Common use of Application of Interest and Prepayments to Components Clause in Contracts

Application of Interest and Prepayments to Components. Provided no Event of Default has occurred and is continuing, payments of interest shall be applied by Lender as follows: (i) first, to the payment of interest then due and payable under Component A; (ii) second, to the payment of interest then due and payable under Component B; (iii) third, to the payment of interest then due and payable under Component C; (iv) fourth, to the payment of interest then due and payable under Component D; (v) fifth, to the payment of interest then due and payable under Component E and (vi) sixth, to the payment of interest then due and payable under Component HRR. Except for any Initial 30% Prepayment following a Securitization of all or any portion of the Loan any prepayment of the principal of the Loan made pursuant to Section 2.4 hereof shall be applied by Lender as follows: (a) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (b) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (c) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (d) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (e) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero and (f) sixth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Except for any Initial 30% Prepayments, following a Securitization of all or any portion of the Loan any prepayments of the Loan in connection with the release of any Individual Property pursuant to Section 2.6.1 hereof shall be applied to the Components of the Loan as follows: (a) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (b) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (c) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (d) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (e) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero and (f) sixth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Notwithstanding the foregoing, during the continuance of any Event of Default, any payment of principal and interest from whatever source may be applied by Lender between the Components in Lender’s sole discretion. Notwithstanding the foregoing, so long as no Event of Default is continuing (i) any Initial 30% Prepayments shall be applied to each Component of the Loan on a pro rata and pari passu basis (including any Initial 30% Prepayments made after a Securitization) and (ii) prior to a Rated Securitization of all or any portion of the Loan, any voluntary prepayment of the principal of the Loan made pursuant to Section 2.4 hereof and/or Section 2.6.1 hereof shall be applied to each Component of the Loan on a pro rata and pari passu basis.

Application of Interest and Prepayments to Components. Provided no Event of Default has occurred and is continuing, payments of interest shall be applied by Lender as Len▇▇▇ ▇▇ follows: (i) first, to the payment of interest then due and payable under Component A; (ii) second, to the payment of interest then due and payable under Component B; (iii) third, to the payment of interest then due and payable under Component C; (iv) fourth, to the payment of interest then due and payable under Component D; (v) fifth, to the payment of interest then due and payable under Component E E; and (vi) sixth, to the payment of interest then due and payable under Component HRR. Except for any Initial 3020% Prepayment following a Securitization of all or any portion of the Loan Prepayment, any prepayment of the principal of the Loan made pursuant to Section 2.4 2.7(a) hereof shall be applied by Lender as follows: (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero zero, and (fvi) sixth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Except for any Initial 3020% Prepayments, following a Securitization of all or any portion of the Loan any prepayments of the Loan in connection with the release of any Individual Property pursuant to Section 2.6.1 2.10 hereof shall be applied to the Components of the Loan as follows: : (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero zero, and (fvi) sixth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Notwithstanding the foregoing, during the continuance of any Event of Default, any payment of principal and interest from whatever source may be applied by Lender between the Components in Lender’s Len▇▇▇’▇ sole discretion. Notwithstanding the foregoing, so long as no Event of Default is continuing continuing, (ix) any Initial 3020% Prepayments shall be applied to each Component of the Loan on a pro rata and pari passu basis (including any Initial 30% Prepayments made after a Securitization) and (iiy) prior to a Rated Securitization of all or any portion of the Loan, any voluntary prepayment of the principal mandatory prepayments of the Loan made pursuant to Section 2.4 hereof and/or Section 2.6.1 hereof 2.7(b) shall be applied to each Component of the Loan on a pro rata and pari passu basis. Additionally, unless an Event of Default is continuing, at any time that any Mezzanine Loan or any New Mezzanine Loan is outstanding, all voluntary prepayments shall be applied pro rata to the Loan and such Mezzanine Loans and/or New Mezzanine Loan.

