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200507874 (a) first, to the Basic Carrying Costs Sub - Account, until an amount equal to the Basic Carrying Costs Monthly Installment for such Interest Accrual Period has been allocated to the Basic Carrying Costs Sub - Account; (b) second, to the Debt Service Payment Sub - Account, until an amount equal to the Required Debt Service Payment for the Payment Date occurring for such Interest Accrual Period has been allocated to the Debt Service Payment Sub- Account; (c) third, to the Recurring Replacement Reserve Sub - Account, until an amount equal to the Recurring Replacement Reserve Monthly Installment for such Interest Accrual Period has been allocated to the Recurring Replacement Reserve Sub - Account; (d) fourth, but only if a Trigger Event has occurred, to the Operation and Maintenance Expense Sub - Account in an amount equal to the Cash Expenses, other than management fees payable to Affiliates of Borrower, for such Interest Accrual Period pursuant to the related Approved Annual Budget; (e) fifth, but only if a Trigger Event has occurred, to the Operation and Maintenance Expense Sub - Account in an amount equal to the amount, if any, of the Net Capital Expenditures for such Interest Accrual Period pursuant to the related Approved Annual Budget; (f) sixth, but only if a Trigger Event has occurred, to the Operation and Maintenance Expense Sub - Account in an amount equal to the amount, if any, of the Extraordinary Expenses approved by Lender for such Interest Accrual Period; and (g) seventh, but only if an Event of Default is not then continuing, to the Mez Payment Sub- Account until an amount equal to the Mez Payment Amount has been allocated to the Mez Payment Sub - Account. Lender shall notify Borrower as soon as reasonably practicable after the amounts set forth in clauses (a) through (g) above have been transferred or deposited into the Central Account and allocated as aforesaid to the extent such deposits are fully made prior to the Payment Date in such Interest Accrual Period. Provided that (I) no Event of Default has occurred and is continuing and (Ii) Lender has received the Manager's Certification referred to in Section 2.09(d) hereof for the most recent period for which the same is due, Lender agrees that in each Interest Accrual Period any amounts deposited into or remaining in the Central Account after the Sub - Accounts have been funded in accordance with clauses (a) through (g) above with respect to such Interest Accrual Period and any periods prior thereto, shall be disbursed by Lender to Borrower on the Payment Date in such Interest Accrual Period. The balance of the funds distributed to, or withdrawn by, Borrower after payment of all Operating Expenses by or on behalf of Borrower may be retained by Borrower. After the occurrence, and during the continuance, of an Event of Default, no funds held in the Central Account or the Rent Account shall be distributed to, or withdrawn by, Borrower, and Lender shall have the right to apply all or any portion of the fiords held in either or both of such accounts and any Sub- Account to the Debt in Lender's sole discretion. Section 5.06. Payment of Basic Carr)jng Costs. Borrower hereby agrees to pay all Basic Carrying Costs (without regard to the amount of money in the Basic Carrying Costs Sub - Account). Should an Event of Default occur, the sums on deposit in the Basic Carrying Costs Sub - Account may be applied by Lender in payment of any Basic Carrying Costs or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Cross - collateralized Properties as Lender in its sole discretion may determine; provided however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. Section 5.07. Debt Service Payment Sub - Account. On each Payment Date during the term of the Loan, Lender shall transfer to the Collection Account, from the Debt Service Payment Sub - Account, an amount equal to the sum of (a) the Required Debt Service Payment for such Payment Date and (b) any amounts deposited into the Central Account that are either (i) Loss Proceeds that Lender has elected to apply to reduce the Debt in accordance with the terms of Article III hereof or (ii) excess Loss Proceeds remaining after the completion of any restoration required hereunder. .o