Common use of Application of Release Price Clause in Contracts

Application of Release Price. (1) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Borrower elects to prepay must be prepaid in full or, if the Release Price is not sufficient to do so, the Note shall be the only Note partially prepaid; (B) prepayment is permitted under such Note; (C) any Prepayment Premium due and owing is paid; and (D) interest is paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note does not comply with the provisions of (A) and (B) above, then the Release Price shall be applied: (i) first against any Variable Advances Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid), until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Notes, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate); (ii) then against any Fixed Advances Outstanding, so long as prepayment is permitted under the applicable Fixed Note (and any Prepayment Premium due and owing is paid) (provided that, in the event there are multiple Fixed Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Fixed Notes, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price), shall be referred to as the “Selected Advance”. (2) In connection with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount of the Release Mortgaged Property so long as Borrower pays the Release Price associated with the difference between such Allocable Facility Amounts.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Supplemental Loan Outstanding which Borrower elects to prepay must be prepaid in full orfull, or if the Release Price is not sufficient to do so, the Note Supplemental Loan shall only be the only Note partially prepaid; (B) prepayment any amount of the Term Loan Outstanding which Borrower elects to prepay must be prepaid in full, or if the Release Price is permitted under such Notenot sufficient to do so, the Term Loan shall be only partially prepaid; (C) any Prepayment Premium prepayment is permitted under the applicable Note; (D) any prepayment premium due and owing is paid; and (DE) interest is paid through the end of the month. If Borrower does not give Lender direction with respect is unable to meet the application of the Release Price or if the selected Note does not comply with the provisions of conditions set forth in (A) and through (B) aboveE), then the Release Price shall be applied: (i) applied first against any variable rate Supplemental Loan Outstanding so long as the prepayment is permitted under the applicable note, until any variable rate Supplemental Loan is no longer Outstanding, then against any Variable Advances Loan Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid)Note, until any Variable Advance Loan is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine then against any fixed rate Supplemental Loan Outstanding so long as the order of application of prepayment is permitted under the Release Price taking into account factors including the unpaid principal balances of the Variable Notesapplicable note, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate); (ii) until any fixed rate Supplemental Loan is not longer Outstanding, then against any Fixed Advances Outstanding, Loan Outstanding so long as the prepayment is permitted under the applicable Fixed Note Note. (and any Prepayment Premium due and owing is paidii) (provided that, in In the event there are multiple Fixed Advances OutstandingBorrower desires to release a Release Mortgaged Property on a date other than the last Business Day of the month, Lender shall determine the order of application Release Price or the remainder of the Release Price taking into account factors including the unpaid principal balances of the Fixed NotesPrice, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price)if any, shall be referred to held by Lender (or its appointed collateral agent) as the “Selected Advance”. (2) In connection Additional Collateral, in accordance with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than security agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Any Additional Collateral shall first be used to prepay the Allocable Facility Amount applicable Supplemental Loan and then the applicable Term Loan on the last Business Day of the Release Mortgaged Property so long as Borrower pays the Release Price associated with the difference between such Allocable Facility Amountsmonth.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of against the principal amounts of the Advances Outstanding Loans in the order selected by applicable Collateral Pool Borrower’s discretion, provided that (A) any amount of the Note that Outstanding Loan which Borrower elects to prepay must be prepaid in full orfull, or if the Release Price is not sufficient to do so, the Note shall must be the only Note Loan partially prepaid; (B) any prepayment of such Loan is permitted (for example, not subject to a lock out period) under such the applicable Note; , (C) any Prepayment Premium prepayment premium due and owing is paid; , and (D) interest is must be paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note does not comply with the provisions of (A) and (B) above, then the Release Price shall be applied: (i) first against any Variable Advances Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid), until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Notes, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate);. (ii) then against any Fixed Advances Outstanding, so long as prepayment is permitted In the event no Loan may be prepaid under the terms of the applicable Fixed Note (and any Prepayment Premium due and owing is paid) (provided thatNote, in the event there are multiple Fixed Advances Outstanding, Lender shall determine the order of application remainder of the Release Price taking into account factors including the unpaid principal balances of the Fixed NotesPrice, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price)if any, shall be referred held by Xxxxxx Xxx (or its appointed collateral agent) in an interest-bearing account designated by Xxxxxx Mae for the benefit of the applicable Collateral Pool Borrower (provided that Xxxxxx Xxx shall not guaranty any rate of interest to such Borrower) as the substitute Collateral (collectively, with any interest thereon, “Selected AdvanceSubstitute Cash Collateral”. (2) In connection ), in accordance with a Substitutionsecurity agreement (if required by Xxxxxx Mae) and other documents in form and substance acceptable to Xxxxxx Xxx. Notwithstanding the foregoing, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount release of the Release Mortgaged Property so long as may not be approved unless the aggregate Valuation of all Mortgaged Properties remaining in such Collateral Pool is greater than Outstanding Loans under such Collateral Pool. Any Substitute Cash Collateral remaining will be returned to the applicable Collateral Pool Borrower pays on the Release Price associated date all Loans made to such Collateral Pool Borrower are repaid in full, or after an event that brings such Collateral Pool back into compliance with the difference between Coverage and LTV Tests for such Allocable Facility AmountsCollateral Pool.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Outstanding Advance which Borrower elects to prepay repay must be prepaid repaid in full orfull, or if the Release Price is not sufficient to do so, the Note Outstanding Advance that Borrower elects to repay shall be the only Note Advance to be partially prepaidrepaid; (B) if applicable, any prepayment is permitted under such the applicable Note; (C) any Prepayment Premium prepayment premium due and owing is paid; and (D) interest is must be paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note such direction does not comply with the provisions of (A) and (B) above, then the Release Price shall be applied: (i1) first against any Variable Advances Advance Outstanding so long as the prepayment is permitted under the Variable Facility Note (and any Prepayment Premium prepayment premium due and owing is paid), until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Facility Notes, and which Variable Facility Note Outstanding has the lowest prepayment costs or highest interest rate); (ii2) then against any Fixed Advances Outstanding, Advance Outstanding so long as the prepayment is permitted under the applicable Fixed Facility Note (and any Prepayment Premium prepayment premium due and owing is paid) (provided that, in the event there are multiple Fixed Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Fixed Facility Notes, and which Fixed Facility Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note . (ii) In the event Borrower desires to be prepaid release a Release Mortgaged Property on a date other than the last Business Day of the month, the Release Price or partially prepaid as determined pursuant to this Section (d) (Application the remainder of the Release Price), if any, shall be referred to held by Lender (or its appointed collateral agent) in a non-interest bearing account as the “Selected Advance”. (2) In connection substitute cash Collateral, in accordance with a Substitution, Borrower may security agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Any such substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than cash Collateral shall be applied on the Allocable Facility Amount last Business Day of the Release Mortgaged Property so long as Borrower pays the Release Price associated with the difference between such Allocable Facility Amountsmonth in order provided in Section 3.04(d)(i) above.

