Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees: (i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be; (ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and (iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan. (b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges). (c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement: (i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination; (ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder; (iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and (iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 24 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C26)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan Loan(s) in such Serviced Loan Combination (or, in the case of a Serviced A/B Loan Combination, allocated between the related Serviced Mortgage Loan and the related Serviced Subordinate Companion Loan according to the related Intercreditor Agreement);
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion LoanLoan(s) (or, in the case of a Serviced A/B Loan Combination, allocated between the related Serviced Mortgage Loan and the related Serviced Subordinate Companion Loan according to the related Intercreditor Agreement); and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”): (A) in the case of a Serviced Pari Passu Loan Combination, on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan; and (B) in the case of a Serviced A/B Loan Combination, to the Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
Appears in 9 contracts
Sources: Pooling and Servicing Agreement (COMM 2015-Lc19 Mortgage Trust), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C28), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C29)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc18), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C25)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, ; to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2011-C5), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C6), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C6)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, ; to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any the Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related the Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any Serviced Pooled Mortgage Loan included in a Serviced Mortgage Loan CombinationGroup that includes one or more Serviced Non-Pooled Pari Passu Companion Loans) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Mortgage Loan Group Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Pooled Mortgage Loan included in a Serviced Mortgage Loan Combination Group that includes one or more one or more Serviced Non-Pooled Pari Passu Companion Loans (or any related successor REO Pooled Mortgage Loan Loan) or to the related holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Mortgage Loan Combination Group, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Mortgage Loan Group Intercreditor Agreement:
(i) : first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Mortgage Loan Combination Group or any related REO Property allocated that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loan Loans in such Serviced Mortgage Loan Combination;
(iiGroup) to such Mortgage Loan; second, either (x) in the case of the Pooled Mortgage Loan in such Serviced Mortgage Loan CombinationGroup, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Pooled Mortgage Loan or (y) in the case of any the Serviced Non-Pooled Pari Passu Companion Loan in such Serviced Mortgage Loan CombinationGroup, to pay to one or more designees of the related Serviced Pari Passu Companion holder of such Mortgage Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of the holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder;
(iii) Loans; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Advance Interest paid to the Trustee, the applicable Master Servicer or the Special Servicer since the Closing Date with respect to Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Advances made with respect to such Serviced Mortgage Loan Combination Group and any related REO Property, allocated Property that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group) to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and
(iv) fourth, either (x) in the case of the Pooled Mortgage Loan in such Mortgage Loan Group, to reimburse the Trust for any Advance Interest paid to the Trustee or the applicable Master Servicer since the Closing Date with respect to P&I Advances made thereby with respect to such Pooled Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group, or (y) in the case of the Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group, to reimburse the holder of such Serviced Non-Pooled Pari Passu Companion Loans or its designee for any interest similar to Advance Interest made for the benefit of the holder of the Serviced Non-Pooled Pari Passu Companion Loans in such Mortgage Loan Group since the Closing Date with respect to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and fifth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Mortgage Loan was Loans therein were not a Specially Serviced Mortgage Loan, or to Loans and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan Group and (ii) to the related Serviced Pari Passu Companion Loan Holder orSpecial Servicer as Additional Special Servicing Compensation, following in an amount equal to the securitization product of the related Serviced Pari Passu Companion Loansuch remaining portion and a fraction, the applicable Master Servicer, numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Serviced Pari Passu Companion Loan was not a Mortgage Loans therein were Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following Loans and the securitization denominator of which is the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanLoan Group.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr11), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr14)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, ; to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu the Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu the Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C7), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C7)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage LoanLoan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that is part of a Serviced Senior/Subordinate Loan Combination (if any), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) that is part of a Serviced Pari Passu Loan Combination (if any), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to application in accordance with Section 3.26(a): first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan (or any successor REO Trust Mortgage Loan with respect thereto), and, if the related Serviced Pari Passu Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto). Any and all amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to being so distributed to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement (which portion of such other expenses is allocable to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement), out of amounts otherwise distributable to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto); provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to any related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) as provided above in this Section 3.26(d). In the case of a Serviced Pari Passu Loan Combination, any and all amounts otherwise distributable with respect to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
Non-Trust Mortgage Loan(s) (iior any successor REO Mortgage Loan(s) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan(s)) as Default Charges on any related Loan or (y) Combination Master Servicer Remittance Date, in accordance with the case of related Co-Lender Agreement, shall be allocated between them, on a pro rata and pari passu basis. If the total amount otherwise distributable on any Serviced Pari Passu Companion subject Loan Combination Master Servicer Remittance Date, in such Serviced Loan Combinationaccordance with the related Co-Lender Agreement, as Default Charges with respect to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Combination Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
Non-Trust Mortgage Loan (iv) fourth, or any successor REO Mortgage Loans with respect to any remaining Default Charges (also “Net Default Charges”such Mortgage Loans) on a pro rata basis: exceeds the aggregate amount of (i) interest on related Servicing Advances payable pursuant to Section 3.26(a) and the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Co-Lender Agreement in accordance with Section 3.26(a) and the prior two paragraphs of this Section 3.26(d), then the respective portions of such total amount allocable to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Non-Trust Mortgage Loan(s) (or any successor REO Mortgage Loan(s) with respect to such Mortgage Loan(s)) that are to be applied for such purpose shall be in the same proportions that the respective unpaid principal balances of the related Serviced Combination Trust Mortgage Loan Holder or, following the securitization of and the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, Non-Trust Mortgage Loan(s) (or any successor REO Mortgage Loan(s) with respect to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or Loan(s)) bear to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2008-C1), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C6), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C2)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, ; to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any the Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related the Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C13), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C13)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any the Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (RBS Commercial Funding Inc.)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") to the extent actually Received by the Trust as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage LoanLoan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Non-Trust Mortgage Loan Combination or any successor REO Mortgage Loan with respect thereto, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the Special Servicer any and all interest on any Servicing Advances made thereby with respect to the applicable Serviced Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, the Trustee and the Master Servicer any and all interest on any P&I Advances made thereby with respect to the related Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto. Any amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to clause first or clause second, as applicable, of the preceding paragraph shall be paid to the Fiscal Agent, the Trustee, the Master Servicer and, if applicable, the Special Servicer, in that order, that portion in each case up to the total amount of interest on any Advance Interest due and owing Advances so payable to such party on outstanding Servicing Advances made thereby in accordance with respect to such Serviced Loan Combination clause first or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) clause second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanas applicable.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and Master Servicer shall be made concurrently on a pro rata and pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional master servicing compensation to the Master Servicer, if such Default Charges (“Net Default Charges”), to or portion thereof comprised of late payment charges) were collected when the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Cki1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Cki1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and the applicable Master Servicer shall be made concurrently on a pro rata and pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (“Net B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges”), in each case as additional master servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while (or portion thereof comprised of late payment charges) were collected when the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the applicable Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2006-C1), Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-2)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage LoanLoan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the a related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Subordinate Non-Trust Mortgage Loan Combination or any successor REO Mortgage Loan with respect thereto that is part of a Serviced A/B Loan Combination, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable with respect to any Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) that is part of a Serviced Pari Passu Loan Combination (if any) as Default Charges on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to application in accordance with Section 3.26(a): first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan (or any successor REO Trust Mortgage Loan with respect thereto), and, if the related Serviced Pari Passu Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto). Any and all amounts otherwise distributable to the holder of the Mortgage Note for any related Serviced Pari Passu Non-Trust Mortgage Loan as Default Charges with respect to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) on any Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to being so distributed to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement (which portion of such other expenses is allocable to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement), out of amounts otherwise distributable to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto); provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to any related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) as provided above in this Section 3.26(d). In the case of a Serviced Pari Passu Loan Combination, any and all amounts otherwise distributable with respect to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Non-Trust Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee (or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby successor REO Mortgage Loans with respect to such Mortgage Loans) as Default Charges on any related Loan or (y) Combination Master Servicer Remittance Date, in accordance with the case of related Co-Lender Agreement, shall be allocated between them, on a pro rata and pari passu basis. If the total amount otherwise distributable on any Serviced Pari Passu Companion subject Loan Combination Master Servicer Remittance Date, in such Serviced Loan Combinationaccordance with the related Co-Lender Agreement, as Default Charges with respect to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Combination Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
Non-Trust Mortgage Loan (iv) fourth, or any successor REO Mortgage Loans with respect to any remaining Default Charges (also “Net Default Charges”such Mortgage Loans) on a pro rata basis: exceeds the aggregate amount of (i) interest on related Servicing Advances payable pursuant to Section 3.26(a) and the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Co-Lender Agreement in accordance with
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C4), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C4)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, ; to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C9), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C9)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any or REO Mortgage Loan included in a Serviced Loan Combination) or the Mortgage Pool (excluding any related REO Mortgage Loan that is part of a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05Loan Group) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such the subject Mortgage Loan or REO Mortgage Loan, as Loan and reimbursed in the case may be;
(ii) secondrelated Collection Period; Second, to reimburse the Trust Fund for pay any Advance Interest paid to the Trusteeother outstanding expenses (exclusive of Special Servicing Fees, the applicable Master Servicer or the applicable Special Servicer following the Closing Date Liquidation Fees and Workout Fees) incurred with respect to such the subject Mortgage Loan or REO Mortgage LoanLoan and that, as the case may be, which interest was if paid from a source other than Default Charges collected with respect to the subject Mortgage Loan, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust for any interest on such Advances paid to the Trustee, the Master Servicer or the Special Servicer in the preceding twelve months with respect to the subject Mortgage Loan or REO Mortgage Loan, as which payment was made from a source other than Default Charges and not previously reimbursed under this clause Third; Fourth, to reimburse the case may be; and
Trust for any other Additional Trust Fund Expenses (iiiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) third, paid in the preceding twelve months with respect to the subject Mortgage Loan or REO Mortgage Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth; and Fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was not in respect of a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Distribution Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause First of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause Second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination Group or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination Group or any related REO Property allocated pro rata according to the respective outstanding principal balances of Loan or the related Mortgage Loan Group Mortgaged Property and reimbursed in the related Serviced Pari Passu Companion Loan Collection Period (to be applied with respect to any particular party in such Serviced Loan Combination;
(ii) second, either (x) in manner that the case of interest that accrued first and has been outstanding the Mortgage Loan in such Serviced Loan Combinationlongest shall be paid first); Second, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding P&I Advances made thereby with respect to such Mortgage Loan Group or REO Loan or (y) the related Loan Group Mortgaged Property and reimbursed in the case of related Collection Period (to be applied with respect to any Serviced Pari Passu Companion Loan particular party in such Serviced Loan Combinationmanner that the interest that accrued first and has been outstanding the longest shall be paid first); Third, to pay to one or more designees any other outstanding expenses (exclusive of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Liquidation Fees and Liquidation Workout Fees) incurred with respect to such Serviced Loan Combination and any related Group or REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththat, if paid from a source other than such Default Charges collected with respect to such Loan Group, would constitute Additional Trust Fund Expenses; Fourth, to reimburse the Trust or any Companion Loan Noteholder for any interest on Advances paid to the Trustee, the Master Servicer or the Special Servicer in the preceding twelve months with respect to such Loan Group or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth or clause Third under Section 3.27(a); Fifth, to reimburse the Trust or any Companion Loan Noteholder for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid in the preceding twelve months with respect to such Loan Group or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fifth or clause Fourth under Section 3.27(a); and Sixth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2006-Gg7), Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan or REO Mortgage Loan in the Mortgage Pool (other than excluding any Mortgage Loan included in that is part of a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such the subject Mortgage Loan or REO Mortgage Loan, as Loan and reimbursed in the case may be;
(ii) secondrelated Collection Period; Second, to reimburse the Trust Fund for pay any Advance Interest paid to the Trusteeother outstanding expenses (exclusive of Special Servicing Fees, the applicable Master Servicer or the applicable Special Servicer following the Closing Date Liquidation Fees and Workout Fees) incurred with respect to such the subject Mortgage Loan or REO Mortgage LoanLoan and that, as the case may be, which interest was if paid from a source other than Default Charges collected with respect to the subject Mortgage Loan, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust for any interest on such Advances paid to the Trustee, the Master Servicer or the Special Servicer in the preceding twelve (12) months with respect to the subject Mortgage Loan or REO Mortgage Loan, as which payment was made from a source other than Default Charges and not previously reimbursed under this clause Third; Fourth, to reimburse the case may be; and
Trust for any other Additional Trust Fund Expenses (iiiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) third, paid in the preceding twelve (12) months with respect to the subject Mortgage Loan or REO Mortgage Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth; and Fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was not in respect of a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(a) 3.27(a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Distribution Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any Serviced REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause First of Section 3.27(a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause Second of Section 3.27(a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of Loan or the related Mortgage Loan Combination Mortgaged Property and reimbursed in the related Serviced Pari Passu Companion Loan Collection Period (to be applied with respect to any particular party in such Serviced Loan Combination;
(ii) second, either (x) in manner that the case of interest that accrued first and has been outstanding the Mortgage Loan in such Serviced Loan Combinationlongest shall be paid first); Second, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding P&I Advances made thereby with respect to such Mortgage Loan Combination or REO Loan or (y) the related Loan Combination Mortgaged Property and reimbursed in the case of related Collection Period (to be applied with respect to any Serviced Pari Passu Companion Loan particular party in such Serviced Loan Combinationmanner that the interest that accrued first and has been outstanding the longest shall be paid first); Third, to pay to one or more designees any other outstanding expenses (exclusive of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Liquidation Fees and Liquidation Workout Fees) incurred with respect to such Serviced Loan Combination and any related or REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththat, if paid from a source other than such Default Charges collected with respect to such Loan Combination, would constitute Additional Trust Fund Expenses; Fourth, to reimburse the Trust or any Companion Loan Noteholder for any interest on Advances paid to the Trustee, the Master Servicer or the Special Servicer in the preceding twelve months with respect to such Loan Combination or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth or clause Third under Section 3.27(a); Fifth, to reimburse the Trust or any Companion Loan Noteholder for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid in the preceding twelve months with respect to such Loan Combination or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fifth or clause Fourth under Section 3.27(a); and Sixth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C2), Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense (exclusive of Special Servicing Fees, Workout Fees and Principal Recovery Fees) incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense (exclusive of Special Servicing Fees, Workout Fees and Principal Recovery Fees) paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay any remaining portion of such Default Charges (“Net Default Charges”), as additional master servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while were collected when the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as additional special servicing compensation to the applicable Special Servicer; provided, however, that any Default Charges that are actually received with respect to the extent that such Net Default Charges accrued while Great Mall Loan Pair shall be applied for the related purposes and in the order specified in clauses first through seventh, and each reference to a Mortgage Loan was a Specially Serviced Mortgage Loanor REO Loan contained in such clauses first through seventh shall be deemed to refer to the Great Mall Loan Pair.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Principal Recovery Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Principal Recovery Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to in the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan Pool during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool and reimbursed in the related Collection Period; Second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool and that, if paid from a source other than such Default Charges, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer in the preceding twelve months with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool, which payment was made from a source other than Default Charges and not previously reimbursed under this clause third; Fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid in the preceding twelve months with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool, which payment was made from a source other than Default Charges and not previously reimbursed under this clause fourth; and Fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, to the extent received, if they were accrued in respect of a Performing Serviced Mortgage Loan, or as additional special servicing compensation to the Special Servicer, to the extent received, if they were accrued in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to any Trust Mortgage Loans (other than the Windsor Capital Portfolio Trust Loan) during any Collection Period (as allocable thereto pursuant to the related loan agreement) shall be applied for the following purpose, prior to being applied in accordance with clauses first through fifth above, in each case to the extent of the remaining portion of such Default Charges: to pay the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer, in that order, any interest due and owing to such party on any outstanding Servicing Advance made thereby with respect to the related Loan Pair or the related Loan Pair Mortgaged Property and/or any outstanding P&I Advance made thereby with respect to such Mortgage Loan or any successor REO Mortgage LoanLoan with respect thereto, as the which Advance was reimbursed in such Collection Period, but in each case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid only to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date extent that Default Charges collected with respect to such Mortgage Loan or REO Mortgage LoanCompanion Loans and applied pursuant to clause first of subsection (c) below are insufficient for such purpose; and provided further, as the case may be, which interest was paid from a source other than that no Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining the U.S. Bank Tower Trust Loan, 1801 K Street Trust Loan, 237 Park Avenue Trust Loan or the Wells Fargo Tower Trust Loan may be a▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇nterest on outstand▇▇▇ ▇&I Advances made with respect to the U.S. Bank Tower Pari Passu Companion Loan, 1801 K Street Pari Passu Companion Loan, 237 Park Avenue Pari Passu Companion Loans or the Wells Fargo Tower Pari Passu Companion Loans (such reimbursement to be ▇▇▇▇ solely from Default Charges (“Net Default Charges”collected with respect to such Companion Loan(s), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan).
