Common use of Waterfall Clause in Contracts

Waterfall. Prior to the occurrence and continuance of an Event of Default, all payments received by Administrative Agent under the Loan Documents shall be applied, (i) first, to pay Obligations in respect of any documented cost or expense reimbursements, fees or indemnities then due to Administrative Agent pursuant to this Agreement, any Loan Document or the Environmental Indemnity Agreement, (ii) second, to pay Default Rate interest or late charges, (iii) third, to pay interest then due and payable calculated at the Contract Rate, (iv) fourth, to principal payments due under the Loan and to any Obligations under the Secured Hedge Agreements, (v) fifth, to any reserves, escrows or other impounds required to be maintained pursuant to the Loan Documents, (vi) sixth, to any Exit Fee then due, and (vii) seventh, to the ratable payment of all other Obligations; provided, however, that any prepayments made (A) with respect to an Exiting Project shall be applied to the Allocated Loan Amount for the affected Project and accrued and unpaid interest thereon and (B) to cure a Financial Covenant Breach shall be applied pro rata to all of the Allocated Loan Amounts. Upon the occurrence and continuance of an Event of Default, all payments shall be applied in such order as Administrative Agent shall determine in its sole discretion. Notwithstanding anything herein to the contrary, if at any time following an Event of Default or acceleration of the Obligations or on or after the Maturity Date, Administrative Agent applies any payments received or the proceeds of any Collateral to principal payments on the Loan, Administrative Agent shall apply such payments or proceeds pro rata between such principal payments on the Loan and the Obligations under the Secured Hedge Agreements based on the outstanding principal balance of the Loan and the Obligations under Secured Hedge Agreements.

Waterfall. Prior to the occurrence and continuance of an Event of Default, all payments received by Administrative Agent under the Loan Documents shall be applied, (i) first, to pay Obligations in respect of any documented cost or expense reimbursements, fees or indemnities then due to Administrative Agent pursuant to this Agreement, any Loan Document or the Environmental Indemnity Agreement, (ii) second, to pay Default Rate interest or late charges, (iii) third, to pay interest then due and payable calculated at the Contract Rate, (iv) fourth, to principal payments due under the Loan and to any Obligations under the Secured Hedge Agreements, (v) fifth, to any reserves, escrows or other impounds required to be maintained pursuant to the Loan CONA – Healthcare Trust, Inc. 92119388.8 Documents, (vi) sixth, to any Exit Fee Prepayment Premium then due, and (vii) seventh, to the ratable payment of all other Obligations; provided, however, that any prepayments made (A) with respect to an Exiting Project shall be applied to the Allocated Loan Amount for the affected Project and accrued and unpaid interest thereon and (B) to cure a Financial Covenant Breach shall be applied pro rata to all of the Allocated Loan Amounts. Upon the occurrence and during the continuance of an Event of Default, all payments shall be applied in such order as Administrative Agent shall determine in its sole discretion. Notwithstanding anything herein to the contrary, if at any time following during the existence of an Event of Default or following acceleration of the Obligations or on or after the Maturity Date, Administrative Agent applies any payments received or the proceeds of any Collateral to principal payments on the Loan, Administrative Agent shall apply such payments or proceeds pro rata between such principal payments on the Loan and the Obligations under the Secured Hedge Agreements based on the outstanding principal balance of the Loan and the Obligations under Secured Hedge Agreements.

Waterfall. Prior to the occurrence and continuance of an Provided no Event of DefaultDefault exists, all payments received by Administrative Agent under the Loan Documents shall be applied, (i) first, to pay Obligations in respect of any documented cost or expense reimbursements, fees or indemnities then due to Administrative Agent pursuant to this Agreement, any Loan Document or the Environmental Indemnity Agreement, (ii) second, to pay Default Rate interest or late charges, (iii) third, to pay interest then due and payable calculated at the Contract Rate, (iv) fourth, to principal payments due under the Loan and to any Obligations under the Secured Hedge Agreements, (v) fifth, to any reserves, escrows or other impounds required to be maintained pursuant to the Loan Documents, (vi) sixth, to any Exit Fee Prepayment Premium then due, and (vii) seventh, to the ratable payment of all other Obligations; provided, however, that any prepayments made (A) with respect to an Exiting Project shall be applied to the Allocated Loan Amount for the affected Project and accrued and unpaid interest thereon and (B) to cure a Financial Covenant Breach shall be applied pro rata to all of the Allocated Loan Amounts. Upon the occurrence and during the continuance of an Event of Default, all payments shall be applied in such order as Administrative Agent shall determine in its sole discretion. Notwithstanding anything herein to the contrary, if at any time following during the existence of an Event of Default or following acceleration of the Obligations or on or after the Maturity Date, Administrative Agent applies any payments received or the proceeds of any Collateral to principal payments on the Loan, Administrative Agent shall apply such payments or proceeds pro rata between such principal payments on the Loan and the amounts owing with respect to the Specified Hedge Obligations under the Secured Hedge Agreements based on the outstanding principal balance of the Loan and the Obligations under Secured Hedge AgreementsSpecified Treasury Obligations.

Waterfall. Prior to the occurrence and continuance of an Provided no Event of DefaultDefault has occurred and is continuing, all payments received by Administrative Agent under the Loan Documents shall be applied, (i) first, to pay Obligations in respect of any documented cost or expense reimbursements, fees or indemnities then due to Administrative Agent pursuant to this Agreement, any Loan Document or the Environmental Indemnity Agreement, (ii) second, to pay Default Rate interest or late charges, (iii) third, to pay interest then due and payable calculated at the Contract Rate, (iv) fourth, to principal payments due under the Loan and to any Obligations under the Secured Hedge Agreements, (v) fifth, to any reserves, escrows or other impounds required to be maintained pursuant to the Loan Documents, (vi) sixth, to any Exit Fee then due, due and (vii) seventh, to the ratable payment of all other Obligations; provided, however, that any prepayments made (A) with respect to an Exiting Project shall be applied to the Allocated Loan Amount for the affected Project and accrued and unpaid interest thereon and (B) to cure a Financial Covenant Breach shall be applied pro rata to all of the Allocated Loan Amounts. Upon the occurrence and during the continuance of an Event of Default, all payments shall be applied in such order as Administrative Agent shall determine in its sole discretion. Notwithstanding anything herein to the contrary, if at any time following while an Event of Default or is in continuance, following acceleration of the Obligations or on or after the Maturity Date, Administrative Agent applies any payments received or the proceeds of any Collateral to principal payments on the Loan, Administrative Agent shall apply such payments or proceeds pro rata between such principal payments on the Loan and the Obligations under the Secured Hedge Agreements based on the outstanding principal balance of the Loan and the Obligations under Secured Hedge Agreements.