Application of Release Price. Notwithstanding the terms in any Note, the application of any amount received from Borrower that is less than all amounts due and payable shall be applied as follows: (1i) The Release Price for the Collateral Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Outstanding Advances which Borrower elects to prepay must be prepaid in full orfull, or if the Release Price is not sufficient to do so, the Note amount of the Outstanding Advances shall be the only Note partially prepaid; (B) any prepayment is permitted under such the applicable Note; (C) any Prepayment Premium prepayment premium due and owing is paid; and (D) interest is must be paid through the end of the month. month for a Fixed Facility Advance Outstanding and further, with respect to a Variable Advance Outstanding, for the entire term of the Variable Advance Outstanding. (ii) If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note such direction does not comply with the provisions of (A) and (B7.02(d)(i) above, then the Release Price shall be applied: (iA) first First, against any Variable Advances Advance Outstanding so long as the prepayment is permitted under the Variable Facility Note and this Agreement (and any Prepayment Premium prepayment premium due and owing is paid), until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances balance of the Variable NotesAdvance, and which Variable Note Advance Outstanding has the lowest prepayment costs or highest interest rate);; and (iiB) then against any Fixed Advances Outstanding, Facility Advance Outstanding so long as the prepayment is permitted under the applicable Fixed Note (and any Prepayment Premium prepayment premium due and owing is paid) (provided that, in the event there are multiple Fixed Facility Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Fixed Notes, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note . (iii) In the event Borrower desires to be prepaid release a Collateral Release Property on a date other than the last Business Day of the month and apply the Release Price to a Fixed Facility Advance Outstanding, or partially prepaid as determined pursuant on a date other than a rollover date for the Variable Advance Outstanding and apply the Release Price to this Section (d) (Application the Variable Advance Outstanding, the Release Price or the remainder of the Release Price), if any, shall be referred to held by Lender (or its appointed collateral agent) in an interest bearing account in the name of Lender in Permitted Investments as the substitute Collateral (“Selected AdvanceSubstitute Cash Collateral”. (2) In connection ), in accordance with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount security agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Any portion of the Release Mortgaged Property so long Price held as Borrower pays Substitute Cash Collateral may be released if, immediately after giving effect to the Release Price associated with release, each of the difference between such Allocable Facility Amountsconditions set forth in Section 7.03(a) below shall have been satisfied. Any Substitute Cash Collateral shall be applied, as applicable, on the last Business Day of the month or the rollover date as described above, in the order provided in Section 7.02(d) above.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the against Outstanding Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Outstanding Advance which Borrower elects to prepay must be prepaid in full or, if the Release Price is not sufficient to do so, the Note shall must be the only Note Advance partially prepaid; (B) such prepayment is permitted (for example, not subject to a lock out period) under such the applicable Note; (C) any Prepayment Premium prepayment premium due and owing is paid; and (D) interest is must be paid through the end of the month. If Borrower does not give Lender direction with respect is unable to meet the application of the Release Price or if the selected Note does not comply with the provisions of conditions set forth in (A) and through (B) aboveD), then the Release Price shall be applied: (i) applied first against any the Variable Advances Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid)Facility Note, until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple no further Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Notes, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate); (ii) then against any the prepayment of Fixed Advances Outstanding, so long as the prepayment is permitted under the applicable Fixed Note Facility Note. (and any Prepayment Premium due and owing is paidii) (provided thatIn the event Borrower desires to release a Release Mortgaged Property on a date other than the last day of the month for a Fixed Advance or a SARM Variable Advance, or in the event there are multiple Fixed that no Outstanding Advances Outstandingmay be prepaid under the terms of the applicable Note (for example, Lender shall determine due to a lock out period), the order of application Release Price or the remainder of the Release Price taking into account factors including the unpaid principal balances of the Fixed NotesPrice, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price)if any, shall be referred to held by Lender (or its appointed collateral agent) as the substitute Collateral (“Selected AdvanceSubstitute Cash Collateral”. (2) In connection ), in accordance with a Substitutionsecurity agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Notwithstanding the foregoing, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount release of the Release Mortgaged Property so long as Borrower pays may not be approved unless the Release Price associated with aggregate Valuation of all Mortgaged Properties remaining in the difference between Collateral Pool is greater than Outstanding Advances. Any Substitute Cash Collateral shall be used to prepay the applicable Advance once such Allocable Facility Amountsprepayment is permitted.