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth, of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Distribution Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause first of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth, of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to any Loan Pair (other than the Trust as Windsor Capital Portfolio Companion Loans, which are being serviced under the holder of any Mortgage Loan included in a Serviced Loan Combination 2003-C1 PSA) or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu loan agreement), shall first, be allocated among the related Trust Mortgage Loans and Companion Loan Holder as Loans (but not distributed) in accordance with the terms of the related Co-Lender Agreement without giving effect to any limitation set forth in such Co-Lender Agreement regarding the portion of any Default Charges with respect Interest to such Serviced Loan Combination be retained by the Master Servicer, Trustee or Fiscal Agent, and second, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination Pair or any related REO Property allocated pro rata according to the respective outstanding principal balances of Loan or the related Mortgage Loan Pair Mortgaged Property and reimbursed in the related Serviced Pari Passu Companion Loan Collection Period (to be applied with respect to any particular party in such Serviced Loan Combination;
(ii) second, either (x) in manner that the case of interest that accrued first and has been outstanding the Mortgage Loan in such Serviced Loan Combinationlongest shall be paid first); Second, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on other outstanding P&I Advances made thereby with respect to such Mortgage Loan or expenses (y) in the case exclusive of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Liquidation Fees and Liquidation Workout Fees) incurred with respect to such Serviced Loan Combination Pair or REO Loan and that, if paid from a source other than such Default Charges, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust or any related REO Property, allocated pro rata according Companion Loan Noteholder for any interest on Advances paid to the respective outstanding principal balances of Fiscal Agent, the related Mortgage Loan and Trustee, the related Serviced Pari Passu Companion Loan; and
(iv) fourth, Master Servicer or the Special Servicer in the preceding twelve months with respect to such Loan Pair or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause third or clause third under Section 3.27(a); Fourth, to reimburse the Trust or any Companion Loan Noteholder for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid in the preceding twelve months with respect to such Loan Pair or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause fourth or clause fourth under Section 3.27(a); and Fifth, to pay any remaining portion of such Default Charges (also “in the case of the Independent Square Loan Pair, net of any amount of such Default Charges allocable to the Independent Square Subordinate Companion Loan) (such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Greenwich Capital Comm Mort Pass THR Certs Ser 2003-C2), Pooling and Servicing Agreement (Greenwich Capital Comm Mort Pass THR Certs Ser 2003-C2)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of Subject to the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net terms of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) , any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled the Mortgage Loan or successor REO Mortgage Loan during any Collection Period Pool, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay the Special Servicer for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage Pool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; fifth, to pay the Master Servicer for Servicing Advances made for the cost of an inspection made on a Loan other than a Specially Serviced Loan; and sixth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Serviced Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any Subject to the terms of any applicable Intercreditor Agreement, any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in related to a Serviced Whole Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to the extent permitted be paid to any Companion Loan Holder under the related any Intercreditor Agreement and/or this Agreement:
(i) : first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on any outstanding P&I Servicing Advances made thereby with respect to such Mortgage any Loan or REO Loan in such Serviced Whole Loan or the related REO Mortgaged Property and reimbursed in the related Collection Period (y) to be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); second, to pay to the Trustee and, in the case of a Serviced Whole Loan, any trustee under a securitization of such Companion Loan, pro rata; the Master Servicer and, in the case of a Serviced Whole Loan with a Pari Passu Companion Loan, any master servicer under a securitization of such Companion Loan, pro rata; or the Special Servicer and, in the case of a Serviced Whole Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced with a Pari Passu Companion Loan Holder Loan, any special servicer under a securitization of such Companion Loan, pro rata; in that order, any interest similar to Advance Interest due and owing to such designee party on any outstanding P&I Advances (or comparable debt service advances advances) made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththereby, with respect to any Loan or REO Loan in such Serviced Whole Loan or the related REO Mortgaged Property and reimbursed in the related Collection Period (to be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and third, to pay any remaining portion of such Default Charges (also “Net Default Charges”) on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or a REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2007-5), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2007-3)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
(iii) third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges Received by the Trust, if they were accrued while the related in respect of an Outside Serviced Trust Mortgage Loan was not or a Specially Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges Received by the Trust, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to a Serviced Loan Combination, Default Charges that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the items set forth in clauses first through fourth above only to the extent that such item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Non-Trust Mortgage Loan Noteholder as Default Charges with respect to a related Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Non-Trust Mortgage Loan Noteholder with respect to a related Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Non-Trust Mortgage Loan Combination or any successor REO Mortgage Loan with respect thereto, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the Special Servicer any and all interest on any Servicing Advances made thereby with respect to the applicable Serviced Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, the Trustee and the Master Servicer any and all interest on any P&I Advances made thereby with respect to the related Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto; provided that, in the case of the 757 Third Avenue Non-Trust Mortgage Loans or any successor REO Mor▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ respect thereto, related Default Charges shall be applied as set forth above based on the priorities contemplated by the related Co-Lender Agreement. Any amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to clause first or clause second, as applicable, of the preceding paragraph shall be paid to the Fiscal Agent, the Trustee, the Master Servicer and, if applicable, the Special Servicer, in that order, that portion in each case up to the total amount of interest on any Advance Interest due and owing Advances so payable to such party on outstanding Servicing Advances made thereby in accordance with respect to such Serviced Loan Combination clause first or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) clause second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanas applicable.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C8), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C8)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage LoanLoan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Note B Non-Trust Mortgage Loan Combination or any successor REO Mortgage Loan with respect thereto, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced A/B Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such Serviced Loan Combination;
(ii) manner that the earliest accrued interest shall be paid first); second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to any Fiscal Agent, to the Trustee or and to the applicable Master Servicer, in that order, any Advance Interest due and owing to such party all interest on outstanding any P&I Advances made thereby with respect to such the related Serviced Note A Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (ysuch amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Note B Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note B Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) as Default Charges on any related Loan Combination Master Servicer Remittance Date, in accordance with the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of any Serviced Pari Passu Companion Loan the remaining portion of such amounts and to the extent permitted under the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement, prior to application in such Serviced Loan Combinationaccordance with Section 3.26(a): first, to pay to one or more designees of any Fiscal Agent, the related Serviced Pari Passu Companion Loan Holder Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest similar to Advance Interest due and owing to such designee on any debt service advances Servicing Advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Loan Combination and or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Trust Mortgage Loan (or any successor REO Trust Mortgage Loan with respect thereto), and, if the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note B Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto). Any and all amounts otherwise distributable to the holder of the Mortgage Note for the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan as Default Charges with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) on any Loan Combination Master Servicer Remittance Date, in accordance with the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement, prior to being so distributed to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement (which portion of such other expenses is allocable to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Co-Lender Agreement), out of amounts otherwise distributable to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto); provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note B Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) as provided above in this Section 3.26(d). Any and all amounts otherwise distributable with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Trust Mortgage Loan and the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loans with respect to such ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Mortgage Loans) as Default Charges on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be allocated between them, on a pro rata according and pari passu basis. If the total amount otherwise distributable on any subject Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, as Default Charges with respect to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Trust Mortgage Loan and the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loans with respect to such ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Mortgage Loans) exceeds the aggregate amount of (i) interest on related Servicing Advances payable pursuant to Section 3.26(a) and the prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Co-Lender Agreement in accordance with Section 3.26(a) and the prior two paragraphs of this Section 3.26(d), then the respective outstanding portions of such total amount allocable to the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Trust Mortgage Loan and the ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (or any successor REO Mortgage Loans with respect to such ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Mortgage Loans) that are to be applied for such purpose shall be in the same proportions that the respective unpaid principal balances of the related ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Note A-2 Non-Trust Mortgage Loan (iv) fourth, or any successor REO Mortgage Loans with respect to any remaining Default Charges (also “Net Default Charges”such ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Mortgage Loans) on a pro rata basis: (i) bear to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C1), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan or Trust Subordinate Companion Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan, the related Trust Subordinate Companion Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan and the Trust Subordinate Companion Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or Trust Subordinate Companion Loan, as applicable, or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan, and then to the Trust Subordinate Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan and/or Trust Subordinate Companion Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C25), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C24)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan Loan(s) in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion LoanLoan(s); and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Nxs1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any or REO Pooled Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor AgreementServicer) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a any Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”"), in accordance with Section 3.11, as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, Servicer or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loanas applicable.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.27(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Pwr3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay the Special Servicer for Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage LoanPool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; and fifth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in a Serviced Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to the extent permitted be paid to any Companion Loan Noteholder under the related Intercreditor any Co-Lender Agreement and/or this Agreement:
(i) first: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion or REO Loan in such Serviced Loan Combination;
