Common use of Priority of Notes Clause in Contracts

Priority of Notes. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, 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, shall be distributed by the Servicer and applied to the Notes on a Pro Rata and Pari Passu Basis. For clarification purposes, “Penalty Charges” (or analogous term as defined in the Lead Securitization Servicing Agreement) paid on each Note shall first, be applied to pay, on a pro rata basis, the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be applied to pay the amount necessary to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third, be applied to pay, on a pro rata basis, the amount necessary to pay additional trust fund expenses under the Lead Securitization Servicing Agreement (other than Special Servicing Fees, Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, with respect to any remaining amount of Penalty Charges, (x) prior to the securitization of the Lead Note or at any time the Mortgage Loan is not being serviced pursuant to a Securitization Servicing Agreement, pro rata to each Holder, and (y) following the securitization of the Lead Note, entirely to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement. Upon the occurrence of the Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Holder from the sale of master servicing rights with respect to its Note shall be for its own account.

Priority of Notes. Each Note The Notes shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, 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, domain shall be distributed by the Master Servicer and applied to the Notes on a Pro Rata and Pari Passu Basis. For clarification purposes, “The Servicing Agreement shall provide for the application of Penalty Charges” Charges paid in respect of the Mortgage Loan to be used to (or analogous term as defined in the Lead Securitization Servicing Agreementi) paid on each Note shall first, be applied to pay, on a pro rata basis, the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Property Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing AgreementProperty Advances, second, be applied to (ii) pay the amount necessary parties to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, any Securitization for any interest accrued on any P&I Advance made with respect to such Note by such party Advance, (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third, be applied to pay, on a pro rata basis, the amount necessary to iii) pay additional trust fund certain other expenses under the Lead Securitization Servicing Agreement (other than Special Servicing Fees, Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, with respect to any remaining amount of Penalty Charges, (x) prior to the securitization of the Lead Note or at any time the Mortgage Loan is not being serviced pursuant to a Securitization Servicing Agreement, pro rata to each Holder, and (yiv) following the securitization of the Lead Note, entirely pay to the Master Servicer and/or the Special Servicer as additional servicing compensation compensation, except that, for so long as provided any Note is not included in a Securitization, any Penalty Charges allocated to such Note that are not applied pursuant to clause (i)-(iii) above shall be remitted to the Lead Securitization Servicing Agreementrespective Holder and shall not be paid to the Master Servicer and/or the Special Servicer without the express consent of such Holder. Upon the occurrence of the Note A-1A Securitization and any other Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account.

Priority of Notes. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, 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, shall be distributed by the Servicer and applied to the Notes on a Pro Rata and Pari Passu Basis. For clarification purposes, “The Servicing Agreement shall provide for the application of Penalty Charges” Charges paid in respect of the Mortgage Loan to be used (or analogous term as defined in the Lead Securitization Servicing Agreementi) paid on each Note shall first, be applied to pay, on a pro rata basis, the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Property Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing AgreementProperty Advances, second, be applied (ii) to pay the amount necessary parties to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, any Securitization for any interest accrued on any P&I Advance made with respect to such Note by such party Advance, (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third, be applied to pay, on a pro rata basis, the amount necessary iii) to pay additional trust fund certain other expenses under the Lead Securitization Servicing Agreement (other than Special Servicing Fees, Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, with respect to any remaining amount of Penalty Charges, (x) prior to the securitization of the Lead Note or at any time the Mortgage Loan is not being serviced pursuant to a Securitization Servicing Agreement, pro rata to each Holder, and (yiv) following the securitization of the Lead Note, entirely to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation compensation, except that, for so long as provided a Note is not included in a Securitization, any Penalty Charges allocated to such Note that are not applied pursuant to clauses (i) through (iii) above shall be remitted to the Lead Securitization Servicing Agreementrespective Holder and shall not be paid to the Master Servicer and/or the Special Servicer without the express consent of such Holder. Upon the occurrence of the Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Holders on a Pro Rata and Pari Passu Basis. Any Upon the occurrence of the final Securitization, the aggregate proceeds received by any Holder from the sale of the master servicing rights in each respective Securitization with respect to its Note the applicable Note(s) being securitized shall be for allocated to the Holders on a Pro Rata and Pari Passu Basis, and a net payment shall be made from any Holder that has received proceeds in excess of, to any Holder that has received less than, its own accountallocable share of such proceeds.

Priority of Notes. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, 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, shall be distributed by the Servicer and applied to the Notes on a Pro Rata and Pari Passu Basis. For clarification purposes, “The Servicing Agreement shall provide for the application of Penalty Charges” Charges paid in respect of the Mortgage Loan to be used (or analogous term as defined in the Lead Securitization Servicing Agreementi) paid on each Note shall first, be applied to pay, on a pro rata basis, the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Property Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing AgreementProperty Advances, second, be applied (ii) to pay the amount necessary parties to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, any Securitization for any interest accrued on any P&I Advance made with respect to such Note by such party Advance, (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third, be applied to pay, on a pro rata basis, the amount necessary iii) to pay additional trust fund certain other expenses under the Lead Securitization Servicing Agreement (other than Special Servicing Fees, Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, with respect to any remaining amount of Penalty Charges, (x) prior to the securitization of the Lead Note or at any time the Mortgage Loan is not being serviced pursuant to a Securitization Servicing Agreement, pro rata to each Holder, and (yiv) following the securitization of the Lead Note, entirely to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation compensation, except that, for so long as provided a Note is not included in a Securitization, any Penalty Charges allocated to such Note that are not applied pursuant to clauses (i) through (iii) above shall be remitted to the Lead Securitization Servicing Agreementrespective Holder and shall not be paid to the Master Servicer and/or the Special Servicer without the express consent of such Holder. Upon the occurrence of the Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any either Holder from the sale of master servicing rights with respect to its Note shall be for its own account.