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Supplemental Loan Outstanding which Borrower elects to prepay must be prepaid in full orfull, or if the Release Price is not sufficient to do so, the Note Supplemental Loan shall be the only Note partially prepaid; (B) prepayment any amount of the Outstanding Advances which Borrower elects to prepay must be prepaid in full, or if the Release Price is permitted under such Notenot sufficient to do so, the amount of the Outstanding Advances shall be only partially prepaid; (C) any Prepayment Premium prepayment is permitted under the applicable Note; (D) any prepayment premium due and owing is paid; and (DE) interest is must be paid through the end of the month. If Borrower does not give Lender direction with respect is unable to meet the application of the Release Price or if the selected Note does not comply with the provisions of conditions set forth in (A) and through (B) aboveE), then the Release Price shall be applied: (i) applied first against any variable rate Supplemental Loan Outstanding so long as the prepayment is permitted under the applicable note, until any variable rate Supplemental Loan is no longer Outstanding, then against any Variable Advances Advance Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid)Note, until any Variable Advance Loan is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine then against any fixed rate Supplemental Loan Outstanding so long as the order of application of prepayment is permitted under the Release Price taking into account factors including the unpaid principal balances of the Variable Notesapplicable note, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate); (ii) until any fixed rate Supplemental Loan is not longer Outstanding, then against any Fixed Advances Outstanding, Advance Outstanding so long as the prepayment is permitted under the applicable Fixed Note Note. (and any Prepayment Premium due and owing is paidii) (provided that, in In the event there are multiple Fixed Advances OutstandingBorrower desires to release a Release Mortgaged Property on a date other than the last Business Day of the month, Lender shall determine the order of application Release Price or the remainder of the Release Price taking into account factors including the unpaid principal balances of the Fixed NotesPrice, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price)if any, shall be referred to held by Lender (or its appointed collateral agent) as the substitute Collateral (“Selected AdvanceSubstitute Cash Collateral”. (2) In connection ), in accordance with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than security agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Any Substitute Cash Collateral shall first be used to prepay the Allocable Facility Amount applicable Supplemental Loan and then the applicable Advance on the last Business Day of the Release Mortgaged Property so long as Borrower pays the Release Price associated with the difference between such Allocable Facility Amountsmonth.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of against the principal amounts of the Advances Outstanding Loans in the order selected by applicable Collateral Pool Borrower’s discretion, provided that (A) any amount of the Note that Outstanding Loan which Borrower elects to prepay must be prepaid in full orfull, or if the Release Price is not sufficient to do so, the Note shall must be the only Note Loan partially prepaid; (B) any prepayment of Fixed Loans is permitted (for example, not subject to a lock out period) under such the applicable Fixed Loan Note; , (C) any Prepayment Premium prepayment premium due and owing is paid; , and (D) interest is must be paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note does not comply with the provisions of (A) and (B) above, then the Release Price shall be applied: (i) first against any Variable Advances Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid), until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Notes, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate);. (ii) then against any Fixed Advances Outstanding, so long as prepayment is permitted In the event no Loan may be prepaid under the terms of the applicable Fixed Note (and any Prepayment Premium due and owing is paid) (provided thatNote, in the event there are multiple Fixed Advances Outstanding, Lender shall determine the order of application remainder of the Release Price taking into account factors including the unpaid principal balances of the Fixed NotesPrice, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price)if any, shall be referred held by Lender (or its appointed collateral agent) in an interest-bearing account designated by Lender for the benefit of the applicable Collateral Pool Borrower (provided that Lender shall not guaranty any rate of interest to such Borrower) as the substitute Collateral (collectively, with any interest thereon, “Selected AdvanceSubstitute Cash Collateral”. (2) In connection ), in accordance with a Substitutionsecurity agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Notwithstanding the foregoing, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount release of the Release Mortgaged Property so long as may not be approved unless the aggregate Valuation of all Mortgaged Properties remaining in such Collateral Pool is greater than Outstanding Loans under such Collateral Pool. Any Substitute Cash Collateral remaining will be returned to the applicable Collateral Pool Borrower pays on the Release Price associated date all Loans made to such Collateral Pool Borrower are repaid in full, or after an event that brings such Collateral Pool back into compliance with the difference between Coverage and LTV Tests for such Allocable Facility AmountsCollateral Pool.