Common use of Distribution of Cash Clause in Contracts

Distribution of Cash. So long as an Event of Default has not occurred and is not continuing (and thereafter at Lender’s sole option and discretion), Lender shall apply funds on deposit in the Collection Account (to the extent not held in Reserve Accounts constituting sub-accounts of the Collection Account, if any, and with the exception of Loss Proceeds, which shall be applied as provided in Section 2.12(e) and Section 5.1(x) of this Agreement) on each Payment Date as follows:

Distribution of Cash. So long as an Event of Default has not occurred and is not continuing (and thereafter at Lender’s sole option and discretion), Lender shall apply funds on deposit in the Collection Account (to the extent not held in Reserve Accounts constituting sub-accounts of the Collection Account, if any, and with the exception of Capital Event Proceeds and Loss Proceeds, which shall be applied as provided in Section 2.12(e) and Section 5.1(x) 2.7 of this Agreement) on each Payment Date, to the extent of the amounts set forth in the related Payment Date Statement delivered by Lender or its servicer, as follows:

Distribution of Cash. So long as an Event of Default has not occurred and is not continuing (and thereafter at Lender’s sole option and discretion)continuing, Lender shall apply funds on deposit in the Collection Account (to the extent not held in Reserve Accounts constituting sub-accounts of the Collection Account, if any, and with the exception of Loss Proceeds, which shall be applied as provided in Section 2.12(e) and Section 5.1(x) of this Agreement) on each Payment Date as follows: