Common use of Calculations Respecting Mortgage Loans Clause in Contracts

Calculations Respecting Mortgage Loans. (a) Calculations required to be made by the Trustee pursuant to this Agreement with respect to any Mortgage Loan shall be made based upon current information as to the terms of the Mortgage Loans and reports of payments received from the Master Servicer on such Mortgage Loans and payments to be made to the Trustee as supplied to the Trustee by the Master Servicer. The Trustee shall not be required to recompute, verify or recalculate the information supplied to it by the Master Servicer and may conclusively rely upon such information in making such calculations. If, however, a Responsible Officer of the Trustee has actual knowledge of an error in the calculations, the Trustee shall inform the Master Servicer of such error. (b) Unless otherwise required by law or the applicable Mortgage Loan documents, any amounts received in respect of a Mortgage Loan as to which a default has occurred and is continuing shall be applied first to overdue interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next to current interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next to the reduction of the principal balance of such Mortgage Loan to zero if such Mortgage Loan has been accelerated and in respect of any scheduled payments of principal then due to the extent that such Mortgage Loan has not yet been accelerated, next to any default interest and other amounts due on such Mortgage Loan and finally to Late Fees due with respect to such Mortgage Loan.

Calculations Respecting Mortgage Loans. (a) Calculations required to be made by the Trustee pursuant to this Agreement with respect to any Mortgage Loan shall be made based upon current information as to the terms of the such Mortgage Loans Loan and reports of payments received from the applicable Master Servicer on such Mortgage Loans Loan and payments to be made to the Trustee as supplied to the Trustee by the such Master Servicer. The Trustee shall not be required to recompute, verify or recalculate the information supplied to it by the applicable Master Servicer and may conclusively rely upon such information in making such calculations. If, however, a Responsible Officer of the Trustee has actual knowledge of an error in the calculations, the Trustee shall inform the applicable Master Servicer of such error. (b) Unless otherwise required by law or the applicable Mortgage Loan documents, any amounts (other than escrow and reserve deposits and reimbursements of Servicing Advances and expenses) received in respect of a Mortgage Loan as to which a default has occurred and is continuing (other than Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, Purchase Proceeds and REO Income) shall be applied first as follows: first, to overdue interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next second, to current interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next third, to the reduction of the principal balance Principal Balance of such Mortgage Loan to zero if such Mortgage Loan has been accelerated accelerated, and in respect of any scheduled payments of principal then due to the extent that such Mortgage Loan has not yet been accelerated, next fourth, to any default interest and other amounts due on such Mortgage Loan and finally fifth, to Late Fees due with respect to such Mortgage Loan. The foregoing allocations are intended to govern loan level allocations but shall not govern allocations of such amounts at the trust level for the purpose of determining Principal Distribution Amounts or Distributable Certificate Interest. Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, Purchase Proceeds and REO Income shall be applied as follows: first, as a recovery of any related and unreimbursed Advances (together with interest thereon) and Unliquidated Advances (to the Trust), and if applicable, unpaid Liquidation Expenses; second, as a recovery of unpaid servicing compensation; third, as a recovery of any Additional Trust Expenses, fourth, as a recovery of any Nonrecoverable Advances thereon, except with respect to any Unliquidated Advance previously reimbursed from principal pursuant to Section 5.2(a)(II)(iv); fifth, as a recovery of any remaining accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate to, but not including, the date of receipt (or, in the case of a full monthly payment from any Mortgagor, through the related Due Date); sixth, as a recovery of any remaining principal of such Mortgage Loan then due and owing, including by reason of acceleration of the Mortgage Loan following a default thereunder (or, if a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of principal to the extent of its entire remaining unpaid Principal Balance); seventh, unless a Liquidation Event has occurred with respect to such Mortgage Loan, as a recovery of amounts to be currently applied to the payment of real estate taxes, assessments, insurance premiums (including premiums on any Environmental Insurance Policy), ground rents (if applicable) and similar items; eighth, as a recovery of any Late Fees and default interest then due and owing under such Mortgage Loan; ninth, as a recovery of any Prepayment Premium or Yield Maintenance Charge then due and owing under such Mortgage Loan; tenth, as a recovery of any assumption fees, Modification Fees and extension fees then due and owing under such Mortgage Loan; and eleventh, as a recovery of any other amounts then due and owing under such Mortgage Loan. (c) Notwithstanding the foregoing applications of amounts received by or on behalf of the Trust in respect of any Mortgage Loan, any amounts due and owing under the related Mortgage Note and Mortgage (including for principal and accrued and unpaid interest) shall be applied in accordance with the express provisions of the related Mortgage Loan documents.

