Certain Calculations in Respect of the Mortgage Loan. (a) All amounts collected by or on behalf of the Trust in respect of the Mortgage Loan in the form of payments from or on behalf of the Borrower Related Parties, any Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds or any Repurchase Price or indemnity payments as contemplated by Section 2.9 shall be applied to amounts due and owing under the Mortgage Loan Documents (including, without limitation, for principal and accrued and unpaid interest) in accordance with the express provisions of the Mortgage Loan Documents; provided, however, in the absence of such express provisions or if and to the extent that such terms authorize the mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder after the occurrence and during the continuance of a Mortgage Loan Event of Default, all such amounts collected shall be deemed to be applied: first, as a recovery of any related and unreimbursed Property Protection Advances and Administrative Advances plus interest accrued thereon and, if applicable, unreimbursed Trust Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest thereon to the extent previously reimbursed from principal collections with respect to the Mortgage Loan; third, as a recovery of accrued and unpaid interest first, on the Senior Trust Notes and on the Companion Loan Notes, on a pro rata basis based on their respective unpaid principal amounts, and then, on the Junior Trust Notes, on a pro rata basis based on their respective unpaid principal amounts, in that order, in each case to the extent of the excess, if any, of (i) accrued and unpaid interest on the respective Interest Rates (without giving effect to any increase in any such Interest Rates required under the Mortgage Loan Agreement as a result of a default under the Mortgage Loan) to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of a full Monthly Interest Payment from or on the behalf of the Borrower Related Parties, for the related Interest Accrual Period), over (ii) the cumulative amount of the reductions (if any) in the amount of the interest portion of the related Monthly Interest Payment Advances for the Mortgage Loan that have theretofore occurred under Section 3.23(a) in connection with Appraisal Reduction Amounts (to the extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to clause fifth below on earlier dates); fourth, as a ...
Certain Calculations in Respect of the Mortgage Loan. (a) All amounts collected by or on behalf of the Trust in respect of the Mortgage Loan in the form of payments from or on behalf of the Borrower Related Parties, any Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds shall, to the extent not inconsistent with the Mortgage Loan Documents (as modified by the Co-Lender Agreement to establish prioritization among the Notes), and in any event during the continuance of a Mortgage Loan Event of Default, be applied in the following order of priority: first, as a recovery of any related and unreimbursed Property Protection Advances plus interest accrued thereon and, if applicable, other unreimbursed Trust Fund Expenses (excluding interest on Administrative Advances, Monthly Interest Payment Advances and Companion Loan Advances); second, to make (without duplication) payments of interest, principal and reimbursements of any other costs, expenses, advances and losses on the Trust Notes and the Companion Loan Note(s) in the amounts and order of priority provided in the Co-Lender Agreement; provided, that for purposes of determining distributions on the Certificates any Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds on the Mortgage Loan or Property that would be so allocated as interest and principal on the Trust Notes will be applied to the Trust Notes in the following amounts and order:
Certain Calculations in Respect of the Mortgage Loan. (a) All amounts collected by or on behalf of the Trust and the Senior Pari Passu Companion Loan Holders in respect of the Mortgage Loan in the form of payments from the Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (other than amounts related to clause (b) of the definition thereof necessary to be applied to the restoration, preservation or repair of the Property or to be released to the Borrower in accordance with the Loan Documents) shall be applied to amounts due and owing under the Loan Documents and the Co-Lender Agreement (including for principal and accrued and unpaid interest) in accordance with the express provisions of the Loan Documents and the Co-Lender Agreement; provided, however, in the absence of such express provisions or if and to the extent that such terms authorize the mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder after a Loan Event of Default, all such amounts collected shall be deemed to be applied towards the following amounts, due and owing under the terms of the Loan Documents, in the following order of priority (for the avoidance of doubt, application of such funds towards amounts owed by the Borrower shall not impact the order of application of funds on deposit in the Collection Account to the parties to this Agreement, and withdrawals of funds from the Collection Account will be governed by the provisions of this Agreement regarding the priority of withdrawals from the Collection Account):
Certain Calculations in Respect of the Mortgage Loan. (a) All amounts collected by or on behalf of the Trust Fund in respect of the Mortgage Loan (including Liquidation Proceeds) shall be applied to amounts due and owing under the Mortgage Loan Documents in accordance with the express provisions of the Mortgage Loan Documents or, in the absence of such express provision or, if and to the extent such terms authorize the Lender to use its sole discretion, the Servicer shall determine (in accordance with the Servicing Standard) how and when such funds shall be applied; provided, however, if the Servicer determines to apply such funds to principal and interest of the Mortgage Loan, such application shall be made in the priority provided in items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement.
