Subject to the terms of Section 5.1.4, on each Disbursement Date during a Cash Management Period, Administrative Agent, at Administrative Agent’s sole option, may (or may cause Servicer to) immediately cease disbursing Cash Flow pursuant to [Section 3.4.1] and commence allocating, disbursing and/or retaining, as applicable, Cash Flow then on deposit in the Deposit Account, determined as of the Cut‑Off Date immediately preceding such Disbursement Date, in the following order and priority:

Subject to the terms of Section 5.1.4, on each Disbursement Date following the first occurrence of a Cash Management Event and during any Non-Cash Management Period, Administrative Agent shall (or shall cause Servicer to) allocate, disburse and/or retain, as applicable, Cash Flow then on deposit in the Deposit Account determined as of the Cut Off Date immediately preceding such Disbursement Date, in the following order and priority: # to Servicer in payment of any fees and expenses incurred by Administrative Agent, Lender and Servicer pursuant to Section 11.20; and # to the Borrowers’ Operating Account.