Common use of Substitution Deposit Amount Clause in Contracts

Substitution Deposit Amount. The “Substitution Deposit” for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, plus (ii) any and all of the fee maintenance or the prepayment premium for the Notes, calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Notes (and the MBS, if applicable) were to be prepaid in such month, plus (iii) interest on the Notes through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) costs, expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes must be prepaid to effect a release at that time and (B) any fee maintenance that would be due to the extent that the Variable Note must be prepaid to effect a release at that time. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx Xxx, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Notes, or the MBS, if applicable.

Substitution Deposit Amount. The “Substitution Deposit” for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, plus (ii) any and all of the fee maintenance for the DMBS, or the prepayment premium for the Notesa Note funded through a cash execution, calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Notes Note (and the MBSapplicable DMBS, if applicable) were to be prepaid in such month, plus (iii) interest on the Notes Note (or Discount, if applicable, and if necessary as estimated by Lender) through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) costs, expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes Advance must be prepaid to effect a release Release at that time and (B) any fee maintenance Discount that would be due to the extent that the for any Variable Note must be prepaid to effect a release at that timeAdvance, as applicable, if necessary as reasonably estimated by Lender. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx Xxx, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes Note during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the NotesNote, or the MBS, if applicableapplicable DMBS.

Substitution Deposit Amount. (A) The “Substitution Deposit” for each proposed substitution Staggered Substitution shall be an amount equal to the sum of of: (i) the Release Price, plus Price relating to the Release Mortgaged Property; plus (ii) any and all of the fee maintenance or the prepayment premium Prepayment Premiums, as applicable, for the NotesSelected Advance determined in accordance with the conditions set forth in Section (d) (Application of Release Price) of this Mortgaged Property Release Schedule, as the Advance(s) that shall be prepaid if the Substitution fails to take place. The Prepayment Premium shall be calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Notes (and the MBS, if applicable) Selected Advance were to be prepaid in such month, plus ; plus (iii) interest on the Notes through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) costs, expenses and fees of Lender and Xxxxxx Xxx pertaining to the substitution Substitution (such costs, fees and expenses, the “Substitution Cost Deposit”); plus (iv) without duplication to any other amounts included in the definition of Substitution Deposit, in the event that (1) at the time of the Release no Note is prepayable (i.e., all Notes are subject to a lockout period) or (2) the Release Price is in excess of all Notes that are open to prepayment, all scheduled principal and interest due and owing through the end of the lockout period with respect to such Selected Advance. If The amount of the required Substitution Deposit shall be recalculated by Lender in the event the Property Delivery Deadline is extended pursuant to Section (e) (Closing) of the Mortgaged Property Addition Schedule, and in the event a Substitution is partially satisfied by the Addition of an Additional Mortgaged Property, as further set forth in Section (f)(2) (Substitution Deposit Disbursement and Recalculation) of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes must be prepaid to effect a release at that time and Mortgaged Property Addition Schedule. (B) any fee maintenance that would be due to the extent that the Variable Note must be prepaid to effect a release at that time. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx XxxMae, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Mae Xxx and Lender in connection with such substitution Substitution whether such substitution Substitution actually closes. In closes (the event that the Borrower elects to post a Letter of Credit in lieu of cash for the “Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Notes, or the MBS, if applicableCosts”).

Substitution Deposit Amount. The “Substitution Deposit” for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, plus (ii) any and all of the fee maintenance for the DMBS, or the prepayment premium for the Notesa Note funded through a cash execution, calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Notes Note (and the MBSapplicable DMBS, if applicable) were to be prepaid in such month, plus (iii) interest on the Notes Note (or Discount, if applicable, and if necessary as estimated by Lender) through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) costs, expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes Advance must be prepaid to effect a release Release at that time time, (B) any Discount that would be due for any Variable DMBS Advance, as applicable, if necessary as reasonably estimated by Lender and (BC) any fee maintenance that would be due to the extent that the Variable Note Structured ARM Advance must be prepaid to effect a release Release at that time. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx Xxx, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes Note during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the NotesNote, or the MBS, if applicableapplicable DMBS.