(ii) second, either (x) Pair or the related REO Mortgaged Property and reimbursed in the case of the Mortgage Loan in such Serviced Loan Combination, related Collection Period (to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and Second, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Serviced Mortgage Performing Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mort. Pass Thr. Certs SER 2004-3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any the Marquis Apartments Pooled Mortgage Loan included at any time when the Marquis Apartments Non-Pooled Mortgage Loan is pari passu in a Serviced right of payment with such Pooled Mortgage Loan, other than the Plaza La Cienega Pooled Mortgage Loan Combinationat any time when the Plaza La Cienega Non-Pooled Mortgage Loan is pari passu in right of payment with such Pooled Mortgage Loan and other than the Garden State Pavilion Pooled Mortgage Loan at any time when the Marquis Apartments Non-Pooled Mortgage Loan is pari passu in right of payment with such Pooled Mortgage Loan) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Mortgage Loan Group Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.29) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.29) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.29) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.29) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.29(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.29(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any At any time when the Marquis Apartments Non-Pooled Mortgage Loan is pari passu in right of payment with the Marquis Apartments Pooled Mortgage Loan, the Plaza La Cienega Non-Pooled Mortgage Loan is pari passu in right of payment with the La Cienega Pooled Mortgage Loan or the Garden State Pavilion Non-Pooled Mortgage Loan is pari passu in right of payment with the Garden State Pavilion Pooled Mortgage Loan, as the case may be, any and all amounts otherwise distributable to the Trust as the holder of any such Pooled Mortgage Loan included in a Serviced Loan Combination (or any related successor REO Pooled Mortgage Loan Loan) or to the related Serviced Pari Passu Companion holder of such Non-Pooled Mortgage Loan Holder as Default Charges with respect to such Serviced the Marquis Apartments Loan Combination Group, the Plaza La Cienega Loan Group or the Garden State Pavilion Loan Group, as applicable, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Mortgage Loan Group Intercreditor Agreement:
(i) : first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination Group or any related REO Property allocated that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan Loans in such Serviced Loan Combination;
(iiGroup) to such Mortgage Loan; second, either (x) in the case of the Pooled Mortgage Loan in such Serviced Loan CombinationGroup, to pay to the Fiscal Agent, the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Pooled Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion the Non-Pooled Mortgage Loan in such Serviced Loan CombinationGroup, to pay to one or more designees of the related Serviced Pari Passu Companion holder of such Mortgage Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of the holder of such Serviced Pari Passu Companion Loan Holder;
(iii) Non-Pooled Mortgage Loan; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the Special Servicer since the Closing Date with respect to Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Advances made with respect to such Serviced Loan Combination Group and any related REO Property, allocated Property that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Mortgage Loans in such Serviced Loan Group) to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Loan Group; fourth, either (x) in the case of the Pooled Mortgage Loan and in such Mortgage Loan Group, to reimburse the related Serviced Pari Passu Companion Loan; and
(iv) fourthTrust for any Advance Interest paid to the Fiscal Agent, the Trustee or the applicable Master Servicer since the Closing Date with respect to P&I Advances made thereby with respect to such Pooled Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Loan Group, or (y) in the case of the Non-Pooled Mortgage Loan in such Serviced Loan Group, to reimburse the holder of such Mortgage Loan or its designee for any interest similar to Advance Interest made for the benefit of the holder of the Non-Pooled Mortgage Loan in such Mortgage Loan Group since the Closing Date with respect to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Loan Group; and fifth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.29) accrued on such Net Default Charges accrued Serviced Loan Group while the related Mortgage Loan was Loans therein were not a Specially Serviced Mortgage Loan, or to Loans and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.29) theretofore accrued on such Net Default Charges accrued while the related Mortgage Serviced Loan was a Specially Serviced Mortgage Loan Group and (ii) to the related Serviced Pari Passu Companion Loan Holder orSpecial Servicer as Additional Special Servicing Compensation, following in an amount equal to the securitization product of the related Serviced Pari Passu Companion Loansuch remaining portion and a fraction, the applicable Master Servicer, numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.29) accrued on such Net Default Charges accrued Serviced Loan Group while the related Serviced Pari Passu Companion Loan was not a Mortgage Loans therein were Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following Loans and the securitization denominator of which is the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.29) theretofore accrued on such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanGroup.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan or REO Loan (other than any but, in the case of the Outside Serviced Trust Mortgage Loan included in a Serviced Loan Combination) or any related successor Trust REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (with respect thereto, only to the extent of the Default Charges, if any, remitted to the applicable Master Servicer by Trust in accordance with the Outside Servicing Agreement and/or the related NonLoan Combination Co-Trust Master Servicer and, in any event, subject to the related Intercreditor Lender Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second; second to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; third, to reimburse pay the Trust Fund appropriate party for any Advance Interest paid to other outstanding expense (exclusive, in the Trusteecase of a Specially Serviced Mortgage Loan or REO Loan, the applicable Master Servicer or the applicable of Special Servicer following the Closing Date Servicing Fees, Principal Recovery Fees and Workout Fees) incurred thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was expense, if not paid from a source other than out of Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
and fourth, to pay (iiiA) thirdif such Mortgage Loan is a Non-Trust Loan, with respect to any remaining portion of such Default Charges that is comprised of late payment charges and (“Net B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges”), in each case as additional master servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while (or portion thereof comprised of late payment charges) were collected when the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Co-Lender Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-9)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second; Second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; Third, to pay any other outstanding expense incurred with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, that, if not paid from Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
(iii) thirdFourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, and previously paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; and Fifth, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while the related Mortgage Loan was not were collected with respect to a Specially Serviced Performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second Second or clause Fourth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second Second or clause Fourth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse Commercial Mortgage Trust Series 2006-C3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer Servicers or the applicable Special ServicerServicers, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to any Fiscal Agent, the Trustee, the applicable Master Servicer Servicers or the applicable Special Servicer following Servicers since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the applicable Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the applicable Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) incurred thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and seventh, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while were collected when the related Mortgage Loan loan was not a Specially Serviced Performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest Interest, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest Interest, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mor Sec Corp Com Cer Ser 2003-C3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of collected and deposited in the Trust Pool Custodial Account with respect to any Serviced Trust Mortgage Loan or REO Trust Mortgage Loan (other than any but, in the case of the GIC Office Trust Mortgage Loan included in a Serviced Loan Combination) or any related GIC Office REO Trust Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (Loan, only to the extent of the Default Charges remitted to the applicable Master Servicer by Trust in accordance with the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor GIC Office Servicing Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
(iii) third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was not in respect of a Specially Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A, 3.05B, 3.05C or 3.05D, as applicable) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above shall take into account the application of funds on deposit in the respective Loan Combination Custodial Accounts to pay interest on Advances.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the a Subordinate Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such a related Serviced Subordinate Non-Trust Mortgage Loan Combination or any successor REO Mortgage Loan with respect thereto on any related Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to such Subordinate Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer and the Special Servicer any and all interest on any Servicing Advances made thereby with respect to the subject Serviced Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and second, either: (A) in the case of the Cumberland Place Loan Pair or the applicable ▇▇▇▇▇▇▇▇ Place Loan Pair, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer any and all interest on any P&I Advances made thereby with respect to the subject Serviced Loan Combination (other than the Somerset Collection Loan Group) or any successor REO Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this subclause (A) with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); or (B) in the case of the Somerset Collection Loan Group, to pay any Fiscal Agent, the Trustee, any fiscal agent and/or trustee for a Somerset Collection Pari Passu Securitization Trust, the Master Servicer and any master servicer or comparable party for a Somerset Collection Pari Passu Securitization Trust any and all interest on any P&I Advances or comparable delinquency advances under a Somerset Collection Non-Trust Mortgage Loan Securitization Agreement made by such party with respect to a Somerset Collection Pari Passu Mortgage Loan or any successor REO Mortgage Loan with respect to the foregoing, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this subclause (B) with respect to any such particular party in such manner that the earliest accrued interest shall be paid first). Any amounts otherwise distributable to a Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the related Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to clause first or subclause (A) of clause second, as applicable, of the preceding paragraph shall be paid to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, that portion in each case up to the total amount of interest on any Advance Interest due and owing Advances payable to such party in accordance with such clause first or second, as applicable. Any amounts otherwise distributable to the Somerset Collection Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the Somerset Collection Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to subclause (B) of clause second of the second preceding paragraph shall be allocated among the Somerset Collection Trust Mortgage Loan and the Somerset Collection Pari Passu Non-Trust Mortgage Loan (or, if applicable, among any successor REO Mortgage Loans with respect to the foregoing) on outstanding a pro rata basis in accordance with the respective amounts of interest on P&I Advances and/or comparable delinquency advances contemplated by such subclause (B) of such clause second with respect to such Mortgage Loans (or, if applicable, such REO Mortgage Loans). Any amounts otherwise distributable to the Somerset Collection Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the Somerset Collection Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are allocable to pay interest on P&I Advances with respect to the Somerset Collection Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with subclause (B) of clause second of the second preceding paragraph and in accordance with the preceding sentence shall be paid to any Fiscal Agent, the Trustee and the Master Servicer, in that order, in each case up to the total amount of interest on P&I Advances payable to such party in accordance with such subclause (B) of such clause second. Any amounts otherwise distributable to the Somerset Collection Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the Somerset Collection Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are allocable to pay interest on advances comparable to P&I Advances with respect to the Somerset Collection Pari Passu Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with subclause (B) of clause second of the second preceding paragraph and in accordance with the second preceding sentence shall be paid to any fiscal agent, trustee or master servicer under the related Somerset Collection Pari Passu Non-Trust Mortgage Loan Securitization Agreement, in the order provided for in such Somerset Collection Pari Passu Non-Trust Mortgage Loan Securitization Agreement, in each case up to the total amount of interest on delinquency advances comparable to P&I Advances payable to such party in accordance with such subclause (B) of such clause second.
(d) Any and all amounts otherwise distributable to the Trust as Default Charges with respect to a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto on any related Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts, prior to being transferred to the Pool Custodial Account and applied in accordance with Section 3.26(a): first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to Section 3.26(f) (if applicable), any and all interest on any Servicing Advances made thereby with respect to such the subject Serviced Loan Combination or and/or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances date on which such amounts otherwise so distributable as Default Charges were received and which interest is not otherwise payable, pursuant to Section 3.26(c), out of the amounts otherwise distributable to any related Subordinate Non-Trust Mortgage Loan and the Noteholder as Default Charges with respect to any related Serviced Pari Passu Companion Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto (such amounts to be applied in accordance with this clause first with respect to any such particular party in such Serviced Loan Combination;
(ii) manner that the earliest accrued interest shall be paid first); and second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to any Fiscal Agent, the Trustee or and the applicable Master Servicer, in that order, any Advance Interest due and owing to all interest on any P&I Advances made by such party with respect to the subject Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on outstanding P&I or prior to the date on which such amounts otherwise so distributable as Default Charges were received and which interest is not otherwise payable, pursuant to Section 3.26(c), out of amounts otherwise distributable to any related Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any related Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto (such amounts to be applied in accordance with this clause second with respect to any such particular party in such manner that the earliest accrued interest shall be paid first).
