Common use of Payments Prior to an Event of Default Clause in Contracts

Payments Prior to an Event of Default. If no Event of Default shall have occurred and is then continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on the Mortgage Loan (including, without limitation, payments received in connection with any guaranty or indemnity agreement), whether received as a payment of the Monthly Payment Amount, Prepayments, Balloon Payments, Liquidation Proceeds, Penalty Charges, Cure Payments, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain (other than any amounts for required reserves or escrows required by the Mortgage Loan Documents and proceeds, awards or settlements to be applied to the restoration or repair of a Mortgaged Property or released to the Mortgage Loan Borrower in accordance with Accepted Servicing Practices or the Mortgage Loan Documents) shall be distributed by the Servicer, pursuant to and in accordance with the Lead Securitization Servicing Agreement, to the A Notes and Note B on a pro rata and pari passu basis, based on the outstanding principal amount due under each such Note; provided that all amounts so applied shall first be applied to payments of interest on the A Notes and Note B (on a pro rata basis), then to payments of principal on the A Notes and Note B (on a pro rata, pari passu basis); provided, further, that with respect to all amounts collected by or on behalf of the Lead Securitization Trust in respect of Insurance Proceeds or Condemnation Proceeds, such amounts shall be applied first (A) to pay the Note A Holders on a pro rata, pari passu basis among such A Notes until repaid in full, and then (B) to pay the Note B Holder in respect of Note B until repaid in full.

Payments Prior to an Event of Default. If no Event of Default shall have occurred and is then continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on the Mortgage Loan (including, without limitation, payments received in connection with any guaranty or indemnity agreement), whether received as a payment of the Monthly Debt Service Payment Amount, Prepayments, Balloon Payments, Liquidation Proceeds, Penalty Charges, Cure Payments, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain (other than any amounts for required reserves or escrows required by the Mortgage Loan Documents and proceeds, awards or settlements to be applied to the restoration or repair of a Mortgaged Property or released to the Mortgage Loan Borrower in accordance with Accepted Servicing Practices or the Mortgage Loan Documents) shall be distributed by the Servicer, pursuant to and in accordance with the Lead Securitization Servicing Agreement, to the A Notes and Note B on a pro rata and pari passu basis, based on the outstanding principal amount due under each such Note; provided that all amounts so applied shall first be applied to payments of interest on the A Notes and Note B (on a pro rata basis), then to payments of principal on the A Notes and Note B (on a pro rata, pari passu basis); provided, further, that with respect to all amounts collected by or on behalf of the Lead Securitization Trust in respect of Insurance Proceeds or Condemnation Proceeds, such amounts shall be applied first (A) to pay the Note A Holders on a pro rata, pari passu basis among such A Notes until repaid in full, and then (B) to pay the Note B Holder in respect of Note B until repaid in full.

Payments Prior to an Event of Default. If no Event of Default shall have occurred and is then continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on the Mortgage Loan (including, without limitation, payments received in connection with any guaranty or indemnity agreement), whether received as a payment of the Monthly Debt Service Payment Amount, Prepayments, Balloon Payments, Liquidation Proceeds, Penalty Charges, Cure Payments, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain (other than any amounts for required reserves or escrows required by the Mortgage Loan Documents and proceeds, awards or settlements to be applied to the restoration or repair of a Mortgaged Property or released to the Mortgage Loan Borrower in accordance with Accepted Servicing Practices or the Mortgage Loan Documents) shall be distributed by the Servicer, pursuant to and in accordance with the Lead Securitization Servicing Agreement, to the A Notes and Note B on a pro rata and pari passu basis, based on the outstanding principal amount due under each such Note, and that all such payments of principal and interest allocated to the A Notes shall be applied to Note X-0, Xxxx X-0 and Note A-3 on a pro rata, pari passu basis; provided that all amounts so applied shall first be applied to payments of interest on the A Notes and Note B (on a pro rata basis), then to payments of principal on the A Notes and Note B (on a pro rata, pari passu basis); provided, further, that with respect to all amounts collected by or on behalf of the Lead Securitization Trust in respect of Insurance Proceeds or Condemnation Proceeds, Proceeds such amounts shall be applied first (A) to pay the Note A Holders on a pro rata, pari passu basis among such A Notes until repaid in full, and then (B) to pay the Note B Holder in respect of Note B until repaid in full.

Payments Prior to an Event of Default. If no Event of Default shall have occurred and is then continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on the Mortgage Loan (including, without limitation, payments received in connection with any guaranty or indemnity agreement), whether received as a payment of the Monthly Debt Service Payment Amount, Prepayments, Balloon Payments, Liquidation Proceeds, Penalty Charges, Cure Payments, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain (other than any amounts for required reserves or escrows required by the Mortgage Loan Documents and proceeds, awards or settlements to be applied to the restoration or repair of a Mortgaged Property or released to the Mortgage Loan Borrower in accordance with Accepted Servicing Practices or the Mortgage Loan Documents) shall be distributed by the Servicer, pursuant to and in accordance with the Lead Securitization Servicing Agreement, to the A Notes and Note B on a pro rata and pari passu basispassu, based on the outstanding principal amount due under each such Note; provided that all amounts so applied such payments of principal and interest allocated to the A Notes shall first be applied to Note A-1 and Note A-2 on a pro rata, pari passu basis (first to payments of interest on the A Notes and Note B (on a pro rata basis), then to payments of principal on the A Notes and Note B (on a pro rata, pari passu basis); provided, further, that with respect to all amounts collected by or on behalf of the Lead Securitization Trust in respect of Insurance Proceeds or Condemnation Proceeds, such amounts shall be applied first (A) to pay the Note A Holders on a pro rata, pari passu basis among such A Notes until repaid in full, and then (B) to pay the Note B Holder in respect of Note B until repaid in full).

Payments Prior to an Event of Default. If no Event of Default shall have occurred and is then continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on the Mortgage Loan (including, without limitation, payments received in connection with any guaranty or indemnity agreement), whether received as a payment of the Monthly Debt Service Payment Amount, Prepayments, Balloon Payments, Liquidation Proceeds, Penalty Charges, Cure Payments, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain (other than any amounts for required reserves or escrows required by the Mortgage Loan Documents and proceeds, awards or settlements to be applied to the restoration or repair of a Mortgaged Property or released to the Mortgage Loan Borrower in accordance with Accepted Servicing Practices or the Mortgage Loan Documents) shall be distributed by the Servicer, pursuant to and in accordance with the Lead Securitization Servicing Agreement, to the A Notes and Note B on a pro rata and pari passu basis, based on the outstanding principal amount due under each such Note, and that all such payments of principal and interest allocated to the A Notes shall be applied to Note A-0, Xxxx X-0 and Note A-3 on a pro rata, pari passu basis; provided that all amounts so applied shall first be applied to payments of interest on the A Notes and Note B (on a pro rata basis), then to payments of principal on the A Notes and Note B (on a pro rata, pari passu basis); provided, further, that with respect to all amounts collected by or on behalf of the Lead Securitization Trust in respect of Insurance Proceeds or Condemnation Proceeds, Proceeds such amounts shall be applied first (A) to pay the Note A Holders on a pro rata, pari passu basis among such A Notes until repaid in full, and then (B) to pay the Note B Holder in respect of Note B until repaid in full.