principal, interest, fees or otherwise, including, without limitation, interest payments from interest reserve allocations to the Defaulting Lender and any amounts that would otherwise be payable to the Defaulting Lender pursuant to Section 2.153.13, but excluding Section 2.18(b3.14(b)), shall be paid to Administrative Agent, retained in a segregate segregated account and, subject to any applicable requirements of lawLegal Requirements, be applied at such time or times as may be determined by Administrative Agent as follows: (i) first, to the payment of any amounts owing by the Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of any Advance in respect of which the Defaulting Lender has failed to fund its portion as required by this Agreement, as determined by Administrative Agent, (iii) third, to the payment of any amounts owing by the Defaulting Lender to the nonNon-Defaulting Lenders hereunder, including without limitation for any Special Advance under paragraph (c) of this Section 12.1111.11, (iv) fourth, if so determined by Administrative AgentAgent and Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, and (v) fifth, to the Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Advances, Loans and (y) made at a time when the conditions set forth in Section 4.1 2.03 are satisfied, such payment shall be applied solely to repay the Advances Loans of all nonNon-Defaulting Lenders pro rata prior to being applied to the prepayment of any Advances Loans owed to the Defaulting Lender.

Appears in 2 contracts

Samples: Term Loan and Security Agreement (KBS Growth & Income REIT, Inc.), Term Loan and Security Agreement (KBS Growth & Income REIT, Inc.)

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Turn Over of Payments. All amounts payable hereunder to the Defaulting Lender in respect of the Obligations (whether on account of principal, interest, fees or otherwise, including, without limitation, interest payments from interest reserve allocations to the Defaulting Lender and any amounts that would otherwise be payable to the Defaulting Lender pursuant to Section 2.152.14, but excluding Section 2.18(b2.17(b)), shall be paid to Administrative Agent, retained in a segregate segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by Administrative Agent as follows: (i) first, to the payment of any amounts owing by the Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of any Advance in respect of which the Defaulting Lender has failed to fund its portion as required by this Agreement, as determined by Administrative Agent, (iii) third, to the payment of any amounts owing by the Defaulting Lender to the non-Defaulting Lenders hereunder, including without limitation for any Special Advance under paragraph (c) of this Section 12.11, (iv) fourth, to the payment of any other amounts owing to the Borrowers from the Defaulting Lender or on account of such Defaulting Lender’s defaults hereunder, (v) fifth, if so determined by Administrative Agent, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, and (vvi) fifthsixth, to the Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Advances, and (y) made at a time when the conditions set forth in Section 4.1 are satisfied, such payment shall be applied solely to repay the Advances of all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Advances owed to the Defaulting Lender.

Appears in 1 contract

Samples: Borrowing Base Revolving Line of Credit Agreement (Industrial Income Trust Inc.)

Turn Over of Payments. All amounts payable hereunder to the Defaulting Lender in respect of the Obligations (whether on account of principal, interest, fees or otherwise, including, without limitation, interest payments from interest reserve allocations to the Defaulting Lender and any amounts that would otherwise be payable to the Defaulting Lender pursuant to Section 2.153.11, but excluding Section 2.18(b3.12(b)), shall be paid to Administrative Agent, retained in a segregate account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by Administrative Agent as follows: (i) first, to the payment of any amounts owing by the Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of any Advance in respect of which the Defaulting Lender has failed to fund its portion as required by this Agreement, as determined by Administrative Agent, (iii) third, to the payment of any amounts owing by the Defaulting Lender to the nonNon-Defaulting Lenders hereunder, including without limitation for any Special Advance under paragraph (c) of this Section 12.118.10, (iv) fourth, if so determined by Administrative AgentAgent and Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, and (v) fifth, to the Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Advances, Loans and (y) made at a time when the conditions set forth in Section 4.1 2.02 are satisfied, such payment shall be applied solely to repay the Advances Loans of all nonNon-Defaulting Lenders pro rata prior to being applied to the prepayment of any Advances Loans owed to the Defaulting Lender.

Appears in 1 contract

Samples: Bridge Loan Agreement (Hines Global REIT, Inc.)

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