(e) Any and all amounts otherwise distributable to a Pari Passu Non-Trust Mortgage Loan Noteholder as Default Charges with respect to a related Serviced Pari Passu Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any related Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to being so distributed to the applicable Pari Passu Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to Section 3.26(f) (if applicable), any and all interest on any Servicing Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such subject Serviced Loan Combination and and/or any related REO Property, allocated pro rata according which interest accrued on or prior to the respective outstanding principal balances date on which such amounts so distributable as Default Charges were received and which interest is not otherwise payable, pursuant to Section 3.26(c), out of the amounts otherwise distributable to any related Subordinate Non-Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, Noteholder as Default Charges with respect to any remaining Default Charges related Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto (also “Net Default Charges”) such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and second, to pay any fiscal agent, trustee and master servicer for any related Pari Passu Securitization Trust, in the order contemplated by the related Pari Passu Non-Trust Mortgage Loan Securitization Agreement, any and all interest on a pro rata basis: (i) delinquency advances comparable to P&I Advances made by such party with respect to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related subject Serviced Pari Passu Companion Non-Trust Mortgage Loan Holder oror any successor REO Mortgage Loan with respect thereto, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, which interest accrued on or prior to the extent that date on which such Net amounts so distributable as Default Charges accrued while the related Serviced Pari Passu Companion Loan was were received and which interest is not a Specially Serviced Mortgage Loanotherwise payable, or pursuant to Section 3.26(c), out of amounts otherwise distributable to any related Serviced Pari Passu Companion Subordinate Non-Trust Mortgage Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Noteholder as Default Charges accrued while the with respect to any related Serviced Pari Passu Companion Subordinate Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage Loan.Loan with respect thereto (such amounts to be applied in accordance with this clause secon
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Sec Corp Lb-Ubs Comm Mort Trust 2004-C2)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; third, to pay any other outstanding expense incurred with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, that, if not paid from Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
(iii) thirdfourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, and previously paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; and fifth, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while the related Mortgage Loan was not were collected with respect to a Specially Serviced Performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, ; provided that the foregoing shall not apply to the extent that such Net portion of any Default Charges accrued while collected on the related Crystal Pavilion/▇▇▇▇▇ Building Mortgage Loan was a Specially Serviced Mortgage Loanthat are retained by the Crystal Pavilion/▇▇▇▇▇ Building Lead Lender or its servicing agent.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse Fr Bs Mor Sec Cp Com Mor Ps Th Ce Ser 2001-Ck1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of Subject to the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net terms of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) , any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled the Mortgage Loan or successor REO Mortgage Loan during any Collection Period Pool, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on the Mortgage Pool (provided, however, if the Special Servicer is able to determine that such Default Charges are related to any Specially Serviced Loan or REO Loan in respect of which Advance Interest was paid to the Trustee, the Master Servicer or the Special Servicer prior to such 12-month period from a source other than Default Charges received on the Mortgage Pool, then the Master Servicer shall conclusively rely on such determination and shall apply such Default Charges to reimburse the Trust for such Advance Interest); third, to pay the Special Servicer for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage Pool during the 12-month period prior to the receipt of such Default Charges, which Additional Trust Fund Expenses were previously paid from a source other than Default Charges received on the Mortgage Pool (provided, however, if the Special Servicer is able to determine that such Default Charges are related to any Specially Serviced Loan or REO Loan in respect of which any Additional Trust Fund Expense was paid to the Trustee prior to such 12-month period from a source other than Default Charges received on the Mortgage Pool, then the Master Servicer shall conclusively rely on such determination and shall apply such Default Charges to reimburse the Trust for such Additional Trust Fund Expense); fifth, to pay the Master Servicer for Servicing Advances made for the cost of an inspection made on a Loan other than a Specially Serviced Loan; and sixth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any Subject to the terms of any applicable Intercreditor Agreement, any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in related to a Serviced Whole Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to be paid to the extent permitted related Companion Loan Holder under the related any Intercreditor Agreement and/or this Agreement:
(i) : first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththereby, with respect to any Loan or REO Loan in such Whole Loan or the related REO Mortgaged Property and reimbursed in the related Collection Period (to be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and second, to pay any remaining portion of such Default Charges (also “Net Default Charges”) on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Serviced Mortgage Performing Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2007-1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any or REO Pooled Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor AgreementServicer) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a the Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.28) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.28) theretofore accrued on such Mortgage Loan, or and (ii) to the applicable Special ServicerServicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.28) accrued on such Net Default Charges accrued while the related Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.28) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.28(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.28(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Pwr4)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan or REO Loan (other than any but, in the case of the Georgia-Alabama Retail Portfolio Trust Mortgage Loan included in a Serviced Loan Combination) or any related successor Trust REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (with respect thereto, only to the extent of the Default Charges, if any, remitted to the applicable Master Servicer by Trust in accordance with Other Pooling and Servicing Agreement and/or the related NonGeorgia-Trust Master Servicer and, in any event, subject to the related Alabama Retail Portfolio Intercreditor AgreementAgreements) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and the applicable Master Servicer shall be made concurrently on a pro rata and pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (“Net B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges”), in each case as additional master servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while (or portion thereof comprised of late payment charges) were collected when the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Serviced Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the applicable Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such a Non-Trust Loan under a Serviced Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-8)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to in the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan Pool during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool and reimbursed in the related Collection Period; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool and that, if paid from a source other than such Default Charges, would constitute Additional Trust Fund Expenses; third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer in the preceding twelve months with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool, which payment was made from a source other than Default Charges and not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid in the preceding twelve months with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool, which payment was made from a source other than Default Charges and not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, to the extent received, if they were accrued in respect of a Performing Serviced Mortgage Loan, or as additional special servicing compensation to the Special Servicer, to the extent received, if they were accrued in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11; provided that the foregoing shall not apply to that portion of any Default Charges collected on the _______________ Mortgage Loan that are retained by the _______________ Non-Trust Loan Noteholder or its servicing agent; and provided, further, that, any and all Default Charges that are actually collected with respect to a Mortgage Loan in the _______________ Loan Pair during any Collection Period (as allocable thereto pursuant to the related loan agreement) shall be applied for the following purpose, prior to being applied in accordance with clauses first through fifth above, in each case to the extent of the remaining portion of such Default Charges: to pay the Fiscal Agent, the Trustee, the _______________ Fiscal Agent, the _______________ Trustee, the Master Servicer or the Special Servicer, in that order, any interest due and owing to such party on any outstanding Servicing Advance made thereby with respect to the _______________ Loan Pair or the _______________ Mortgaged Property and/or any outstanding P&I Advance made thereby with respect to such Mortgage Loan or any successor REO Mortgage LoanLoan with respect thereto, as the which Advance was reimbursed in such Collection Period, but in each case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid only to the Trusteeextent that Default Charges collected with respect to the _______________ Companion Loan and applied pursuant to clause first of subsection (c) below are insufficient for such purpose; and provided further, that no Default Charges collected with respect to the applicable Master Servicer or _______________ Mortgage Loan may be applied to pay interest on outstanding P&I Advances made with respect to the applicable Special Servicer following the Closing Date _______________ Companion Loan (such reimbursement to be made solely from Default Charges collected with respect to such Mortgage Loan or REO Mortgage Companion Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause first of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage _______________ Companion Loan included in a Serviced Loan Combination or any related successor REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination during any Collection Period (as allocable thereto pursuant to the related loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable _______________ Fiscal Agent, the _______________ Trustee, the Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced any Loan Combination or any related REO Loan in the _______________ Loan Pair or the _______________ Mortgaged Property allocated pro rata according to the respective outstanding principal balances of and reimbursed in the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
Collection Period (ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and second, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to the _______________ Companion Loan during a period that such Net Default Charges accrued while the related Mortgage it was a Performing Serviced Loan was not a Specially Serviced Mortgage or REO Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to the _______________ Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Section 3.11;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Securities Corp Ii)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan or REO Pooled Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf 1290 Avenue of the Trust with respect to a Non-Trust-Serviced Americas REO Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Serviced Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Serviced Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Serviced Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”"), in accordance with Section 3.11, as Additional Master Servicing Compensation to the applicable Master Servicer, Servicer or as Additional Special Servicing Compensation to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loanas applicable.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Serviced Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prudential Securities Sec Fin Corp Com Mort Tr 2003 Pwr1)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net Default Charges accrued while item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Mortgage Loan was Co-Lender Agreement and (ii) is not a Specially Serviced Mortgage Loanotherwise first payable, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a3.26(c) or Section 3.05(b3.26(d) for any items payable (and consistent with the related Co-Lender Agreement), out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the a related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the a related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (yand consistent with the related Co-Lender Agreement) in the case out of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, other amounts otherwise distributable to pay to one or more designees of the a related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Serviced
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2006-C7)
Application of Default Charges. (a) Any and all Default Charges that are actually received by with respect to any Mortgage Loan or REO Loan (and, in the case of the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, that are remitted to the Master Servicer on behalf of the Trust with respect to any under a [Separately Serviced Mortgage Loan (other than any Loan]Servicing Agreement or, if ARTICLE XII is in effect, are transferred from the [Separately Serviced Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (Loan] Custodial Account to the extent remitted Collection Account pursuant to the applicable Master Servicer by the related Non-Trust Master Servicer andSECTION 12.04(B)), in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: FIRST, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second; SECOND, to reimburse the Trust Fund for any Advance Interest paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
THIRD, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to SECTION 3.12; FOURTH, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to SECTION 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; FIFTH, to pay the appropriate party for any other outstanding expense (iiiexclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) third, incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; SIXTH, to reimburse the Trust for any other Additional Trust Fund Expense (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and SEVENTH, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, if such Default Charges were collected when the loan was a Performing Serviced Mortgage Loan or were collected with respect to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially [Separately Serviced Mortgage Loan, ] or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially any [Separately Serviced Mortgage Loan] REO Loan, and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the Special Servicer.
(b) Default Charges applied to reimburse the Trust pursuant to clause second any of Section 3.25(aCLAUSE SECOND, CLAUSE FOURTH or CLAUSE SIXTH of SECTION 1.04(A) are intended to be available for distribution on the Certificates pursuant to Section 4.01(aSECTION 4.01(A) and SECTION 4.01(B), subject to application pursuant to Section 3.05(aSECTION 3.05(A) or Section 3.05(b3.05(B) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second any of Section 3.25(aCLAUSE SECOND, CLAUSE FOURTH or CLAUSE SIXTH of SECTION 1.04(A) shall be deemed to offset payments of Advance Interest Interest, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest Interest, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan or REO Loan (other than any but, in the case of the Outside Serviced Trust Mortgage Loan included in a Serviced Loan Combination) or any related successor Trust REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (with respect thereto, only to the extent of the Default Charges, if any, remitted to the applicable Master Servicer by Trust in accordance with the Outside Servicing Agreement and/or the related NonLoan Combination Co-Trust Master Servicer and, in any event, subject to the related Intercreditor Lender Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and the applicable Master Servicer shall be made concurrently on a pro rata and pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while inspecting the related Mortgage Loan was not a Specially Serviced Mortgage LoanMortgaged Property or REO Property, or as applicable, pursuant to the applicable Special ServicerSection 3.12; fourth, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant for any expenses reimbursed to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 4.01(a)3.12, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. which expenses were previously paid from a source other than Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject collected on such Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust Loan, as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstmay be; fifth, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of appropriate party for any Advance Interest due and owing to such party on other outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made expense incurred thereby with respect to such Mortgage Loan or (y) in REO Loan, as the case may be, which expense, if not paid out of any Serviced Pari Passu Companion Default Charges collected on such Mortgage Loan in such Serviced Loan Combinationor REO Loan, to pay to one or more designees of as the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) thirdcase may be, to reimburse the Trust Fund for that portion of any will likely become an Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Expense;
Appears in 1 contract
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Fiscal Agent, the Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay the Special Servicer for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage Pool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; fifth, to pay the Master Servicer for Servicing Advances made for the cost of an inspection made on a Loan other than a Specially Serviced Loan; and sixth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in a Serviced Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to the extent permitted be paid to any Companion Loan Noteholder under the related any Intercreditor Agreement and/or this Agreement:
(i) first: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion or REO Loan in such Serviced Whole Loan Combination;
(ii) second, either (x) or the related REO Mortgaged Property and reimbursed in the case of the Mortgage Loan in such Serviced Loan Combination, related Collection Period (to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and Second, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Serviced Mortgage Performing Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-2)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on the Mortgage Pool (provided, however, that with respect to Specially Serviced Loans and REO Loans for which the Special Servicer is able to determine whether such Specially Serviced Loans and REO Loan had Additional Trust Fund Expenses that were previously paid from a Default Charge (other than a Default Charge received on the Mortgage Pool) after such 12-month period, then the Master Servicer may conclusively rely on such determination and apply such Default Charges to reimburse the Trust for any other Additional Trust Fund Expenses); third, to reimburse the Trust for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage LoanPool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; and fifth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in a Serviced Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion or REO Loan in such Serviced Whole Loan Combination;
(ii) second, either (x) or the related REO Mortgaged Property and reimbursed in the case of the Mortgage Loan in such Serviced Loan Combination, related Collection Period (to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and Second, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, Servicer (to the extent that such Net Default Charges accrued while received) with respect to a Performing Loan, or as Additional Special Servicing Compensation to the related Mortgage Loan was not Special Servicer (to the extent received) with respect to a Specially Serviced Mortgage Loan, Loan or an REO Loan in each case pursuant to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-1)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
(iii) third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while in respect of the related ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Trust Mortgage Loan was not or a Specially Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above shall take into account the application of funds on deposit in the respective Loan Combination Custodial Accounts to pay interest on Advances.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the a Subordinate Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such a related Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to such Subordinate Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer and the Special Servicer any and all interest on any Servicing Advances made thereby with respect to the subject Serviced Loan Combination or any related REO Property, which interest accrued on or prior to the applicable date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and
(A) in the case of the Tower Square Loan Pair, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this subclause (A) with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); or (B) in the case of the Two Penn Plaza Loan Group, to pay any Fiscal Agent, the Trustee, any fiscal agent and/or trustee for a Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Securitization Trust, the Master Servicer and any master servicer or comparable party for a Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Securitization Trust any and all interest on any P&I Advances or comparable delinquency advances under a Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Securitization Agreement made by such party with respect to a Two Penn Plaza Pari Passu Mortgage Loan or any successor REO Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this subclause (B) with respect to any such particular party in such manner that the earliest accrued interest shall be paid first). Any amounts otherwise distributable to a Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the related Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to clause first or subclause (A) of clause second, as applicable, of the preceding paragraph shall be paid to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, that portion in each case up to the total amount of interest on any Advance Interest due and owing Advances payable to such party in accordance with such clause first or subclause (A) of clause second, as applicable. Any amounts otherwise distributable to a Two Penn Plaza Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the applicable Two Penn Plaza Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to subclause (B) of clause second of the second preceding paragraph shall be allocated between the Two Penn Plaza Trust Mortgage Loan and the Two Penn Plaza Pari Passu Non-Trust Mortgage Loan (or, if applicable, between any successor REO Mortgage Loans with respect to the foregoing) on outstanding a pro rata basis in accordance with the respective amounts of interest on P&I Advances and/or comparable delinquency advances contemplated by such subclause (B) of such clause second with respect to such Mortgage Loans (or, if applicable, such REO Mortgage Loans). Any amounts otherwise distributable to a Two Penn Plaza Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the applicable Two Penn Plaza Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are allocable to pay interest on P&I Advances with respect to the Two Penn Plaza Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with subclause (B) of clause second of the second preceding paragraph and in accordance with the preceding sentence shall be paid to any Fiscal Agent, the Trustee and the Master Servicer, in that order, in each case up to the total amount of interest on P&I Advances payable to such party in accordance with such subclause (B) of such clause second. Any amounts otherwise distributable to a Two Penn Plaza Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the applicable Two Penn Plaza Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are allocable to pay interest on advances comparable to P&I Advances with respect to the Two Penn Plaza Pari Passu Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with subclause (B) of clause second of the second preceding paragraph and in accordance with the second preceding sentence shall be paid to any fiscal agent, trustee or master servicer under the related Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Securitization Agreement, in the order provided for in such Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Securitization Agreement, in each case up to the total amount of interest on delinquency advances comparable to P&I Advances payable to such party in accordance with such subclause (B) of such clause second.
