On the date hereof, Borrower shall pay to Lender an amount equal to interest on the unpaid Outstanding Principal Balance from the Closing Date up to and including August 5, 2016 (the “ Initial Interest Period ”). On September 6, 2016 and each Monthly Payment Date thereafter during the Term, Borrower shall make a payment of interest on the Senior Note Outstanding Principal Balance accrued at the Senior Note Interest Rate during the Interest Period immediately preceding such Monthly Payment Date and a payment of interest on the Junior Note Outstanding Principal Balance accrued at the Junior Note Interest Rate during the Interest Period immediately preceding such Monthly Payment Date (collectively, “ Monthly Debt Service Payment Amount ”), which payments shall be applied first to accrued and unpaid interest and the balance to the Outstanding Principal Balance. So long as no Event of Default has occurred and is then continuing, the payment of each Monthly Debt Service Payment Amount shall be applied, first, on a pro rata and pari passu basis based on the relative principal balance of each Senior Note, to accrued and unpaid interest on each Senior Note, second, on a pro rata and pari passu basis based on the relative principal balance of each Junior Note, to accrued and unpaid interest on the Junior Note, third, on a pro rata and pari passu basis based on the relative principal balance of each Senior Note, to each Senior Note until paid in full and fourth, on a pro rata and pari passu basis based on the relative principal balance of each Junior Note, to each Junior Note until paid in full. Any payment of the Monthly Debt Service Payment Amount received during the continuance of an Event of Default shall be applied to the Debt in such order and priority as may be determined by Lender. In addition to the foregoing, Borrower shall pay to Lender all amounts required in respect of Reserve Funds as set forth in Article 6 hereof.