Common use of Application of Income Clause in Contracts

Application of Income. Assignee shall, after payment of all --------------------- proper charges and expenses, including reasonable compensation to any managing agent as it shall select and employ, and after the accumulation of a reserve to meet taxes, assessments and insurance as herein required in requisite amounts, credit the net amount of income received by it from the Property by virtue of this absolute assignment to any amounts due and owing to it by Assignors under the terms hereof, but the manner of the application of said net income and what items shall be credited shall be determined pursuant to the Indenture, or otherwise in the sole discretion of Assignee. Without impairing its rights hereunder, Assignee may, at its option, at any time and from time to time, release to Assignors Rents, Issues and Profits received by Assignee, or any portion of such Rents, Issues and Profits. Assignee shall not be liable for its failure to collect, or its failure to exercise diligence in the collection of Rents, Issues and Profits, but shall be accountable only for Rents, Issues and Profits that Assignee shall actually receive. Assignee shall not be accountable for more monies than it actually receives from the Property nor shall it be liable for failure to collect Rents, Issues and Profits.

Application of Income. Assignee shall, after payment of all --------------------- proper charges and expenses, including reasonable compensation to any managing agent as it shall select and employ, and after the accumulation of a reserve to meet taxes, assessments and insurance as herein required or under the Indenture or the other Transaction Documents in requisite amounts, credit the net amount of income received by it from the Property by virtue of this absolute assignment to any amounts due and owing to it by Assignors Assignor under the terms hereof, but the manner of the application of said net income and what items shall be credited shall be determined pursuant to the Indenture, or otherwise in the sole discretion of Assignee. Without impairing its rights hereunder, Assignee may, at its option, at any time and from time to time, release to Assignors Assignor Rents, Issues and Profits received by Assignee, or any portion of such Rents, Issues and Profits. Assignee shall not be liable for its failure to collect, or its failure to exercise diligence in the collection of Rents, Issues and Profits, but shall be accountable only for Rents, Issues and Profits that Assignee shall actually receive. Assignee shall not be accountable for more monies than it actually receives from the Property nor shall it be liable for failure to collect Rents, Issues and Profits.