(d) Any and all amounts otherwise distributable to the Trust as Default Charges with respect to a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts, prior to being transferred to the Pool Custodial Account and applied in accordance with Section 3.26(a): first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to Section 3.26(f) (if applicable), any and all interest on any Servicing Advances made thereby with respect to such the subject Serviced Loan Combination or and/or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) secondor, either (x) in the case of the Garden State Plaza Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, only the portion of such interest on Servicing Advances allocable to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be), which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received and which interest is not otherwise payable, pursuant to Section 3.26(c), out of amounts otherwise distributable to any related Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any related Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto (such amounts to be applied in accordance with this clause first with respect to any such particular party in such Serviced Loan Combinationmanner that the earliest accrued interest shall be paid first); and second, to pay to any Fiscal Agent, the Trustee or and the applicable Master Servicer, in that order, any Advance Interest due and owing to all interest on any P&I Advances made by such party with respect to the subject Serviced Combination Trust Mortgage Loan(s) or any successor REO Trust Mortgage Loan(s) with respect thereto, which interest accrued on outstanding P&I or prior to the date on which such amounts otherwise so distributable as Default Charges were received and which interest is not otherwise payable, pursuant to Section 3.26(c), out of amounts otherwise distributable to any related Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any related Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto (such amounts to be applied in accordance with this clause second with respect to any such particular party in such manner that the earliest accrued interest shall be paid first).
(e) Any and all amounts otherwise distributable to the Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the Two Penn Plaza Pari Passu Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to being so distributed to the Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to Section 3.26(f) (if applicable), any and all interest on any Servicing Advances made thereby with respect to such Mortgage the Two Penn Plaza Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and Group and/or any related REO Property, allocated pro rata according which interest accrued on or prior to the respective outstanding principal balances date on which such amounts so distributable as Default Charges were received and which interest is not otherwise payable, pursuant to Section 3.26(c), out of amounts otherwise distributable to any Two Penn Plaza Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the related Two Penn Plaza Subordinate Non-Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
or any successor REO Mortgage Loan with respect thereto (iv) fourth, such amounts to be applied in accordance with this clause first with respect to any remaining such particular party in such manner that the earliest accrued interest shall be paid first); and second, to pay any fiscal agent, trustee and master servicer for any Two Penn Plaza Non-Trust Mortgage Loan Securitization Trust, in the order contemplated by the related Two Penn Plaza Pari Passu Non-Trust Mortgage Loan Securitization Agreement, any and all interest on delinquency advances comparable to P&I Advances made by such party with respect to the Two Penn Plaza Pari Passu Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges (also “Net Default Charges”) on a pro rata basis: (i) were received and which interest is not otherwise payable, pursuant to the applicable Master ServicerSection 3.26(c), out of amounts otherwise distributable to the extent that such Net any Two Penn Plaza Subordinate Non-Trust Mortgage Loan Noteholder as Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or with respect to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Two Penn P
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Sec Corp Ii Lb-Ubs Comm Mort Trust 2004-C4)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: FIRST, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second; SECOND, to reimburse the Trust Fund for any Advance Interest paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
THIRD, to pay any outstanding expense incurred by the applicable Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to SECTION 3.12; FOURTH, to reimburse the Trust for any expenses reimbursed to the applicable Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to SECTION 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; FIFTH, to pay the appropriate party for any other outstanding expense (iiiexclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) third, incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; SIXTH, to reimburse the Trust for any other Additional Trust Fund Expense (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and SEVENTH, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while were collected when the related Mortgage Loan loan was not a Specially Serviced Performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second any of Section 3.25(aCLAUSE SECOND, CLAUSE FOURTH or CLAUSE SIXTH of SECTION 3.26(a) are intended to be available for distribution on the Certificates pursuant to Section SECTION 4.01(a) and SECTION 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.SECTION
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and Master Servicer shall be made concurrently on a pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional master servicing compensation to the Master Servicer, if such Default Charges (“Net Default Charges”), to or portion thereof comprised of late payment charges) were collected when the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-McP1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges; first, to pay to the TrusteeFiscal Agent, the applicable Master Servicer Trustee or the applicable Special Master Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such the Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) , as to which such Default Charges were collected; second, to reimburse the Trust Fund for pay any Advance Interest paid to the Trusteeother outstanding expenses (exclusive of Special Servicing Fees, the applicable Master Servicer or the applicable Special Servicer following the Closing Date Liquidation Fees and Workout Fees) incurred with respect to the Mortgage Loan or REO Mortgage Loan, as the case may be, as to which such Default Charges were collected and that, if paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be, would be an Additional Trust Fund Expense; third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee or the Master Servicer since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, as to which the Default Charges were collected, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
fourth, to reimburse the Trust for any other Additional Trust Fund Expense (iiiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) third, incurred and paid since the Closing Date with respect to the Mortgage Loan or REO Mortgage Loan, as the case may be, as to which the Default Charges were collected, which expense was paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related if they were received in respect of a Mortgage Loan was that is not a Specially Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was if they were received in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CDC Commercial Mortgage Trust 2002-Fx1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to in the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan Pool during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such any Mortgage Loan or REO Mortgage LoanLoan in the Mortgage Pool and reimbursed in the related Collection Period; second, as to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to any Mortgage Loan or REO Mortgage Loan in the case may be;
(ii) secondMortgage Pool and that, if paid from a source other than such Default Charges, would constitute Additional Trust Fund Expenses; third, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following in the Closing Date preceding twelve months with respect to such any Mortgage Loan or REO Mortgage Loan, as Loan in the case may beMortgage Pool, which interest payment was paid made from a source other than Default Charges collected on such and not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid in the preceding twelve months with respect to any Mortgage Loan or REO Mortgage LoanLoan in the Mortgage Pool, as the case may bewhich payment was made from a source other than Default Charges and not previously reimbursed under this clause fourth; and
(iii) thirdand fifth, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related if they were received in respect of a Mortgage Loan was that is not a Specially Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, if they were received in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11; provided that, any and all Default Charges that are actually collected with respect to the UBS Warburg Building Mortgage Loan during any Collection Period (as allocable thereto pursuant to Section 4.01(c) of the UBS Warburg Building Co-Lender and Servicing Agreement) shall be applied for the following purpose, prior to being applied in accordance with clauses first through fourth above, in each case to the extent of the remaining portion of such Default Charges: to pay the Fiscal Agent, the Trustee, the UBS Warburg Building Fiscal Agent, the UBS Warburg Building Trustee, the Master Servicer or the Special Servicer, in that order, any interest due and owing to such party on any outstanding Servicing Advance made thereby with respect to the UBS Warburg Building Loan Pair or the UBS Warburg Building Mortgaged Property and/or any outstanding P&I Advance made thereby with respect to the UBS Warburg Building Mortgage Loan or any successor REO Loan, which Advance was reimbursed in the related Collection Period, but in each case only to the extent that such Net Default Charges accrued while collected with respect to the related UBS Warburg Building Companion Loan and applied pursuant to clause first of subsection (c) below are insufficient for such purpose; and provided further, that no Default Charges collected with respect to the UBS Warburg Building Mortgage Loan was a Specially Serviced Mortgage may be applied to pay interest on outstanding P&I Advances made with respect to the UBS Warburg Building Companion Loan (such reimbursement to be made solely from Default Charges collected with respect to the UBS Warburg Building Companion Loan).
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause first of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges that are actually collected with respect to such Serviced the UBS Warburg Building Companion Loan Combination or successor REO Loan during any Collection Period (as allocable thereto pursuant to Section 4.01(c) of the UBS Warburg Building Co-Lender and Servicing Agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable UBS Warburg Building Fiscal Agent, the UBS Warburg Building Trustee, the Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced any Loan Combination or any related REO Loan in the UBS Warburg Building Loan Pair or the UBS Warburg Building Mortgaged Property allocated pro rata according to the respective outstanding principal balances of and reimbursed in the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
Collection Period (ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and second, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to if they were received in respect of the extent UBS Warburg Building Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Serviced Mortgage Loan or REO Loan, or as additional special servicing compensation to the applicable Special Servicer, to if they were received in respect of the extent UBS Warburg Building Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Section 3.11;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Securities Corp)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Pooled Mortgage Loan during any Collection Period thereto, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges were accrued while when the related Mortgage Loan loan was not a Specially Serviced Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to any of clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued was incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Sec Tr 2002-Pbw1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (“Net B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges”), in each case as additional master servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while (or portion thereof comprised of late payment charges) were collected when the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the applicable Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of Subject to the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net terms of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) , any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled the Mortgage Loan or successor REO Mortgage Loan during any Collection Period Pool, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on the Mortgage Pool (provided, however, if the Special Servicer is able to determine that such Default Charges are related to any Specially Serviced Loan or REO Loan in respect of which Advance Interest was paid to the Trustee, the Master Servicer or the Special Servicer prior to such 12-month period from a source other than Default Charges received on the Mortgage Pool, then the Master Servicer shall conclusively rely on such determination and shall apply such Default Charges to reimburse the Trust for such Advance Interest); third, to pay the Special Servicer for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage Pool during the 12-month period prior to the receipt of such Default Charges, which Additional Trust Fund Expenses were previously paid from a source other than Default Charges received on the Mortgage Pool (provided, however, if the Special Servicer is able to determine that such Default Charges are related to any Specially Serviced Loan or REO Loan in respect of which any Additional Trust Fund Expense was paid to the Trustee prior to such 12-month period from a source other than Default Charges received on the Mortgage Pool, then the Master Servicer shall conclusively rely on such determination and shall apply such Default Charges to reimburse the Trust for such Additional Trust Fund Expense); fifth, to pay the Master Servicer for Servicing Advances made for the cost of an inspection made on a Loan other than a Specially Serviced Loan; and sixth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Serviced Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any Subject to the terms of any applicable Intercreditor Agreement, any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in related to a Serviced Whole Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion or REO Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan CombinationPool; second, to pay to the Trustee and, in the case of a Serviced Whole Loan, any trustee under a securitization of such Companion Loan, pro rata; the Master Servicer and, in the case of a Serviced Whole Loan with a Pari Passu Companion Loan, any master servicer under a securitization of such Companion Loan, pro rata; or the applicable Master ServicerSpecial Servicer and, in the case of a Serviced Whole Loan with a Pari Passu Companion Loan, any special servicer under a securitization of such Companion Loan, pro rata; in that order, any Advance Interest interest due and owing to such party on any outstanding P&I Advances made thereby with respect to such Mortgage Loan (or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any comparable debt service advances advances) made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththereby, with respect to any Loan or REO Loan in such Whole Loan or the related REO Mortgaged Property and reimbursed in the related Collection Period (to be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and third, to pay any remaining portion of such Default Charges (also “Net Default Charges”) on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Serviced Mortgage Performing Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2007-2)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan or REO Loan (other than any but, in the case of the Park La Brea Apartments Trust Mortgage Loan included in a Serviced Loan Combination) or any related successor Trust REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (with respect thereto, only to the extent of the Default Charges, if any, remitted to the applicable Master Servicer by Trust in accordance with the related Non▇▇ ▇▇▇▇▇▇ Series 2006-Trust Master Servicer and, in any event, subject to LDP8 Pooling and Servicing Agreement and/or the related Park La Brea Apartments Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second; second to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; third, to reimburse pay the Trust Fund appropriate party for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was expense, if not paid from a source other than out of Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
and fourth, to pay (iiiA) thirdif such Mortgage Loan is a Non-Trust Loan, with respect to any remaining portion of such Default Charges that is comprised of late payment charges and (“Net B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges”), in each case as additional master servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while (or portion thereof comprised of late payment charges) were collected when the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-4)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Non-Trust Mortgage LoanLoan or any successor REO Mortgage Loan with respect thereto; and provided, or further, that any and all amounts otherwise distributable as Default Charges with respect to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Station Place I Loan was a Specially Serviced Mortgage LoanComponent A-1b shall first be applied in accordance with Section 3.26(d).
