Application of Cash Management Funds to Subaccounts Clause Samples

Application of Cash Management Funds to Subaccounts. Provided no Event of Default shall have occurred and be continuing, on each Business Day during the continuance of a Cash Management Trigger Event Period, Cash Management Bank shall apply all funds on deposit in the Cash Management Account (less the Minimum Balance) to the following Subaccounts in the following amounts and order of priority as per written instructions from Lender or Designee: (a) First, funds sufficient to pay the next monthly deposit to the Tax Account in accordance with the terms and conditions of Section 6.2 of the Loan Agreement shall be deposited into the Tax Subaccount; (b) then, funds sufficient to pay the next monthly deposit to the Insurance Account in accordance with the terms and conditions of Section 6.3 of the Loan Agreement shall be deposited into the Insurance Subaccount; (c) then, funds sufficient to pay the fees and expenses of Cash Management Bank then due and payable to Cash Management Bank in accordance with this Agreement shall be deposited into the Cash Management Fee Subaccount; (d) then, funds sufficient to pay the next Monthly Debt Service Payment Amount shall be deposited into the Debt Service Subaccount; (e) then, funds sufficient to pay the next monthly deposit to the Capital Expenditure Account in accordance with the terms and conditions of Section 6.4 of the Loan Agreement shall be deposited into the Capital Expenditure Subaccount; (f) then, funds sufficient to pay for Operating Expenses for the applicable period incurred in accordance with an Approved Annual Budget and as set forth in a request for payment submitted by Borrower to Lender specifying the individual Operating Expenses in form and substance reasonably acceptable to Lender shall be deposited into the Operating Expense Subaccount; (g) then, funds sufficient to pay for Extraordinary Expenses for the applicable period approved by Lender, if any, shall be deposited into the Extraordinary Expense Subaccount; (h) then, funds sufficient to pay any interest accruing at the Default Rate (without duplication with clause (d) above, if applicable, late payment charges, if applicable, and any other amounts then due and payable under the Loan Documents shall be deposited into the Delinquency Subaccount; (i) then, funds sufficient to pay the next monthly installment of Mezzanine 1 Debt Service (other than any principal amount due under the Mezzanine 1 Loan or interest at the Default Rate (as defined in the Mezzanine 1 Loan Agreement)) shall be deposited into the...