Property Cash Flow Allocation. (a) During any Cash Management Period, all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority:
Property Cash Flow Allocation. (a)All Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority: (i) First, to make payments into the Tax and Insurance Subaccount as required under Section 3.3; (ii) Second, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement; (iii) Third, to Lender to pay the Monthly Interest Payment Amount or the Monthly Debt Service Payment Amount, as the case may be, due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.11(a), then due to Lender under the Loan Documents); (iv) Fourth, to make payments into the Capital Reserve Subaccount as and when required under Section 3.4; (v) Fifth, to make payments into the Rollover Reserve Subaccount as and when required under Section 3.5; (vi) Sixth, during the continuance of a Cash Trap Period, to make payments for Approved Operating Expenses as required under Section 3.6; (vii) Seventh, during the continuance of a Cash Trap Period, to make payments in an amount equal to all remaining Available Cash on such Payment Date into the Cash Collateral Subaccount in accordance with Section 3.9; and (viii) Lastly, except during the continuance of a Cash Trap Period, payments to Borrower of any remaining amounts. Notwithstanding the foregoing, except during the continuance of a Cash Trap Period, provided that in any given Interest Period, all amounts referred to in the foregoing clauses (i) - (v) have been paid, then at Borrower's request, the payments to Borrower under the foregoing clause (viii) shall be made on a weekly basis.
Property Cash Flow Allocation. (a) During any Cash Management Period, all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority: (i) First, to make payments into the Tax and Insurance Subaccount as required under Section 3.3; (ii) Second, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement; (iii) Third, to Lender to pay the Monthly Debt Service Payment Amount due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.11(a), then due to Lender under the Loan Documents); (iv) Fourth, to make payments into the Capital Reserve Subaccount as required under Section 3.4; (v) Fifth, to make payments into the Seasonal Working Capital Reserve Subaccount as required under Section 3.5; (vi) Sixth, to make payments for Approved Operating Expenses as required under Section 3.6; (vii) Seventh, after the consummation of a Secondary Market Transaction, to pay the pro rata portion of the expenses described in Section 9.1.7; (viii) Eighth, if required pursuant to Section 3.4.1(b) or Section 3.4.2(c), to make payments of all or a portion of Available Cash into the Capital Reserve Subaccount; and (ix) Lastly, payments to Borrowers of any remaining amounts.
Property Cash Flow Allocation. Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, after the occurrence of a Default or an Event of Default, Lender may apply any Reserve Funds, all Rents, and other proceeds of repayment in such order and in such manner as Lender will elect.
Property Cash Flow Allocation. (a) Commencing on April 11, 1997 and continuing on each Payment Date thereafter through the Optional Prepayment Date, except during the continuance of an Event of Default, any Rents deposited into the Deposit Account (or otherwise received by Borrower) during the immediately preceding calendar month shall be applied by Lender as follows in the following order of priority:
Property Cash Flow Allocation. (a) Commencing on the Substantial Completion Date and continuing on each Payment Date thereafter through and including the Conversion Date, except during the continuance of an Event of Default, any Rents deposited into the Deposit Account or received by Borrower or Manager during the immediately preceding Interest Period shall be applied as follows in the following order of priority: (i) First, to pay any and all ground rents, if any, (ii) Second, to make required payments (if any) to the Tax and Insurance Escrow Fund; (iii) Third, to Lender to pay the interest due on such Payment Date (including, if applicable, interest at the Default Rate); (iv) Fourth, to make payments for Approved Operating Expenses; (v) Fifth, to make required payments (if any) to the Capital Reserve Fund; and (vi) Lastly, payments of any excess amounts to the Cash Collateral Subaccount.
Property Cash Flow Allocation. (a) On each Payment Date, provided that there is no Event of Default, Deposit Bank shall, and is authorized by Borrower to, transfer funds in the Mezzanine Cash Management Account for payment of the following amounts in the following order of priority, in each case to the extent that sufficient funds remain therefor:
Property Cash Flow Allocation. (a) During any Cash Management Period, any Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority: (i) First, to make payments into the Tax and Insurance Subaccount as required under Section 3.3; (ii) Second, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement; (iii) Third, to Lender to pay the interest due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.10(a), then due to Lender under the Loan Documents); (iv) Fourth, to make payments for Approved Operating Expenses as required under Section 3.6; (v) Fifth, to make payments into the Capital Reserve Subaccount as required under Section 3.4; (vi) Sixth, to make payments into the Rollover Reserve Subaccount as required under Section 3.5; (vii) Seventh, after the consummation of a Secondary Market Transaction, to pay the pro rata portion of the expenses described in Section 9.1.7; and (viii) Lastly, payments to Borrower of any excess amounts.
Property Cash Flow Allocation. (a) Commencing on December 11, ----------------------------- 1998 and continuing on each Payment Date occurring prior to the Maturity Date, except following the acceleration of all or any part of the Debt, any Rents received by any Borrower and/or its Manager and, after a Cash Management Event, Rents with respect to such Borrower's Collateral Property deposited into the Deposit Account during the immediately preceding Interest Period shall be applied as follows in the following order of priority: (i) First, to make the monthly required payments of Ground Rent, if any, pertaining to such Borrower's Collateral Property (including, the payment to Lender of any sums required to be deposited into the Ground Rent Escrow Fund); (ii) Second, to make payments to the Tax and Insurance Escrow Fund required to be made by such Borrower; (iii) Third, during the continuance of a Cash Management Event, to pay the monthly portion of the Cash Management Fee due and payable by such Borrower; (iv) Fourth, to Lender to pay the interest payment on such Borrower's Allocated Note Amount required under Section 3.1.1(b) (plus, if applicable, such Borrower's Allocable Share of interest at the Default Rate and any other charges then due to Lender under the Loan Documents); (v) Fifth, to make payments to the Capital Reserve Fund required to be made by
Property Cash Flow Allocation. (a) All Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority: (i) First, to make payments into the Tax and Insurance Subaccount as required under Section 3.3; (ii) Second, to pay the monthly portion of the fees charged by the Deposit Bank in accordance with the Deposit Account Agreement; (iii) Third, to Lender to pay the Monthly Debt Service Payment Amount due on such Payment Date (plus, if applicable, interest at the Default Rate and all other amounts, other than those described under other clauses of this Section 3.10(a), then due to Lender under the Loan Documents); (iv) Fourth, to deposit into the Mezzanine Loan Subaccount, (A) the Monthly Mezzanine Debt Service Payment Amount and (B) any Net Liquidation Proceeds After Debt Service; and (v) Lastly, provided no Event of Default shall exist under the Loan Documents, all amounts remaining in the Deposit Account after deposits for items (i) through (iv) for the current month and all prior months shall be disbursed (A) if Lender has received written notice from Mezzanine Lender that a Mezzanine Event of Default has occurred and is continuing, to the Mezzanine Loan Subaccount or such other account designated by Mezzanine Lender or (B) in all other instances, to Borrower. Notwithstanding the foregoing, except during the existence of an Event of Default or a Mezzanine Event of Default, provided that in any given Interest Period, all amounts referred to in the foregoing clauses (i)-(iv) have been paid (if and as applicable), then at Borrower’s request, the payments to Borrower under the foregoing clause (v) shall be made on a weekly basis.
