Receipts from Interest Rate Protection Agreements. All payments made by the counterparty to the Interest Rate Protection Agreement shall be deposited into the Clearing Account and applied in the same manner as Rents are applied under Section 3.15 hereof.
Receipts from Interest Rate Protection Agreements. All payments due to Borrower pursuant to any Interest Rate Protection Agreement, including upon any termination thereof, shall be payable to and held by Agent; provided, however, that all periodic “net payments” due to Borrower so received by Agent in connection with a payment made by a counterparty to an Interest Rate Protection Agreement shall be applied by Agent on account of Interest then due and payable on the Loan. If an Event of Default occurs, Agent may, in its sole discretion, for so long as such Event of Default is continuing and in addition to any other rights and remedies hereunder, apply the amounts so held by Agent to the Loan or other amounts due under the Loan Documents at Agent’s election. Until such time as all Obligations have been paid in full, Borrower shall have no right to withdraw or otherwise apply any funds received by Agent on account of any Interest Rate Protection Agreement. Such funds shall constitute additional security for the Obligations, a security interest therein being granted hereby. In the event Borrower receives any sums pursuant to or in connection with any Interest Rate Protection Agreement, it shall immediately pay such sums to Agent.
Receipts from Interest Rate Protection Agreements. All payments due to Borrower pursuant to any Interest Rate Protection Agreement, including upon any termination thereof, shall be payable to and held by Agent; provided, however, that all periodic “net payments” and any other payments due to Borrower so received by Agent in connection with a payment made by a counterparty to an Interest Rate Protection Agreement shall be applied by Agent on account of Interest then due and payable or which becomes due and payable on the Loan. If an Event of Default occurs, Agent may, in its sole discretion, for so long as such Event of Default is continuing and in addition to any other rights and remedies hereunder, apply the amounts so held by Agent to the Loan or other amounts due under the Loan Documents at Agent’s election. Until such time as all Obligations have been paid in full, Borrower shall have no right to withdraw or otherwise apply any funds received by Agent on account of any Interest Rate Protection Agreement. Such funds shall constitute additional security for the Obligations, a security interest therein being granted hereby. In the event Borrower receives any sums pursuant to or in connection with any Interest Rate Protection Agreement, it shall immediately pay such sums to Agent.
Receipts from Interest Rate Protection Agreements. All payments due to any Borrower pursuant to any Interest Rate Protection Agreement, including upon any termination thereof, shall be payable to and, except as provided below, held by Agent; provided, however, that all periodic “net payments” due to any Borrower so received by Agent in connection with a payment made by a counterparty to an Interest Rate Protection Agreement shall be applied by Agent on account of Interest then due and payable on the Loan unless an Event of Default shall have occurred and be continuing; provided, further, however, if an Event of Default shall have occurred and be continuing Agent may, in its discretion, for so long as such Event of Default is continuing and in addition to any other rights and remedies hereunder, apply the amounts so held by Agent to the Loans or other amounts due under the Financing Documents at Agent’s election. Such funds shall constitute additional security for the Obligations, a security interest therein being granted hereby. In the event any Borrower receives any sums pursuant to or in connection with any Interest Rate Protection Agreement, it shall immediately pay such sums to Agent, provided, however, so long as no Event of Default shall have occurred and be continuing, all payments received by Agent in connection with any Interest Rate Protection Agreement in excess of amounts then due and payable on account principal, Interest or other sums due in connection with the Loan shall be promptly remitted to Borrowers.
