Order of Priority of Funds in Cash Management Account Sample Clauses

Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Lender during the continuance of an Event of Default pursuant to Section 2.6.4, on each Payment Date during the Term, Collections on deposit in the Cash Management Account (less any fees and expenses of the Cash Management Account Bank then due and payable) on such day shall be applied on such Payment Date in the following order of priority:
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Order of Priority of Funds in Cash Management Account. (a) During the continuation of a Sweep Event Period, on each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority:
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Order of Priority of Funds in Cash Management Account. All funds deposited into the Cash Management Account (not including any minimum balance required by Cash Management Bank, in accordance with the Cash Management Agreement) shall be applied during a Cash Sweep Period on each Payment Date in the following order of priority: (a) First, at Lender’s sole discretion, to fund any deficiency that exists in the Reserve Funds; (b) then, funds sufficient to pay the Monthly Debt Service Payment Amount into an Account established for such purpose; (c) then, funds sufficient to pay any interest accruing at the Default Rate, late payment charges and all other amounts, other than those described under other clauses of this Section 7.10.1, then due to Lender and/or any Indemnified Party under the Loan Documents into an account established for such purpose; (d); then, during the continuance of an Cash Sweep Event, all amounts remaining in the Cash Management Account after deposits for items (a) through (d) above (the “Excess Cash Flow”) into the Capital Reserve Account as required under Section 7.5; and (e) lastly, provided no Cash Sweep Event remains in effect, payments to Borrower of all Excess Cash Flow.
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Order of Priority of Funds in Cash Management Account. All funds deposited into the Clearing Account during the immediately preceding Interest Period, after the payment of (a) first, required payments of Ground Rent Funds into the Ground Rent Account as required under Section 6.7; (b) second, required payments of Tax Funds into the Tax Account as required under Section 6.3; (c) third, required payments of Insurance Funds into the Insurance Account as required under Section 6.4; (d) fourth, funds sufficient to pay the Monthly Debt Service Payment into the Debt Service Account; (e) fifth, required payments of Rollover Funds into the Rollover Account as required under Section 6.6; (f) sixth, funds sufficient to pay any interest accruing at the Default Rate, late payment charges and all other amounts, other than those described under other clauses of this Section 6.11.1, then due to Lender and/or any Lender Indemnified Party under the Loan Documents into the Debt Service Account for the payment of such amounts; and (g) seventh, when applicable, funds sufficient to make the required payments of Operating Expense Funds into the Operating Expense Account as required under Section 6.8 (the “Excess Cash Flow”) shall be swept by the Clearing Bank on a daily basis into Borrower’s operating account at the Clearing Bank, unless a Sweep Event has occurred, in which event such funds shall be swept on a daily basis into an Eligible Account at the Cash Management Bank controlled by Lender (the “Cash Management Account”) and held by Lender as additional collateral for the Loan. Funds in the Cash Management Account may be invested in Permitted Investments, as more particularly set forth in the Cash Management Agreement. As an alternative to establishing each Account required pursuant to the terms of this Agreement as a separate Eligible Account, Lender may also establish subaccounts of the Cash Management Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) whereupon all provisions of this Agreement referring to (i) any Account shall be deemed to apply instead to the corresponding subaccount and (ii) to the Accounts generally shall be deemed to apply instead to the Cash Management Account. The Clearing Account, the Cash Management Account and all other Accounts will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts. F...
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Order of Priority of Funds in Cash Management Account. Subject to the other provisions of the Loan Documents (permitting disbursements from Accounts other than during the continuance of a Cash Trap Period), during the continuance of a Cash Trap Period, on each Monthly Payment Date during the Term, except the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority:
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Order of Priority of Funds in Cash Management Account. Subject to the other provisions of the Loan Documents, on each Payment Date during the term of the Loan, except during the instance or continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding interest period shall be applied on such Payment Date in the following order of priority: (a) First, fund any deficiency that exists in the Capital Reserve Fund under Section 7.5; (b) [intentionally deleted]; (c) [intentionally deleted]; (d) then, funds sufficient to pay the Monthly Debt Service Payment into an Account established for such purpose; (e) then, to make the required payments of PIP Funds into the PIP Account as required under Section 7.6; (f) then, funds sufficient to pay any interest accruing at the Default Rate, late payment charges and all other amounts, other than those described under other clauses of this Section 7.10.1, then due to Lender and/or any Indemnified Party under the Loan Documents into an account established for such purpose; (g) then, to make the required payments of Operating Expense Funds into the Operating Expense Account as required under Section 7.8; (h) intentionally deleted; (i) then, during the continuance of an Cash Sweep Event, all amounts remaining in the Cash Management Account after deposits for items (a) through (i) above (the “Excess Cash Flow”) into the Cash Reserve Account as required under Section 7.5; and (j) lastly, provided no Cash Sweep Event remains in effect, payments to Borrower of all Excess Cash Flow.
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Order of Priority of Funds in Cash Management Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, all funds deposited into the Cash Management Account during the immediately preceding Interest Period shall be applied on such Monthly Payment Date in the following order of priority: (i) First, if applicable, to make the required payments of Tax Funds into the Tax Account as required under Section 6.2; (ii) Second, if applicable, to make the required payments of Insurance Funds into the Insurance Account as required under Section 6.3; (iii) Third, funds sufficient to pay the Monthly Debt Service Payment into the Debt Service Account; (v) Fourth, funds sufficient to pay any interest accruing at the Default Rate and late payment charges, if any, (and all other amounts, other than those described under other clauses of this Section 6.7.1, then due to Lender under the Loan Documents) into the Debt Service Account; (vi) Fifth, if applicable under the terms of Section 6.4, to deposit all Operating Expenses and Excess Cash Flow in the applicable accounts in accordance with Section 6.4, and (vi) Lastly, provided no Event of Default has occurred and is continuing, and subject to Section 6.4, payments to Borrower of any excess amounts in accordance with the wiring instructions provided by Borrower from time to time.
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Order of Priority of Funds in Cash Management Account. Unless otherwise directed by Administrative Agent during the continuance of an Event of Default pursuant to Section 2.6.4, the Paying Agent shall (in accordance with the Monthly Payment Report as approved by the Administrative Agent as contemplated by Section 2.11(a)(i)) apply Collections on deposit in the Cash Management Account for the related Collection Period on each Payment Date in the following order of priority (in each case, after taking into account any prepayments made prior to such Payment Date pursuant to Section 2.4.4):
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Order of Priority of Funds in Cash Management Account. On each Monthly Payment Date during the Term, except during the continuance of an Event of Default, identified and available Collections on deposit in the Cash Management Account on such day shall be applied on such Monthly Payment Date in the following order of priority for amounts calculated through and including the last day of the related Interest Period: (a) first, to the Security Deposit Account, the amount of any security deposits that have been deposited into the Cash Management Account by Borrower for the calendar month ending immediately prior to such Monthly Payment Date, as set forth in the related Security Deposit and Advance Rent Notice; (b) second, to the Tax Account, funds sufficient to make the required payments of Tax Funds as required under Section 6.2; (c) third, to the Insurance Account, funds sufficient to make any required payments of Insurance Funds as required under Section 6.3; (d) fourth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount (which is generally accrued interest on the principal balance of the Components for the related Interest Period (including, with respect to each Deferrable Component, any applicable Deferred Interest Amounts)), applied: (i) first, to the payment of interest then due and payable on Component A,
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Related to Order of Priority of Funds in Cash Management Account

