Common use of Application of Loan Recoveries Clause in Contracts

Application of Loan Recoveries. All Loan Recoveries received in connection with each Loan shall be applied as provided in the Loan Documents if specific provision is made therefor, or otherwise in the following order of priority: (a) to the payment of all Administrative Costs, if any; (b) to the payment of any amounts payable by the Borrower pursuant to any Loan Document (other than the payment of interest or principal) to protect the interests of the holder of the Loan and to the repayment of any amount permitted to be paid by the lender under the Loan Documents and actually paid by the PFI, the Boston Bank or the MPF Provider (such as past due taxes not paid by Borrower), if any; (c) to the payment of all interest due and payable on the Note; and (d) to the payment of principal of the Note. Notwithstanding any other term or condition in this Agreement, in the event that any party has advanced moneys with respect to items (a) and (b) above, the party that has advanced such fees shall be reimbursed by the other according to its pro rata share of said advances.