Substitution Deposit Amount. The “Substitution Deposit” for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, plus (ii) any and all of the fee maintenance maintenance, yield maintenance, or the prepayment premium for premium, as applicable, for: (A) such Note or Notes designated by Borrower in accordance with the Notesconditions set forth in Section 3.04(d) in connection with the application of Release Price, as the Notes Borrower elects to prepay if the Substitution fails to take place or (B) if Borrower does not make such designation or such designation does not comply with the provisions of Section 3.04(d), Lender shall choose such Note in accordance with the provisions of Section 3.04(d) (the “Selected Note”), calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Notes (and the MBS, if applicable) Selected Note were to be prepaid in such month, plus (iii) principal and interest due and owing on the Notes Selected Note (or Discount, if applicable) which is to be prepaid through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) costs, expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes Advance must be prepaid to effect a release at that time and time, (B) any Discount that would be due for any Variable DMBS Advance, as applicable, if necessary as reasonably estimated by Lender, (C) any fee maintenance that would be due to the extent that the Variable Note Structured ARM Advance must be prepaid to effect a release at that timetime and (D) the full amount of principal and interest owing under the remaining Notes. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx Xxx, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes Note during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the NotesNote, or the applicable DMBS or MBS, if applicable.

Substitution Deposit Amount. The “”Substitution Deposit” for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, plus (ii) any and all of the fee maintenance, yield maintenance or the prepayment premium premium, as applicable, for (A) such Note or Notes designated by Borrower in accordance with the Notesconditions set forth in Section 3.04(d) in connection with the application of Release Price, as the Notes Borrower elects to prepay if the substitution fails to take place or (B) if Borrower does not make such designation or such designation does not comply with the provisions of Section 3.04(d), Lender shall choose such Note in accordance with the provisions of Section 3.04(d) (the “Selected Note”), calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Notes (and the MBS, if applicable) Selected Note were to be prepaid in such month, plus (iii) principal and interest due and owing on the Notes Selected Note, which is to be prepaid through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) reasonable costs, expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). The amount of the Substitution Deposit shall be recalculated by Lender in the event the Property Delivery Deadline is extended pursuant to Section 3.06(c)(ii). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes Loan must be prepaid to effect a release at that time and time, (B) any fee maintenance that would be due to the extent that the Variable Note Loan must be prepaid to effect a release Release at that timetime and (C) the full amount of principal and interest owing under the remaining Notes. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx XxxFxxxxx Mxx, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Fxxxxx Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes Note during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Notes, Note or the MBS, if applicable.

Substitution Deposit Amount. The “Substitution Deposit” for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, plus (ii) any and all of the fee maintenance or the prepayment premium for for: (A) such Note or Notes designated by Borrower in accordance with the Notesconditions set forth in Section 3.04(d) in connection with the application of Release Price, as the Notes Borrower elects to prepay if the substitution fails to take place or (B) if Borrower does not make such designation or such designation does not comply with the provisions of Section 3.04(d), Lender shall choose such Note in accordance with the provisions of Section 3.04(d) (the “Selected Note”), calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Notes (and the MBS, if applicable) Selected Note were to be prepaid in such month, plus (iii) principal and interest due and owing on the Notes portion of the Selected Note which is to be prepaid through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) reasonable costs, expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). The amount of the Substitution Deposit shall be recalculated by Lender in the event the Property Delivery Deadline is extended pursuant to Section 3.06(c)(ii). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes Facility Note must be prepaid to effect a release at that time and (B) any fee maintenance that would be due to the extent that the Variable Facility Note must be prepaid to effect a release at that timetime and (C) the full amount of principal and interest owing under all remaining Notes. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx XxxMae, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Mae Xxx and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Notes, or the MBS, if applicable.

Substitution Deposit Amount. The “Substitution Deposit” for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, Price relating to the proposed Release Property plus (ii) any and all of the fee yield maintenance for the MBS, or the prepayment premium for the Notesa Note funded through a cash execution, calculated as of through the end of the month in which the Property Delivery Deadline occurs, as if the Notes Note (and the applicable MBS, if applicable) were to be prepaid in such month, plus (iii) interest on the Notes Note through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) costs, Lender’s estimate of reasonable costs and out-of-pocket expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Notes must be prepaid to effect a release at that time and (B) any fee maintenance that would be due to the extent that the Variable Note must be prepaid to effect a release at that time. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and Xxxxxx Xxx, including any out-of-pocket legal fees and expenses incurred by Xxxxxx Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter letter of Credit credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Notes Note during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the NotesNote, or the applicable MBS, if applicable.