  • Cash Management Account Borrower hereby represents and warrants to Lender that:

  • Authorization of Receipt of Funds by the Trustee Under the Security Documents Subject to the provisions of the Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  • Authorization of Receipt of Funds by the Trustee Under the Collateral Documents Subject to the provisions of the Intercreditor Agreements, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  • Investment of Funds in the Collection Account and the Distribution Account (a) The Master Servicer may direct any depository institution maintaining the Collection Account (for purposes of this Section 3.12, an "Investment Account"), and the Trustee, in its individual capacity, may direct any depository institution maintaining the Distribution Account (for purposes of this Section 3.12, also an "Investment Account"), to invest the funds in such Investment Account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Trustee shall be entitled to sole possession (except with respect to investment direction of funds held in the Collection Account and any income and gain realized thereon) over each such investment, and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent, together with any document of transfer necessary to transfer title to such investment to the Trustee or its nominee. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Trustee shall:

  • Application of Funds in the Collection Account The Master Servicer may, from time to time, make, or cause to be made, withdrawals from the Collection Account for the following purposes:

  • Cash Management (a) On or prior to the Closing Date:

  • Cash Management System Each Borrower shall, and shall cause its Subsidiaries to, establish and maintain the Cash Management Systems described below:

  • Servicer to Maintain Perfection and Priority The Servicer covenants that, in order to evidence the interests of CNHCR and Issuing Entity under this Agreement, Servicer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by Issuing Entity) to maintain and perfect, as a first priority interest, Issuing Entity’s security interest in the Receivables. Servicer shall, from time to time and within the time limits established by law, prepare and present to Issuing Entity for Issuing Entity to authorize the Servicer to file all financing statements, amendments, continuations, financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Issuing Entity’s security interest in the Receivables as a first-priority interest (each a “Filing”). Issuing Entity shall promptly authorize in writing Servicer to, and Servicer shall, effect such Filing under the Uniform Commercial Code without the signature of CNHCR or Issuing Entity where allowed by applicable law.

  • Application by Trustee of Funds Deposited for Payment of Securities Subject to Section 9.04 and any subordination provisions applicable to the Securities, all moneys deposited with the Trustee pursuant to Section 9.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law.

  • Collateral Account and Security Interest At any time when Fund’s assets are below $15 million, the Advisor, for value received, hereby pledges, assigns, sets over and grants to the Trust a continuing security interest in and to an account to be established and maintained by the Advisor with the Securities Intermediary and designated as a collateral account (the “Collateral Account”), including any replacement account established with any successor, together with all dividends, interest, stock-splits, distributions, profits and all cash and non-cash proceeds thereof and any and all other rights as may now or hereafter derive or accrue therefrom (collectively, the “Collateral”) to secure the payment of any required Fund Reimbursement Payment or Liquidation Expenses (as defined in Paragraph 5 of this Agreement). For so long as this Agreement is in effect, any transfers or conveyances of Collateral to any party shall require the approval of the Board of Trustees of the Trust (the “Board”), except as specified in Section 7(a)(ii) of this Agreement, below. In addition, the Trust will not issue entitlement orders, redeem or otherwise take any action with respect to the Collateral or Collateral Account unless a Collateral Event (defined below under Section 5 of this Agreement) has occurred or is continuing.

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