Application of Interest and Prepayments to Components. Provided no Event of Default has occurred and is continuing, payments of interest shall be applied by Lender L▇▇▇▇▇ as follows: (i) first, to the payment of interest then due and payable under Component A; (ii) second, to the payment of interest then due and payable under Component B; (iii) third, to the payment of interest then due and payable under Component C; (iv) fourth, to the payment of interest then due and payable under Component D; (v) fifth, to the payment of interest then due and payable under Component E and E; (vi) sixth, to the payment of interest then due and payable under Component F; (vii) seventh, to the payment of interest then due and payable under Component G; and (viii) eighth, to the payment of interest then due and payable under Component HRR. Except for any Initial 3020% Prepayment following a Securitization of all or any portion of the Loan Prepayment, any prepayment of the principal of the Loan made pursuant to Section 2.4 2.7(a) hereof shall be applied by Lender as follows: (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero, (vi) sixth, to the reduction of the outstanding principal balance of Component F until reduced to zero (vii) seventh, to the reduction of the outstanding principal balance of Component G until reduced to zero and (fviii) sixtheighth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Except for any Initial 3020% Prepayments, following a Securitization of all or any portion of the Loan any prepayments of the Loan in connection with the release of any Individual Property pursuant to Section 2.6.1 2.10 hereof shall be applied to the Components of the Loan as follows: : (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero, (vi) sixth, to the reduction of the outstanding principal balance of Component F until reduced to zero (vii) seventh, to the reduction of the outstanding principal balance of Component G until reduced to zero and (fviii) sixtheighth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Notwithstanding the foregoing, during the continuance of any Event of Default, any payment of principal and interest from whatever source may be applied by Lender between the Components in LenderL▇▇▇▇▇’s sole discretion. Notwithstanding the foregoing, so long as no Event of Default is continuing continuing, (ix) any Initial 3020% Prepayments shall be applied to each Component of the Loan on a pro rata and pari passu basis (including any Initial 30% Prepayments made after a Securitization) and (iiy) prior to a Rated Securitization of all or any portion of the Loan, any voluntary prepayment of the principal mandatory prepayments of the Loan made pursuant to Section 2.4 hereof and/or Section 2.6.1 hereof 2.7(b) shall be applied to each Component of the Loan on a pro rata and pari passu basis. Additionally, unless an Event of Default is continuing, at any time that any New Mezzanine Loan is outstanding, all voluntary prepayments shall be applied pro rata to the Loan and such New Mezzanine Loan.

Application of Interest and Prepayments to Components. Provided no Event of Default has occurred and is continuing, payments of interest shall be applied by Lender ▇▇▇▇▇▇ as follows: (i) first, to the payment of interest then due and payable under Component A; (ii) second, to the payment of interest then due and payable under Component B; (iii) third, to the payment of interest then due and payable under Component C; (iv) fourth, to the payment of interest then due and payable under Component D; (v) fifth, to the payment of interest then due and payable under Component E and E; (vi) sixth, to the payment of interest then due and payable under Component F; and (vii) seventh, to the payment of interest then due and payable under Component HRR. Except for (x) any Initial 30% Prepayment following prepayment made prior to a Securitization of all or the Loan and (y) any prepayment of any portion of the Loan Free Prepayment Amount made after a Securitization of the Loan, any prepayment of the principal of the Loan made pursuant to Section 2.4 2.7(a) hereof shall be applied by Lender as follows: (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero zero, (vi) sixth, to the reduction of the outstanding principal balance of Component F until reduced to zero, and (fvii) sixthseventh, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Except for any Initial 30% Prepayments, following a Securitization of all or any portion of the Loan any Any prepayments of the Loan in connection with the release of any Individual Property pursuant to Section 2.6.1 2.10 hereof shall be applied to the Components of the Loan as follows: : (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal ​ ​ ​ ​ -46- ​ ​ ​ ​ balance of Component E until reduced to zero, (vi) sixth, to the reduction of the outstanding principal balance of Component E F until reduced to zero and (fvii) sixthseventh, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Any prepayment made prior to a Securitization of the Loan and any prepayment of the Free Prepayment Amount made after a Securitization of the Loan shall be applied to each Component of the Loan on a pro rata, pari passu basis. Notwithstanding the foregoing, during the continuance of any Event of Default, any payment of principal and interest from whatever source may be applied by Lender between the Components in Lender▇▇▇▇▇▇’s sole discretion. Notwithstanding the foregoing, so long as no Event of Default is continuing (i) any Initial 30% Prepayments shall be applied to each Component of the Loan on a pro rata and pari passu basis (including any Initial 30% Prepayments made after a Securitization) and (ii) prior to a Rated Securitization of all or any portion of the Loan, any voluntary prepayment of the principal of the Loan made pursuant to Section 2.4 hereof and/or Section 2.6.1 hereof shall be applied to each Component of the Loan on a pro rata and pari passu basis.