Calculations Respecting Mortgage Loans. (a) Calculations required to be made by the Trustee Paying Agent pursuant to this Agreement with respect to any Mortgage Loan or Companion Loan shall be made based upon current information as to the terms of the Mortgage Loans and Companion Loan and reports of payments received from the Master Servicer on such Mortgage Loans and Companion Loans and payments to be made to the Trustee Paying Agent as supplied to the Trustee Paying Agent by the Master Servicer. The Trustee Paying Agent shall not be required to recompute, verify or recalculate the information supplied to it by the Master Servicer and may conclusively rely upon such information in making such calculations. If, however, a Responsible Officer of the Trustee Paying Agent has actual knowledge of an error in the calculations, the Trustee Paying Agent shall inform the Master Servicer of such error. (b) Unless otherwise required by law or the applicable Mortgage Loan documentsor Companion Loan documents (or the related Intercreditor Agreement), any amounts (other than escrow and reserve deposits and reimbursements of lender advances and expenses) received in respect of a Mortgage Loan or Companion Loan as to which a default has occurred and is continuing shall be applied first to overdue interest due with respect to such Mortgage Loan or Companion Loan at the Mortgage Rate thereof, next to current interest due with respect to such Mortgage Loan or Companion Loan at the Mortgage Rate thereof, next to the reduction of the principal balance Principal Balance of such Mortgage Loan or Companion Loan to zero if such Mortgage Loan or Companion Loan has been accelerated and in respect of any scheduled payments of principal then due to the extent that such Mortgage Loan or Companion Loan has not yet been accelerated, next to any default interest and other amounts due on such Mortgage Loan or Companion Loan and finally to Late Fees due with respect to such Mortgage Loan or Companion Loan.

Calculations Respecting Mortgage Loans. (a) Calculations required to be made by the Trustee Paying Agent pursuant to this Agreement with respect to any Mortgage Loan or B Note shall be made based upon current information as to the terms of the Mortgage Loans and B Note and reports of payments received from the Master Servicer on such Mortgage Loans and B Note and payments to be made to the Trustee Paying Agent as supplied to the Trustee Paying Agent by the Master Servicer. The Trustee Paying Agent shall not be required to recompute, verify or recalculate the information supplied to it by the Master Servicer and may conclusively rely upon such information in making such calculations. If, however, a Responsible Officer of the Trustee Paying Agent has actual knowledge of an error in the calculations, the Trustee Paying Agent shall inform the Master Servicer of such error. (b) Unless otherwise required by law or the applicable Mortgage Loan documentsor B Note documents (or the related Intercreditor Agreement), any amounts (other than escrow and reserve deposits and reimbursements of lender advances and expenses) received in respect of a Mortgage Loan or B Note as to which a default has occurred and is continuing shall be applied first to overdue interest due with respect to such Mortgage Loan or B Note at the Mortgage Rate thereof, next to current interest due with respect to such Mortgage Loan or B Note at the Mortgage Rate thereof, next to the reduction of the principal balance Principal Balance of such Mortgage Loan or B Note to zero if such Mortgage Loan or B Note has been accelerated and in respect of any scheduled payments of principal then due to the extent that such Mortgage Loan or B Note has not yet been accelerated, next to any default interest and other amounts due on such Mortgage Loan or B Note and finally to Late Fees due with respect to such Mortgage LoanLoan or B Note.