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of against the principal amounts of the Advances Outstanding Loans in the order selected by applicable Collateral Pool Borrower’s discretion, provided that (A) any amount of the Note that Outstanding Loan which Borrower elects to prepay must be prepaid in full orfull, or if the Release Price is not sufficient to do so, the Note shall must be the only Note Loan partially prepaid; (B) any prepayment of such Loan is permitted (for example, not subject to a lock out period) under such the applicable Note; , (C) any Prepayment Premium prepayment premium due and owing is paid; , and (D) interest is must be paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note does not comply with the provisions of (A) and (B) above, then the Release Price shall be applied: (i) first against any Variable Advances Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid), until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Notes, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate);. (ii) then against any Fixed Advances Outstanding, so long as prepayment is permitted In the event no Loan may be prepaid under the terms of the applicable Fixed Note (and any Prepayment Premium due and owing is paid) (provided thatNote, in the event there are multiple Fixed Advances Outstanding, Lender shall determine the order of application remainder of the Release Price taking into account factors including the unpaid principal balances of the Fixed NotesPrice, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price)if any, shall be referred held by Lender (or its appointed collateral agent) in an interest-bearing account designated by Lender for the benefit of the applicable Collateral Pool Borrower (provided that Lender shall not guaranty any rate of interest to such Borrower) as the substitute Collateral (collectively, with any interest thereon, “Selected AdvanceSubstitute Cash Collateral”. (2) In connection ), in accordance with a Substitutionsecurity agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Notwithstanding the foregoing, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount release of the Release Mortgaged Property so long as may not be approved unless the aggregate Valuation of all Mortgaged Properties remaining in such Collateral Pool is greater than Outstanding Loans under such Collateral Pool. Any Substitute Cash Collateral remaining will be returned to the applicable Collateral Pool Borrower pays on the Release Price associated date all Loans made to such Collateral Pool Borrower are repaid in full, or after an event that brings such Collateral Pool back into compliance with the difference between Coverage and LTV Tests for such Allocable Facility AmountsCollateral Pool.

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied (on the Rollover Date in reduction the case of the principal amounts of the Advances Outstanding a Variable DMBS Advance) in the order selected by Borrower, provided that (A) any amount of the Note that Outstanding Advance which Borrower elects to prepay must be prepaid in full or, if the Release Price is not sufficient to do so, the Note Advance shall be the only Note partially prepaid; (B) any prepayment is permitted under such the applicable Note; (C) any Prepayment Premium prepayment premium due and owing is paid; and (D) interest or Discount, as applicable, is paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note such direction does not comply with the provisions of (A) and (B) above, then the Release Price shall be applied: (i) applied first against any Variable Advances Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid)Facility Note, until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple no further Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Notes, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate); (ii) then against any Fixed Advances Outstanding, so long as the prepayment is permitted under the applicable Fixed Note Facility Note. (and any Prepayment Premium due and owing is paidii) In the event Borrower desires to release a Release Mortgaged Property on a date other than the last Business Day of the month (provided that, for a Fixed Advance or a Variable Structured ARM Advance) or the last day of the then Outstanding DMBS (in the case of a Variable DMBS Advance) or in the event there are multiple Fixed that no Outstanding Advances Outstandingmay be prepaid under the terms of the Note (for example, Lender shall determine during a DMBS roll period), the order of application Release Price or the remainder of the Release Price taking into account factors including the unpaid principal balances of the Fixed NotesPrice, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price)if any, shall be referred to held by Lender (or its appointed collateral agent) as the “Selected Advance”. (2) In connection Additional Collateral, in accordance with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than security agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Any Additional Collateral shall be applied on the Allocable Facility Amount last Business Day of the Release Mortgaged Property so long as Borrower pays month in the Release Price associated with the difference between such Allocable Facility Amountsorder provided in Section 3.04(d)(i).