Receipts from Interest Rate Protection Agreements. All payments due to Borrower pursuant to any Interest Rate Protection Agreement, including upon any termination thereof, shall be payable to and held by Agent until repayment in full of the Obligations (other than Contingent Obligations); provided, however, that all periodic “net payments” due to Borrower so received by Agent in connection with a payment made by a counterparty to an Interest Rate Protection Agreement shall be applied by Agent on account of Interest then due and payable on the Loan or if no Interest is then due and payable, on account of Interest next due and payable on the Loan. If an Event of Default occurs, Agent may, in its sole discretion, for so long as such Event of Default is continuing and in addition to any other rights and remedies hereunder, apply the amounts so held by Agent to the Loan or other amounts due by Borrower under the Loan Documents at Agent’s election. Until such time as all Obligations (other than Contingent Obligations) have been paid in full, Borrower shall have no right to withdraw or otherwise apply any funds received by Agent on account of any Interest Rate Protection Agreement. Such funds shall constitute additional security for the Obligations, a security interest therein being granted hereby. In addition, upon the occurrence and continuation of an Event of Default, Agent shall have the right (but not the obligation) to secure or otherwise enter into one or more Interest Rate Protection Agreements with a Lender for and on behalf of Borrower (but only to the extent that Borrower has failed to secure such Interest Rate Protection Agreement(s) pursuant to Section 2.7(a)-(b), as applicable, and for the same term) without such action constituting a cure of such Event of Default and without waiving Agent’s or Lenders’ rights arising out of or in connection with such Event of Default. If Agent shall enter into an Interest Rate Protection Agreement with a Lender in accordance with its right to do so pursuant to this subsection (f), then (i) the terms and provisions of any such Interest Rate Protection Agreement, including the term thereof, shall be determined by Agent in its sole and absolute discretion and (ii) Borrower shall pay all of Agent’s costs and expenses in connection therewith, including any fees charged by the applicable counterparty, attorneys’ fees and disbursements, and the cost of additional title insurance in an amount determined by Agent to be necessary to protect Agent and the Lenders from potenti...
Receipts from Interest Rate Protection Agreements. All payments made by the counterparty to the Interest Rate Protection Agreement shall be deposited into the Clearing Account and applied in the same manner as all Gross Revenue is applied under Section 6.1.
Receipts from Interest Rate Protection Agreements. All payments made by the counterparty to the Interest Rate Protection Agreement shall be paid by the counterparty directly into an account specified and controlled by Administrative Agent (for the benefit of the Lenders) and applied to the Indebtedness.
Receipts from Interest Rate Protection Agreements. All payments due to any Borrower pursuant to any Interest Rate Protection Agreement, including upon any termination thereof, shall be payable to and held by the Administrative Agent; provided, however, that all periodic “net payments” due to any Borrower so received by the Administrative Agent in connection with a payment made by a counterparty to an Interest Rate Protection Agreement shall be applied by the Administrative Agent on account of Interest then due and payable on the Loan. If an Event of Default occurs, the Administrative Agent may, in its sole discretion, for so long as such Event of Default is continuing and in addition to any other rights and remedies hereunder, apply the amounts so held by the Administrative Agent to the Loans or other amounts due under the Financing Documents at the Administrative Agent’s election. Until such time as all Obligations have been paid in full, no Borrower shall have any right to withdraw or otherwise apply any funds received by the Administrative Agent on account of any Interest Rate Protection Agreement. Such funds shall constitute additional security for the Obligations, a security interest therein being granted hereby. In the event any Borrower receives any sums pursuant to or in connection with any Interest Rate Protection Agreement, it shall immediately pay such sums to the Administrative Agent.
Receipts from Interest Rate Protection Agreements. All payments made by the Cap Provider shall be deposited into a deposit account maintained by Xxxxxx (as directed by Xxxxxx), and Lender shall remit such payments to its Servicer. Absent the continuation of an Event of Default, Servicer shall apply such payments to the immediately following payment of Debt Service due under the Note (and, to the extent there is any excess, to the subsequent payments of Debt Service under the Note).
Receipts from Interest Rate Protection Agreements. All payments due to Borrower pursuant to any Interest Rate Protection Agreement, including upon any termination thereof, shall be payable to and held by Agent until repayment in full of the Obligations (other than Contingent Obligations); provided, however, that all periodic “net payments” due to Borrower so received by Agent in connection with a payment made by a counterparty to an Interest Rate Protection Agreement shall be applied by Agent on account of Interest then due and payable on the Loan or if no Interest is then due and payable, on account of Interest next due and payable on the Loan. If an Event of Default occurs, Agent may, in its sole discretion, for so long as such Event of Default is continuing and in addition to any other rights and remedies hereunder, apply the amounts so held by Agent to the Loan or other amounts due by Borrower under the Loan Documents at Agent’s election. Until such time as all Obligations (other than Contingent Obligations) have been paid in full, Borrower shall have no right to withdraw or otherwise apply any funds received by Agent on account of any Interest Rate Protection Agreement. Such funds shall constitute additional security for the Obligations, a security interest therein being granted hereby. In the event Borrower receives any sums pursuant to or in connection with any Interest Rate Protection Agreement, it shall promptly pay such sums to Agent to be held by Agent and applied to Interest which is or shall become due and payable.