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Non-Trust Mortgage Loan that is part of a Serviced A/B Loan Combination or any successor REO Mortgage Loan with respect thereto, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such Serviced Loan Combination;
(ii) manner that the earliest accrued interest shall be paid first); second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Fiscal Agent, to the Trustee or and to the applicable Master Servicer, in that order, any Advance Interest due and owing to such party all interest on outstanding any P&I Advances made thereby with respect to such the related Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (ysuch amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable with respect to the Station Place I Loan Component A-1b as Default Charges on any related Loan Combination Master Servicer Remittance Date, in accordance with the Station Place I Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of any Serviced Pari Passu Companion Loan the remaining portion of such amounts and to the extent permitted under the Station Place I Co-Lender Agreement, prior to application in such Serviced Loan Combinationaccordance with Section 3.26(a): first, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest similar to Advance Interest due and owing to such designee on any debt service advances Servicing Advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced the Station Place I Loan Combination and or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to any Station Place I Loan Component, and, if the Station Place I Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the Station Place I Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the Station Place I Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the Station Place I Loan Component A-1b. Any and all amounts otherwise distributable to the holder of the Mortgage Note for the Station Place I Non-Trust Mortgage Loan as Default Charges with respect to the Station Place I Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any Loan Combination Master Servicer Remittance Date, in accordance with the Station Place I Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the Station Place I Co-Lender Agreement, prior to being so distributed to the applicable Station Place I Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the related Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the Station Place I Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with the Station Place I Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the Station Place I Co-Lender Agreement (which portion of such other expenses is allocable to the Station Place I Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with the Station Place I Co-Lender Agreement), out of amounts otherwise distributable to the Station Place I Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the Station Place I Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto; provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to the Station Place I Loan Component A-1b as provided above in this Section 3.26(d). Any and all amounts otherwise distributable with respect to the Station Place I Loan Component A-1a and the Station Place I Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect to the Station Place I Non-Trust Mortgage Loans) as Default Charges on any Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be allocated between them, on a pro rata according and pari passu basis. If the total amount otherwise distributable on any subject Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, as Default Charges with respect to the Station Place I Loan Component A-1a and the Station Place I Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect to the Station Place I Non-Trust Mortgage Loan) exceeds the aggregate amount of (i) interest on Servicing Advances payable pursuant to Section 3.26(a) and the prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Co-Lender Agreement in accordance with Section 3.26(a) and the prior two paragraphs of this Section 3.26(d), then the respective outstanding portions of such total amount allocable to the Station Place I Loan Component A-1a and the Station Place I Non-Trust Mortgage Loan (or, if applicable, the Station Place I Loan Component A-1a and any successor REO Mortgage Loan with respect to the Station Place I Non-Trust Mortgage Loan) that are to be applied for such purpose shall be in the same proportions that the respective unpaid principal balances of the related Station Place I Loan Component A-1a and the Station Place I Non-Trust Mortgage Loan (or, if applicable, the Station Place I Loan Component A-1a and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, any successor REO Mortgage Loan with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Station Place I Non-Trust Mortgage Loan, or ) bear to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C7)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of, if the subject Default Charges accrued with respect to a Performing Serviced Trust Mortgage Loan, Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of, if the subject Default Charges accrued with respect to a Performing Serviced Trust Mortgage Loan, Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage LoanLoan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that is part of a Serviced Senior/Subordinate Loan Combination (if any), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) that is part of a Serviced Pari Passu Loan Combination (if any), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to application in accordance with Section 3.26(a): first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan (or any successor REO Trust Mortgage Loan with respect thereto), and, if the related Serviced Pari Passu Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto). Any and all amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to being so distributed to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement (which portion of such other expenses is allocable to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement), out of amounts otherwise distributable to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto); provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to any related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) as provided above in this Section 3.26(d). In the case of a Serviced Pari Passu Loan Combination, any and all amounts otherwise distributable with respect to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Non-Trust Mortgage Loan(s) (or any successor REO Mortgage Loan(s) with respect -250- to such Mortgage Loan(s)) as Default Charges on any related Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Combination Master ServicerServicer Remittance Date, in that orderaccordance with the related Co-Lender Agreement, shall be allocated between them, on a pro rata and pari passu basis. If the total amount otherwise distributable on any Advance Interest due and owing to such party on outstanding P&I Advances made thereby subject Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, as Default Charges with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Combination Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
Non-Trust Mortgage Loan (iv) fourth, or any successor REO Mortgage Loans with respect to any remaining Default Charges (also “Net Default Charges”such Mortgage Loans) on a pro rata basis: exceeds the aggregate amount of (i) interest on related Servicing Advances payable pursuant to Section 3.26(a) and the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Co-Lender Agreement in accordance with Section 3.26(a) and the prior two paragraphs of this Section 3.26(d), then the respective portions of such total amount allocable to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Non-Trust Mortgage Loan(s) (or any successor REO Mortgage Loan(s) with respect to such Mortgage Loan(s)) that are to be applied for such purpose shall be in the same proportions that the respective unpaid principal balances of the related Serviced Combination Trust Mortgage Loan Holder or, following the securitization of and the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, Non-Trust Mortgage Loan(s) (or any successor REO Mortgage Loan(s) with respect to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or Loan(s)) bear to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C7)
Application of Default Charges. (a) Any and all Default Charges that are actually received by with respect to any Mortgage Loan or REO Loan (and, in the case of the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, that are remitted to the Master Servicer on behalf of the Trust with respect to any under a [Separately Serviced Mortgage Loan (other than any Loan]Servicing Agreement or, if Article XII is in effect, are transferred from the [Separately Serviced Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (Loan] Custodial Account to the extent remitted Collection Account pursuant to the applicable Master Servicer by the related Non-Trust Master Servicer andSection 12.04(b)), in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, if such Default Charges were collected when the loan was a Performing Serviced Mortgage Loan or were collected with respect to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially [Separately Serviced Mortgage Loan, ] or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially any [Separately Serviced Mortgage Loan] REO Loan, and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the Special Servicer.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a1.04(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a1.04(a) shall be deemed to offset payments of Advance Interest Interest, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest Interest, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay the Special Servicer for Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage LoanPool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; and fifth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in a Serviced Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to the extent permitted be paid to any Companion Loan Noteholder under the related Intercreditor any Co-Lender Agreement:
(i) first: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion or REO Loan in such Serviced Loan Combination;
(ii) second, either (x) Pair or the related REO Mortgaged Property and reimbursed in the case of the Mortgage Loan in such Serviced Loan Combination, related Collection Period (to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and Second, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Serviced Mortgage Performing Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Certificates Series 2003-1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of Subject to the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net terms of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) , any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled the Mortgage Loan or successor REO Mortgage Loan during any Collection Period Pool, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Serviced Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Serviced Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on the Mortgage Pool (provided, however, if the Special Servicer is able to determine that such Default Charges are related to any Specially Serviced Loan or REO Serviced Loan in respect of which Advance Interest was paid to the Trustee, the Master Servicer or the Special Servicer prior to such 12-month period from a source other than Default Charges received on the Mortgage Pool, then the Master Servicer shall conclusively rely on such determination and shall apply such Default Charges to reimburse the Trust for such Advance Interest); third, to pay the Special Servicer for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Serviced Loan in the Mortgage Pool during the 12-month period prior to the receipt of such Default Charges, which Additional Trust Fund Expenses were previously paid from a source other than Default Charges received on the Mortgage Pool (provided, however, if the Special Servicer is able to determine that such Default Charges are related to any Specially Serviced Loan or REO Serviced Loan in respect of which any Additional Trust Fund Expense was paid to the Trustee prior to such 12-month period from a source other than Default Charges received on the Mortgage Pool, then the Master Servicer shall conclusively rely on such determination and shall apply such Default Charges to reimburse the Trust for such Additional Trust Fund Expense); fifth, to pay the Master Servicer for Servicing Advances made for the cost of an inspection made on a Loan other than a Specially Serviced Loan; and sixth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Serviced Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of One Stamford Forum Note B or any Mortgage Loan included in a successor REO Serviced Loan Combination or with respect thereto during any related REO Mortgage Loan or Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to be paid to the extent permitted One Stamford Forum Note B Holder under the related any Intercreditor Agreement and/or this Agreement:
(i) : first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththereby, with respect to any Serviced Loan or REO Serviced Loan in such Whole Loan or the related REO Mortgaged Property and reimbursed in the related Collection Period (to be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and second, to pay any remaining portion of such Default Charges (also “Net Default Charges”) on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to the One Stamford Forum Note B during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to the One Stamford Forum Note B during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related or an REO Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2006-3)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Non-Trust Mortgage LoanLoan or any successor REO Mortgage Loan with respect thereto; and provided, or further, that any and all amounts otherwise distributable as Default Charges with respect to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage ______________ Loan was a Specially Serviced Mortgage LoanComponent A-1b shall first be applied in accordance with Section 3.26(d).
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Non-Trust Mortgage Loan that is part of a Serviced A/B Loan Combination or any successor REO Mortgage Loan with respect thereto, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such Serviced Loan Combination;
(ii) manner that the earliest accrued interest shall be paid first); second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Fiscal Agent, to the Trustee or and to the applicable Master Servicer, in that order, any Advance Interest due and owing to such party all interest on outstanding any P&I Advances made thereby with respect to such the related Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (ysuch amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable with respect to the ______________ Loan Component A-1b as Default Charges on any Loan Combination Master Servicer Remittance Date, in accordance with the ______________ Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of any Serviced Pari Passu Companion Loan the remaining portion of such amounts and to the extent permitted under the ______________ Co-Lender Agreement, prior to application in such Serviced Loan Combinationaccordance with Section 3.26(a): first, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest similar to Advance Interest due and owing to such designee on any debt service advances Servicing Advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced the ______________ Loan Combination and or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to any ______________ Loan Component, and, if the ______________ Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the ______________ Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the ______________ Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the ______________ Loan Component A-1b. Any and all amounts otherwise distributable to the holder of the Mortgage Note for the ______________ Non-Trust Mortgage Loan as Default Charges with respect to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any Loan Combination Master Servicer Remittance Date, in accordance with the ______________ Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the ______________ Co-Lender Agreement, prior to being so distributed to the applicable ______________ Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the related Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with the ______________ Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the ______________ Co-Lender Agreement (which portion of such other expenses is allocable to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with the ______________ Co-Lender Agreement), out of amounts otherwise distributable to the ______________ Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto; provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to the ______________ Loan Component A-1b as provided above in this Section 3.26(d). Any and all amounts otherwise distributable with respect to the ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect to the ______________ Non-Trust Mortgage Loans) as Default Charges on any Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be allocated between them, on a pro rata according and pari passu basis. If the total amount otherwise distributable on any subject Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, as Default Charges with respect to the ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect to the ______________ Non-Trust Mortgage Loan) exceeds the aggregate amount of (i) interest on Servicing Advances payable pursuant to Section 3.26(a) and the prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Co-Lender Agreement in accordance with Section 3.26(a) and the prior two paragraphs of this Section 3.26(d), then the respective outstanding portions of such total amount allocable to the ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or, if applicable, the ______________ Loan Component A-1a and any successor REO Mortgage Loan with respect to the ______________ Non-Trust Mortgage Loan) that are to be applied for such purpose shall be in the same proportions that the respective unpaid principal balances of the related ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or, if applicable, the ______________ Loan Component A-1a and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, any successor REO Mortgage Loan with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced ______________ Non-Trust Mortgage Loan, or ) bear to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Securities Corp Ii)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to in the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan Pool during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to the related Mortgage Loan or REO Mortgage Loan and reimbursed in the related Collection Period; Second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to the related Mortgage Loan or REO Mortgage Loan and that, if paid from a source other than such Default Charges, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to the related Mortgage Loan or REO Mortgage Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause third; Fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to the related Mortgage Loan or REO Mortgage Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause fourth; and Fifth, to pay any remaining portion of such Default Charges (in the case of the Windsor Capital Portfolio A/B Loan, net any amount of such Default Charges allocable to the Windsor Capital Portfolio Junior Companion Loan representing any cure payment made by the related Companion Loan Noteholder) (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, to the extent received, if they were accrued in respect of a Performing Serviced Mortgage Loan, or as additional special servicing compensation to the Special Servicer, to the extent received, if they were accrued in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to any Split Mortgage Loans (other than 311 South Wacker D▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇) ▇▇▇▇▇g any Collection Period (as allocable thereto pursuant to the related loan agreement) shall be applied for the following purpose, prior to being applied in accordance with clauses first through fifth above, in each case to the extent of the remaining portion of such Default Charges: to pay the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer, in that order, any interest due and owing to such party on any outstanding Servicing Advance made thereby with respect to the related Loan Pair or the related Loan Pair Mortgaged Property and/or any outstanding P&I Advance made thereby with respect to such Mortgage Loan or any successor REO Mortgage LoanLoan with respect thereto, as the which Advance was reimbursed in such Collection Period, but in each case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid only to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date extent that Default Charges collected with respect to such Mortgage Loan or REO Mortgage LoanCompanion Loans and applied pursuant to clause first of subsection (c) below are insufficient for such purpose; and provided further, as the case may be, which interest was paid from a source other than that no Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining the Windsor Capital Portfolio Trust Loan may be applied to pay interest on outstanding P&I Advances made with respect to the Windsor Capital Portfolio Pari Passu Companion Loan (such reimbursement to be made solely from Default Charges (“Net Default Charges”collected with respect to such Companion Loan); provided, further, that with respect to the applicable Master ServicerWindsor Capital Portfolio Junior Companion Loan Default Charges shall be applied as set forth in the preceding proviso, except that such Default Charges shall be applied to all of the foregoing Advances and expenses, and to P&I Advances with respect to the extent that such Net Windsor Capital Portfolio Pari Passu Companion Loan, prior to Default Charges accrued while on the related Mortgage Windsor Capital Portfolio Trust Loan was not a Specially Serviced Mortgage Loan, being applied thereto or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while on the related Mortgage Windsor Capital Portfolio Pari Passu Companion Loan was a Specially Serviced Mortgage Loanbeing applied pursuant to Section 3.26(c).