Application of Release Price. (1i) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Supplemental Loan Outstanding which Borrower elects to prepay must be prepaid in full orfull, or if the Release Price is not sufficient to do so, the Note Supplemental Loan shall only be the only Note partially prepaid; (B) prepayment any amount of the Term Loan Outstanding which Borrower elects to prepay must be prepaid in full, or if the Release Price is permitted under such Notenot sufficient to do so, the Term Loan shall be only partially prepaid; (C) any Prepayment Premium prepayment is permitted under the applicable Note; (D) any prepayment premium due and owing is paid; and (DE) interest is paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note such direction does not comply with the provisions of (A) and — (B) above, then the Release Price shall be applied: (i) applied first against any Variable Advances variable rate Supplemental Loan Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid)applicable note, until any Variable Advance variable rate Supplemental Loan is no longer Outstanding (provided that, in the event there are multiple Variable Advances variable rate Supplemental Loans Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances balance of the Variable Notesvariable rate Supplemental Loan notes, and which Variable Note variable rate Supplemental Loan note Outstanding has the lowest prepayment costs or highest interest rate); (ii) , then against any Fixed Advances Outstanding, Variable Loan Outstanding so long as the prepayment is permitted under the Variable Facility Note, until any Variable Loan is no longer Outstanding, then against any fixed rate Supplemental Loan Outstanding so long as the prepayment is permitted under the applicable Fixed Note (and note, until any Prepayment Premium due and owing fixed rate Supplemental Loan is paid) no longer Outstanding (provided that, in the event there are multiple Fixed Advances fixed rate Supplemental Loans Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances balance of the Fixed fixed rate Supplemental Notes, and which Fixed Note fixed rate Supplemental Loan note Outstanding has the lowest prepayment costs or the highest interest rate). The Note , then against any Fixed Loan Outstanding as permitted under the applicable Fixed Facility Note. (ii) In the event Borrower desires to be prepaid release a Release Mortgaged Property on a date other than the last Business Day of the month, the Release Price or partially prepaid as determined pursuant to this Section (d) (Application the remainder of the Release Price), if any, shall be referred to held by Lender (or its appointed collateral agent) as the substitute Collateral (“Selected AdvanceSubstitute Collateral”. (2) In connection ), in accordance with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than security agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Any Substitute Collateral shall first be used to prepay the Allocable Facility Amount applicable Supplemental Loan and then the applicable Term Loan on the last Business Day of the Release Mortgaged Property so long as Borrower pays the Release Price associated with the difference between such Allocable Facility Amountsmonth.

Application of Release Price. (1) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (Ai) any amount of the Note that Borrower elects to prepay must be prepaid in full or, if the Release Price is not sufficient to do so, the Note shall be the only Note partially prepaid; (Bii) prepayment is permitted under such Note; (Ciii) any Prepayment Premium yield maintenance, fee maintenance, or other prepayment premium due and owing is paid; and (Div) interest is paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note does not comply with the provisions of (Ai) and (Bii) above, then the Release Price shall be applied: (iA) first against any Variable Advances Advance Outstanding so long as the prepayment is permitted under the Variable Facility Note (and any Prepayment Premium prepayment premium due and owing is paid), until any Variable Advance Loan is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Facility Notes, and which Variable Facility Note Outstanding has the lowest prepayment costs or highest interest rate); (iiB) then against any Fixed Advances Outstanding, Advance Outstanding so long as the prepayment is permitted under the applicable Fixed Facility Note (and any Prepayment Premium prepayment premium due and owing is paid) (provided that, in the event there are multiple Fixed Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Fixed Facility Notes, and which Fixed Facility Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price3.04(e), shall be referred to as the “Selected AdvanceNote”. (2) In connection with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount of the Release Mortgaged Property so long as Borrower pays the Release Price associated with the difference between such Allocable Facility Amounts.