Calculations Respecting Mortgage Loans. (a) Calculations required to be made by the Trustee Paying Agent pursuant to this Agreement with respect to any Mortgage Loan shall be made based upon current information as to the terms of the Mortgage Loans and reports of payments received from the Master Servicer on such Mortgage Loans and payments to be made to the Trustee Paying Agent as supplied to the Trustee Paying Agent by the Master Servicer. The Trustee Paying Agent shall not be required to recompute, verify or recalculate the information supplied to it by the Master Servicer and may conclusively rely upon such information in making such calculations. If, however, a Responsible Officer of the Trustee Paying Agent has actual knowledge of an error in the calculations, the Trustee Paying Agent shall inform the Master Servicer of such error. (b) Unless otherwise required by law or the applicable Mortgage Loan documents, any amounts received in respect of a Mortgage Loan as to which a default has occurred and is continuing shall be applied first to overdue interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next to current interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next to the reduction of the principal balance of such Mortgage Loan to zero if such Mortgage Loan has been accelerated and in respect of any scheduled payments of principal then due to the extent that such Mortgage Loan has not yet been accelerated, next to any default interest and other amounts due on such Mortgage Loan and finally to Late Fees due with respect to such Mortgage Loan.

Calculations Respecting Mortgage Loans. (a) Calculations required to be made by the Trustee Paying Agent pursuant to this Agreement with respect to any Mortgage Loan shall be made based upon current information as to the terms of the such Mortgage Loans Loan and reports of payments received from the Master Servicer on such Mortgage Loans Loan and payments to be made to the Trustee Paying Agent as supplied to the Trustee Paying Agent by the Master Servicer. The Trustee Paying Agent shall not be required to recompute, verify or recalculate the information supplied to it by the Master Servicer and may conclusively rely upon such information in making such calculations. If, however, a Responsible Officer of the Trustee Paying Agent has actual knowledge of an error in the calculations, the Trustee Paying Agent shall inform the Master Servicer of such error. (b) Unless otherwise required by law or the applicable Mortgage Loan documents, any amounts (other than escrow and reserve deposits and reimbursements of Servicing Advances and expenses) received in respect of a Mortgage Loan as to which a default has occurred and is continuing (other than Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, Purchase Proceeds and REO Income) shall be applied first as follows: first, to overdue interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next second, to current interest due with respect to such Mortgage Loan at the Mortgage Rate thereof, next third, to the reduction of the principal balance Principal Balance of such Mortgage Loan to zero if such Mortgage Loan has been accelerated accelerated, and in respect of any scheduled payments of principal then due to the extent that such Mortgage Loan has not yet been accelerated, next fourth, to any default interest and other amounts due on such Mortgage Loan and finally fifth, to Late Fees due with respect to such Mortgage Loan. Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, Purchase Proceeds and REO Income shall be applied as follows: first, as a recovery of any related and unreimbursed Advances (together with interest thereon) and Unliquidated Advances (to the Trust), and if applicable, unpaid Liquidation Expenses; second, as a recovery of unpaid servicing compensation; third, as a recovery of any Additional Trust Expenses; fourth, as a recovery of any Nonrecoverable Advances and interest thereon, except with respect to any Unliquidated Advance previously reimbursed from principal pursuant to Section 5.2(a)(II)(iv); fifth, as a recovery of any remaining accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate to, but not including, the date of receipt (or, in the case of a full monthly payment from any Mortgagor, through the related Due Date); sixth, as a recovery of any remaining principal of such Mortgage Loan then due and owing, including by reason of acceleration of the Mortgage Loan following a default thereunder (or, if a Liquidation Event has occurred in respect of such Mortgage Loan, as a recovery of principal to the extent of its entire remaining unpaid Principal Balance); seventh, unless a Liquidation Event has occurred with respect to such Mortgage Loan, as a recovery of amounts to be currently applied to the payment of real estate taxes, assessments, insurance premiums (including premiums on any Environmental Insurance Policy), ground rents (if applicable) and similar items; eighth, as a recovery of any Late Fees and default interest then due and owing under such Mortgage Loan; ninth, as a recovery of any Prepayment Premium or Yield Maintenance Charge then due and owing under such Mortgage Loan; tenth, as a recovery of any assumption fees, Modification Fees and extension fees then due and owing under such Mortgage Loan; and eleventh, as a recovery of any other amounts then due and owing under such Mortgage Loan. (c) Notwithstanding the foregoing applications of amounts received by or on behalf of the Trust in respect of any Mortgage Loan, any amounts due and owing under the related Mortgage Note and Mortgage (including for principal and accrued and unpaid interest) shall be applied in accordance with the express provisions of the related Mortgage Loan documents.