Common use of Payment of Debt Service Clause in Contracts

Payment of Debt Service. On each Due Date during the term of the Loan, Lender shall withdraw from the Debt Service Payment Sub-Account and apply to the Indebtedness an amount equal to the sum of all payments of Debt Service and any other amounts payable to Lender under the Note, this Agreement or the other Loan Documents, provided that if any such payment of Debt Service or other amounts is past due, Lender shall make such withdrawal immediately upon allocation of funds to the Debt Service Payment Sub-Account.