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth, of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Distribution Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out in respect of general collections the related Mortgage Loan and REO Property. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause first of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the Mortgage Poolinterest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth, of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued they were made or incurred, as applicable (whereupon such interest paid on Advances or such other Additional Trust Fund Expenses with respect to the subject related Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest Loan, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in a Serviced Loan Combination (other than 311 South Wacker D▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇) or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Split Mortgage Loan and the related Serviced Pari Passu Companion or REO Loan in such Serviced Loan Combination;
(ii) second, either (x) Pair or the related Loan Pair Mortgaged Property and reimbursed in the case of the Mortgage Loan in such Serviced Loan Combination, related Collection Period (to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and Second, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Section 3.11;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Commercial Fund Corp Comm Mort Tr 2003-C1)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”)that, to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general if paid from collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon Pool other than such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the , would constitute an Additional Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) Fund Expense; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Servicer since the Closing Date with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced or REO Trust Mortgage Loan, or to as the applicable Special Servicercase may be, to which interest payment was made from collections on the extent that such Net Mortgage Pool (other than Default Charges accrued while the related on such Trust Mortgage Loan was a Specially Serviced or REO Trust Mortgage Loan Loan) and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.previously reimbursed under this clause third;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any the 11 Penn Plaza Pooled Mortgage Loan included in a Serviced Loan CombinationLoan) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor AgreementServicer) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a the Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is the Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.28) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.28) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.28) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.28) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.28(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.28(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any the 11 Penn Plaza Pooled Mortgage Loan included in a Serviced Loan Combination (or any related successor REO Pooled Mortgage Loan Loan) or to the related Serviced holder of the 11 Penn Plaza Non-Pooled Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced the 11 Penn Plaza Loan Combination Group shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related ▇▇ ▇▇▇▇ ▇▇▇▇▇ Intercreditor Agreement:
(i) : first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced the 11 Penn Plaza Loan Combination Group or any related REO Property allocated that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Mortgage Loans in the ▇▇ ▇▇▇▇ ▇▇▇▇▇ Loan and the related Serviced Pari Passu Companion Loan in Group) to such Serviced Loan Combination;
(ii) Mortgage Loan; second, either (x) in the case of the 11 Penn Plaza Pooled Mortgage Loan in such Serviced Loan CombinationLoan, to pay to the Fiscal Agent, the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such the 11 Penn Plaza Pooled Mortgage Loan or (y) in the case of any Serviced the 11 Penn Plaza Non-Pooled Pari Passu Companion Loan in such Serviced Loan CombinationLoan, to pay to one or more designees of the related Serviced Pari Passu Companion holder of such Mortgage Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced the holder of the 11 Penn Plaza Non-Pooled Pari Passu Companion Loan Holder;
(iii) or any holders of any 11 Penn Plaza Non-Pooled Pari Passu Companion Loan Securities; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Servicer since the Closing Date with respect to such Serviced Servicing Advances made with respect to the ▇▇ ▇▇▇▇ ▇▇▇▇▇ Loan Combination Group and any related REO Property, allocated Property that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Mortgage Loans in the ▇▇ ▇▇▇▇ ▇▇▇▇▇ Loan and Group) to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on the related Serviced 11 Penn Plaza Loan Group; fourth, either (x) in the case of the 11 Penn Plaza Pooled Mortgage Loan, to reimburse the Trust for any Advance Interest paid to the Fiscal Agent, the Trustee or the applicable Master Servicer since the Closing Date with respect to P&I Advances made thereby with respect to the 11 Penn Plaza Pooled Mortgage Loan, which interest was paid from a source other than Default Charges collected on the 11 Penn Plaza Loan Group, or (y) in the case of the 11 Penn Plaza Non-Pooled Pari Passu Companion Loan; and
(iv) fourth, to reimburse the holder of such Mortgage Loan or its designee for any interest similar to Advance Interest made for the benefit of the holder of the 11 Penn Plaza Non-Pooled Pari Passu Companion Loan or any holders of any 11 Penn Plaza Non-Pooled Pari Passu Companion Loan Securities since the Closing Date with respect to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on the 11 Penn Plaza Loan Group; and fifth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that such Net Default Charges not previously collected and applied under this Section 3.28) accrued on the 11 Penn Plaza Loan Group while the related Mortgage Loan was Loans therein were not a Specially Serviced Mortgage Loan, or to Loans and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that such Net Default Charges not previously collected and applied under this Section 3.28) theretofore accrued while on the related Mortgage 11 Penn Plaza Loan was a Specially Serviced Mortgage Loan Group, and (ii) to the related Serviced Pari Passu Companion Loan Holder orSpecial Servicer as Additional Special Servicing Compensation, following in an amount equal to the securitization product of the related Serviced Pari Passu Companion Loansuch remaining portion and a fraction, the applicable Master Servicer, numerator of which is the aggregate amount of Default Charges (to the extent that such Net Default Charges not previously collected and applied under this Section 3.28) accrued on the 11 Penn Plaza Loan Group while the related Serviced Pari Passu Companion Loan was not a Mortgage Loans therein were Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following Loans and the securitization denominator of which is the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, aggregate amount of Default Charges (to the extent that such Net Default Charges not previously collected and applied under this Section 3.28) theretofore accrued while on the related Serviced Pari Passu Companion 11 Penn Plaza Loan was a Specially Serviced Mortgage LoanGroup.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Pwr6)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan or REO Loan (other than any but, in the case of the Peter Cooper Village a▇▇ ▇▇▇▇▇▇▇▇▇t Town Trust Mortgage Loan included in a Serviced Loan Combination) or any related successor Trust REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (with respect thereto, only to the extent of the Default Charges, if any, remitted to the applicable Master Servicer by Trust in accordance with the related NonWBCMT Series 2007-Trust Master Servicer and, in any event, subject to C30 Pooling and Servicing Agreement and/or the related Peter Cooper Village a▇▇ ▇▇▇▇▇▇▇▇▇t Town Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, (except that payments to the Special Servicer and the applicable Master Servicer shall be made concurrently on a pro rata and pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (“Net B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges”), in each case as additional master servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while (or portion thereof comprised of late payment charges) were collected when the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the applicable Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-6)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
, which interest on such outstanding Advance accrued on or prior to the date on which the subject Default Charges were received; second, to pay any other outstanding expenses (iiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) secondincurred with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; third, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest payment was paid made from a source collections on the Mortgage Pool (other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Mortgage Loan or REO Mortgage Loan) and was not previously reimbursed under this clause fourth; and
(iii) thirdand fifth, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, if they were accrued in respect of a Performing Mortgage Loan, or as additional special servicing compensation to the extent that such Net Default Charges Special Servicer, if they were accrued while the related Mortgage Loan was not in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, or in each case pursuant to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage LoanSection 3.11.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Mortgage Loan or REO Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Mortgage Loan or REO Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Mortgage Loan or REO Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included Charges in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanas applicable).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (TIAA Seasoned Commercial Mortgage Trust 2007-C4)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and Master Servicer shall be made concurrently on a pro rata and pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional master servicing compensation to the Master Servicer, if such Default Charges (“Net Default Charges”), to or portion thereof comprised of late payment charges) were collected when the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MLCFC Commercial Mortgage Trust Series 2006-1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of Subject to the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net terms of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) , any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled the Mortgage Loan or successor REO Mortgage Loan during any Collection Period Pool, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on the Mortgage Pool (provided, however, if the Special Servicer is able to determine that such Mortgage Default Charges are related to any Specially Serviced Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with Loan in respect to of which any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been was paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing Servicer prior to such party 12-month period from a source other than Default Charges received on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in Pool, then the Master Servicer shall conclusively rely on such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due determination and owing to shall apply such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, Default Charges to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.Advance Interest);;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2008-Ls1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any Serviced Pooled Mortgage Loan included in a Serviced Mortgage Loan CombinationGroup that includes one or more Serviced Non-Pooled Pari Passu Companion Loans) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Mortgage Loan Group Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.to
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Pwr9)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage LoanLoan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that is part of a Serviced A/B Loan Combination (if any), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) that is part of a Serviced Pari Passu Loan Combination (if any), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to application in accordance with Section 3.26(a): first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan (or any successor REO Trust Mortgage Loan with respect thereto), and, if the related Serviced Pari Passu Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto). Any and all amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the related Co-Lender Agreement, prior to being so distributed to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement (which portion of such other expenses is allocable to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) in accordance with the related Co-Lender Agreement), out of amounts otherwise distributable to the related Serviced Pari Passu Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto); provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to any related Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) as provided above in this Section 3.26(d). In the case of a Serviced Pari Passu Loan Combination, any and all amounts otherwise distributable with respect to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Non-Trust Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee (or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby successor REO Mortgage Loans with respect to such Mortgage Loans) as Default Charges on any related Loan or (y) Combination Master Servicer Remittance Date, in accordance with the case of related Co-Lender Agreement, shall be allocated between them, on a pro rata and pari passu basis. If the total amount otherwise distributable on any Serviced Pari Passu Companion subject Loan Combination Master Servicer Remittance Date, in such Serviced Loan Combinationaccordance with the related Co-Lender Agreement, as Default Charges with respect to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Combination Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
Non-Trust Mortgage Loan (iv) fourth, or any successor REO Mortgage Loans with respect to any remaining Default Charges (also “Net Default Charges”such Mortgage Loans) on a pro rata basis: exceeds the aggregate amount of (i) interest on related Servicing Advances payable pursuant to Section 3.26(a) and the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Co-Lender Agreement in accordance with Section 3.26(a) and the prior two paragraphs of this Section 3.26(d), then the respective portions of such -254- total amount allocable to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Non-Trust Mortgage Loan Holder or, following (or any successor REO Mortgage Loans with respect to such Mortgage Loans) that are to be applied for such purpose shall be in the securitization same proportions that the respective unpaid principal balances of the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, Non-Trust Mortgage Loan (or any successor REO Mortgage Loans with respect to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or Loans) bear to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2006-C7)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer Servicers or the applicable Special ServicerServicers, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second; Second, to reimburse the Trust Fund for any Advance Interest paid to any Fiscal Agent, the Trustee, the applicable Master Servicer Servicers or the applicable Special Servicer following Servicers since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; Third,to pay any other outstanding expense incurred with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, that, if not paid from Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
(iii) thirdFourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, and previously paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; and Fifth,to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while the related Mortgage Loan was not were collected with respect to a Specially Serviced Performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second Second or clause Fourth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second Second or clause Fourth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Comm Mort Pass THR Cert Ser 2003-Cnp1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any Serviced Pooled Mortgage Loan included in a Serviced Mortgage Loan CombinationGroup that includes one or more Serviced Non-Pooled Pari Passu Companion Loans) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Mortgage Loan Group Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Pooled Mortgage Loan included in a Serviced Mortgage Loan Combination Group that includes one or more one or more Serviced Non-Pooled Pari Passu Companion Loans (or any related successor REO Pooled Mortgage Loan Loan) or to the related holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Mortgage Loan Combination Group, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Mortgage Loan Group Intercreditor Agreement:
(i) : first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Mortgage Loan Combination Group or any related REO Property allocated that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loan Loans in such Serviced Mortgage Loan Combination;
(iiGroup) to such Mortgage Loan; second, either (x) in the case of the Pooled Mortgage Loan in such Serviced Mortgage Loan CombinationGroup, to pay to the Fiscal Agent, the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Pooled Mortgage Loan or (y) in the case of any the Serviced Non-Pooled Pari Passu Companion Loan in such Serviced Mortgage Loan CombinationGroup, to pay to one or more designees of the related Serviced Pari Passu Companion holder of such Mortgage Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of the holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder;
(iii) Loans; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the Special Servicer since the Closing Date with respect to Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Advances made with respect to such Serviced Mortgage Loan Combination Group and any related REO Property, allocated Property that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group) to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and
(iv) fourth, either (x) in the case of the Pooled Mortgage Loan in such Mortgage Loan Group, to reimburse the Trust for any Advance Interest paid to the Fiscal Agent, the Trustee or the applicable Master Servicer since the Closing Date with respect to P&I Advances made thereby with respect to such Pooled Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group, or (y) in the case of the Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group, to reimburse the holder of such Serviced Non-Pooled Pari Passu Companion Loans or its designee for any interest similar to Advance Interest made for the benefit of the holder of the Serviced Non-Pooled Pari Passu Companion Loans in such Mortgage Loan Group since the Closing Date with respect to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and fifth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Mortgage Loan was Loans therein were not a Specially Serviced Mortgage Loan, or to Loans and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan Group and (ii) to the related Serviced Pari Passu Companion Loan Holder orSpecial Servicer as Additional Special Servicing Compensation, following in an amount equal to the securitization product of the related Serviced Pari Passu Companion Loansuch remaining portion and a fraction, the applicable Master Servicer, numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Serviced Pari Passu Companion Loan was not a Mortgage Loans therein were Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following Loans and the securitization denominator of which is the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanLoan Group.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Pwr8)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any the Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C19)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