Application of Interest and Prepayments to Components. Provided no Event of Default has occurred and is continuing, payments of interest shall be applied by Lender as Len▇▇▇ ▇▇ follows: (i) first, to the payment of interest then due and payable under Component A; (ii) second, to the payment of interest then due and payable under Component B; (iii) third, to the payment of interest then due and payable under Component C; (iv) fourth, to the payment of interest then due and payable under Component D; (v) fifth, to the payment of interest then due and payable under Component E and E; (vi) sixth, to the payment of interest then due and payable under Component F, and (vii) seventh, to the payment of interest then due and payable under Component HRR. Except for any Initial 30% Prepayment following Such payments of interest applied to Component A, Component B and Component C shall be allocated to the Notes comprising Note A on a Securitization pro rata and pari passu basis and such payments of all or any portion of interest applied to Component D, Component E, Component F and Component HRR shall be allocated to the Loan any Notes comprising Note B on a pro rata and pari passu basis. Any prepayment of the principal of the Loan made pursuant to Section 2.4 2.7(a) hereof shall be applied by Lender as follows: (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero zero, (vi) sixth, to the reduction of the outstanding principal balance of Component F until reduced to zero, and (fvii) sixthseventh, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Except for any Initial 30% PrepaymentsSuch prepayments of principal applied to Component A, following Component B and Component C shall be allocated to the Notes comprising Note A on a Securitization pro rata and pari passu basis and such payments of all or any portion of interest applied to Component D, Component E, Component F and Component HRR shall be allocated to the Loan any Notes comprising Note B on a pro rata and pari passu basis. Any prepayments of the Loan in connection with the release of any Individual Property pursuant to Section 2.6.1 2.10 hereof shall be applied to the Components of the Loan as follows: : (ai) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (bii) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (ciii) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (div) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (ev) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero zero, (vi) sixth, to the reduction of the outstanding principal balance of Component F until reduced to zero, and (fvii) sixthseventh, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Such prepayments of the Loan applied to Component A, Component B and Component C shall be allocated to the Notes comprising Note A on a pro rata and pari passu basis and such payments of interest applied to Component D, Component E, Component F and Component HRR shall be allocated to the Notes comprising Note B on a pro rata and pari passu basis. Notwithstanding the foregoing, during the continuance of any Event of Default, any payment of principal and interest from whatever source may be applied by Lender between the Components in Lender’s Len▇▇▇’▇ sole discretion. Notwithstanding the foregoing, so long as no Event of Default is continuing (i) any Initial 30% Prepayments shall be applied to each Component continuing, all mandatory prepayments of the Loan on a pro rata and pari passu basis (including any Initial 30% Prepayments made after a Securitization) and (ii) prior to a Rated Securitization of all or any portion of the Loan, any voluntary prepayment of the principal of the Loan made pursuant to Section 2.4 hereof and/or Section 2.6.1 hereof 2.7(b) shall be applied to each Component of the Loan on a pro rata and pari passu basis. Additionally, unless an Event of Default is continuing, at any time that any New Mezzanine Loan is outstanding, all voluntary prepayments shall be applied pro rata to the Loan and such New Mezzanine Loan. Each Note A will be represented by Component A, Component B and Component C on a pro rata basis for purposes of all calculations hereunder and each Note B will be represented by Component D, Component E, Component F and Component HRR on a pro rata basis for purposes of all calculations hereunder.

Application of Interest and Prepayments to Components. Provided no Event of Default has occurred and is continuing, payments of interest shall be applied by Lender ▇▇▇▇▇▇ as follows: (i) first, to the payment of interest then due and payable under Component A; (ii) second, to the payment of interest then due and payable under Component B; (iii) third, to the payment of interest then due and payable under Component C; (iv) fourth, to the payment of interest then due and payable under Component D; (v) fifth, to the payment of interest then due and payable under Component E and (vi) sixth, to the payment of interest then due and payable under Component HRR. Except for any Initial 30% Prepayment following a Securitization of all or any portion of the Loan any prepayment of the principal of the Loan made pursuant to Section 2.4 hereof shall be applied by Lender as follows: (a) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (b) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (c) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (d) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (e) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero and (f) sixth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Except for any Initial 30% Prepayments, following a Securitization of all or any portion of the Loan any prepayments of the Loan in connection with the release of any Individual Property pursuant to Section 2.6.1 hereof shall be applied to the Components of the Loan as follows:of (a) first, to the reduction of the outstanding principal balance of Component A until reduced to zero, (b) second, to the reduction of the outstanding principal balance of Component B until reduced to zero, (c) third, to the reduction of the outstanding principal balance of Component C until reduced to zero, (d) fourth, to the reduction of the outstanding principal balance of Component D until reduced to zero, (e) fifth, to the reduction of the outstanding principal balance of Component E until reduced to zero and (f) sixth, to the reduction of the outstanding principal balance of Component HRR until reduced to zero. Notwithstanding the foregoing, during the continuance of any Event of Default, any payment of principal and interest from whatever source may be applied by Lender between the Components in Lender▇▇▇▇▇▇’s sole discretion. Notwithstanding the foregoing, so long as no Event of Default is continuing (i) any Initial 30% Prepayments shall be applied to each Component of the Loan on a pro rata and pari passu basis (including any Initial 30% Prepayments made after a Securitization) and (ii) prior to a Rated Securitization of all or any portion of the Loan, any voluntary prepayment of the principal of the Loan made pursuant to Section 2.4 hereof and/or Section 2.6.1 hereof shall be applied to each Component of the Loan on a pro rata and pari passu basis.