(iii) third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges Received by the Trust, if they were accrued while the related Mortgage Loan was not in respect of a Specially Serviced Performing Trust Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges Received by the Trust, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to a Loan Combination, Default Charges that are actually Received by the Trust with respect to any Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the items set forth in clauses first through fourth above only to the extent that such item or portion of such item (i) is allocable to such Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Non-Trust Mortgage Loan Noteholder as Default Charges with respect to a related Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Non-Trust Mortgage Loan Noteholder with respect to a related Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such Serviced any Non-Trust Mortgage Loan Combination or any successor REO Mortgage Loan with respect thereto, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the Special Servicer any and all interest on any Servicing Advances made thereby with respect to the applicable Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, the Trustee and the Master Servicer any and all interest on any P&I Advances made thereby with respect to the related Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto. Any amounts otherwise distributable to the related Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to clause first or clause second, as applicable, of the preceding paragraph shall be paid to the Fiscal Agent, the Trustee, the Master Servicer and, if applicable, the Special Servicer, in that order, that portion in each case up to the total amount of interest on any Advance Interest due and owing Advances so payable to such party on outstanding Servicing Advances made thereby in accordance with respect to such Serviced Loan Combination clause first or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) clause second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanas applicable.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan or REO Loan (other than any but, in the case of the Glendale Galleria Trust Mortgage Loan included in a Serviced Loan Combination) or any related successor Trust REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (with respect thereto, only to the extent of the Default Charges, if any, remitted to the applicable Master Servicer by Trust in accordance with the related NonMLMT Series 2005-Trust Master Servicer and, in any event, subject to CKI1 Pooling and Servicing Agreement and/or the related Glendale Galleria Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse pay any outstanding expense incurred by the Trust Fund Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; third, to pay the appropriate party for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was expense, if not paid from a source other than out of Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
and fourth, to pay (iiiA) thirdif such Mortgage Loan is a Non-Trust Loan, with respect to any remaining portion of such Default Charges that is comprised of late payment charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional master servicing compensation to the Master Servicer, if such Default Charges (“Net Default Charges”), to or portion thereof comprised of late payment charges) were collected when the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Lc1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, ; to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Securities Inc)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any Serviced Pooled Mortgage Loan included in a Serviced Mortgage Loan CombinationGroup that includes one or more Serviced Non-Pooled Pari Passu Companion Loans) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Mortgage Loan Group Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable -188- Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Pooled Mortgage Loan included in a Serviced Mortgage Loan Combination Group that includes one or more one or more Serviced Non-Pooled Pari Passu Companion Loans (or any related successor REO Pooled Mortgage Loan Loan) or to the related holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Mortgage Loan Combination Group, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Mortgage Loan Group Intercreditor Agreement:
(i) : first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Mortgage Loan Combination Group or any related REO Property allocated that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loan Loans in such Serviced Mortgage Loan Combination;
(iiGroup) to such Mortgage Loan; second, either (x) in the case of the Pooled Mortgage Loan in such Serviced Mortgage Loan CombinationGroup, to pay to the Fiscal Agent, the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Pooled Mortgage Loan or (y) in the case of any the Serviced Non-Pooled Pari Passu Companion Loan in such Serviced Mortgage Loan CombinationGroup, to pay to one or more designees of the related Serviced Pari Passu Companion holder of such Mortgage Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of the holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder;
(iii) Loans; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the Special Servicer since the Closing Date with respect to Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Advances made with respect to such Serviced Mortgage Loan Combination Group and any related REO Property, allocated Property that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group) to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and
(iv) fourth, either (x) in the case of the Pooled Mortgage Loan in such Mortgage Loan Group, to reimburse the Trust for any Advance Interest paid to the Fiscal Agent, the Trustee or the applicable Master Servicer since the Closing Date with respect to P&I Advances made thereby with respect to such Pooled Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group, or (y) in the case of the Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group, to reimburse the holder of such Serviced Non-Pooled Pari Passu Companion Loans or its designee for any interest similar to Advance Interest made for the benefit of the holder of the Serviced Non-Pooled Pari Passu Companion Loans in such Mortgage Loan Group since the Closing Date with respect to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and fifth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Mortgage Loan was Loans therein were not a Specially Serviced Mortgage Loan, or to Loans and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan Group and (ii) to the related Serviced Pari Passu Companion Loan Holder orSpecial Servicer as Additional Special Servicing Compensation, following in an amount equal to the securitization product of the related Serviced Pari Passu Companion Loansuch remaining portion and a fraction, the applicable Master Servicer, numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Serviced Pari Passu Companion Loan was not a Mortgage Loans therein were Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following Loans and the securitization denominator of which is the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanLoan Group.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Pwr10)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Fiscal Agent, the Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay the Special Servicer for Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage LoanPool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; and fifth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Comm Mort Inc Pass Throu Certs Series 2004 2)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any or REO Mortgage Loan included in a Serviced Loan Combination) or the Mortgage Pool (excluding any related REO Mortgage Loan that is part of a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05Loan Group) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such the subject Mortgage Loan or REO Mortgage Loan, as Loan and reimbursed in the case may be;
(ii) secondrelated Collection Period; Second, to reimburse the Trust Fund for pay any Advance Interest paid to the Trusteeother outstanding expenses (exclusive of Special Servicing Fees, the applicable Master Servicer or the applicable Special Servicer following the Closing Date Liquidation Fees and Workout Fees) incurred with respect to such the subject Mortgage Loan or REO Mortgage LoanLoan and that, as the case may be, which interest was if paid from a source other than Default Charges collected with respect to the subject Mortgage Loan, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust for any interest on such Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to the subject Mortgage Loan or REO Mortgage Loan, as which payment was made from a source other than Default Charges and not previously reimbursed under this clause Third; Fourth, to reimburse the case may be; and
Trust for any other Additional Trust Fund Expenses (iiiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) third, paid since the Closing Date with respect to the subject Mortgage Loan or REO Mortgage Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth; and Fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was not in respect of a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Distribution Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause First of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause Second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination Group or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination Group or any related REO Property allocated pro rata according to the respective outstanding principal balances of Loan or the related Mortgage Loan Group Mortgaged Property and reimbursed in the related Serviced Pari Passu Companion Loan Collection Period (to be applied with respect to any particular party in such Serviced Loan Combination;
(ii) second, either (x) in manner that the case of interest that accrued first and has been outstanding the Mortgage Loan in such Serviced Loan Combinationlongest shall be paid first); Second, to pay to the Fiscal Agent, any Other Backup Advancer, the Trustee or the applicable Master Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding P&I Advances made thereby with respect to such Mortgage Loan Group or REO Loan or (y) the related Loan Group Mortgaged Property and reimbursed in the case of related Collection Period (to be applied with respect to any Serviced Pari Passu Companion Loan particular party in such Serviced Loan Combinationmanner that the interest that accrued first and has been outstanding the longest shall be paid first); Third, to pay to one or more designees any other outstanding expenses (exclusive of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Liquidation Fees and Liquidation Workout Fees) incurred with respect to such Serviced Loan Combination and any related Group or REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththat, if paid from a source other than such Default Charges collected with respect to such Loan Group, would constitute Additional Trust Fund Expenses; Fourth, to reimburse the Trust or any Companion Loan Noteholder for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Loan Group or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth or clause Third under Section 3.27(a); Fifth, to reimburse the Trust or any Companion Loan Noteholder for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Loan Group or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fifth or clause Fourth under Section 3.27(a); and Sixth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, Loan as the case may be;
(ii) to which such Default Charges were collected; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, Loan as the case may beto which such Default Charges were collected, which interest Advance Interest was paid from a source other than Default Charges on such Mortgage Loan or REO Loan; third, to reimburse the Special Servicer for Servicing Advances made for the cost of inspections since the Closing Date on a Specially Serviced Mortgage Loan; fourth, to pay or to reimburse the Trust for any other expense outstanding or incurred with respect to any Mortgage Loan since the Closing Date (other than amounts constituting Servicing Fees, Liquidation Fees or Workout Fees), which expense, if paid from a source of funds other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may beis or will be an Additional Trust Fund Expense; and
(iii) thirdfifth, with respect to pay any remaining portion of such Default Charges (“Net Default Charges”), as additional servicing compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued were collected while the related such Mortgage Loan was not a non-Specially Serviced Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as additional servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass Thru Certs Series 2001-3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any or REO Pooled Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor AgreementServicer) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) second, [Reserved]; and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.28) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.28) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.28) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.28) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.28(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.28(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Pwr5)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan or REO Loan (other than any but, in the case of the [Blackacre] Trust Mortgage Loan included in a Serviced Loan Combination) or any related successor Trust REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (with respect thereto, only to the extent of the Default Charges, if any, remitted to the applicable Master Servicer by Trust in accordance with the related Non-Trust Master Servicer and, in any event, subject to [Other Series] Pooling and Servicing Agreement and/or the related [Blackacre] Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and Master Servicer shall be made concurrently on a pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional master servicing compensation to the Master Servicer, if such Default Charges (“Net Default Charges”), to or portion thereof comprised of late payment charges) were collected when the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they shall be transferred from the related Loan Combination Custodial Account to the Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any Serviced Pooled Mortgage Loan included in a Serviced Mortgage Loan CombinationGroup that includes one or more Serviced Non-Pooled Pari Passu Companion Loans) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Mortgage Loan Group Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (such remaining portion, “Net Default Charges”)) as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Pooled Mortgage Loan included in a Serviced Mortgage Loan Combination Group that includes one or more one or more Serviced Non-Pooled Pari Passu Companion Loans (or any related successor REO Pooled Mortgage Loan Loan) or to the related holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Mortgage Loan Combination Group, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Mortgage Loan Group Intercreditor Agreement:
(i) : first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Mortgage Loan Combination Group or any related REO Property allocated that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loan Loans in such Serviced Mortgage Loan Combination;
(iiGroup) to such Mortgage Loan; second, either (x) in the case of the Pooled Mortgage Loan in such Serviced Mortgage Loan CombinationGroup, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Pooled Mortgage Loan or (y) in the case of any the Serviced Non-Pooled Pari Passu Companion Loan in such Serviced Mortgage Loan CombinationGroup, to pay to one or more designees of the related Serviced Pari Passu Companion holder of such Mortgage Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of the holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder;
(iii) Loans; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Advance Interest paid to the Trustee, the applicable Master Servicer or the Special Servicer since the Closing Date with respect to Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Advances made with respect to such Serviced Mortgage Loan Combination Group and any related REO Property, allocated Property that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group) to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and
(iv) fourth, either (x) in the case of the Pooled Mortgage Loan in such Mortgage Loan Group, to reimburse the Trust for any Advance Interest paid to the Trustee or the applicable Master Servicer since the Closing Date with respect to P&I Advances made thereby with respect to such Pooled Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group, or (y) in the case of the Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group, to reimburse the holder of such Serviced Non-Pooled Pari Passu Companion Loans or its designee for any interest similar to Advance Interest made for the benefit of the holder of the Serviced Non-Pooled Pari Passu Companion Loans in such Mortgage Loan Group since the Closing Date with respect to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and fifth, to pay any remaining portion of such Default Charges (also such remaining portion, “Net Default Charges”) on a pro rata basis: (i) to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Mortgage Loan was Loans therein were not a Specially Serviced Mortgage Loan, or to Loans and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan Group and (ii) to the related Serviced Pari Passu Companion Loan Holder orSpecial Servicer as Additional Special Servicing Compensation, following in an amount equal to the securitization product of the related Serviced Pari Passu Companion Loansuch remaining portion and a fraction, the applicable Master Servicer, numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Serviced Pari Passu Companion Loan was not a Mortgage Loans therein were Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following Loans and the securitization denominator of which is the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanLoan Group.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr16)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Pooled Mortgage Loan (other than any Serviced Pooled Mortgage Loan included in a Serviced Mortgage Loan CombinationGroup that includes one or more Serviced Non-Pooled Pari Passu Companion Loans) or any related REO Pooled Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Mortgage Loan Group Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Pooled Mortgage Loan or REO Pooled Mortgage Loan, as the case may be; and
(iii) and third, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”)") as follows: (A) if such Mortgage Loan is a Non-Trust-Serviced Pooled Mortgage Loan, to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the entirety of such remaining portion, or (B) if such Mortgage Loan is a Serviced Mortgage Loan, on a pro rata basis: (i) to the applicable Master Servicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Mortgage Loan while the related such Mortgage Loan was not a Specially Serviced Mortgage Loan, or to Loan and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Mortgage Loan, and (ii) to the Special Servicer as Additional Special Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) accrued while the related on such Mortgage Loan was while such Mortgage Loan is a Specially Serviced Mortgage Loan and the denominator of which is the aggregate amount of Default Charges (to the extent not previously collected and applied under this Section 3.26) theretofore accrued on such Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Pooled Mortgage Loan or REO Pooled Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Pooled Mortgage Loan included in a Serviced Mortgage Loan Combination Group that includes one or more one or more Serviced Non-Pooled Pari Passu Companion Loans (or any related successor REO Pooled Mortgage Loan Loan) or to the related holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Mortgage Loan Combination Group, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Mortgage Loan Group Intercreditor Agreement:
(i) : first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Mortgage Loan Combination Group or any related REO Property allocated that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loan Loans in such Serviced Mortgage Loan Combination;
(iiGroup) to such Mortgage Loan; second, either (x) in the case of the Pooled Mortgage Loan in such Serviced Mortgage Loan CombinationGroup, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Pooled Mortgage Loan or (y) in the case of any the Serviced Non-Pooled Pari Passu Companion Loan in such Serviced Mortgage Loan CombinationGroup, to pay to one or more designees of the related Serviced Pari Passu Companion holder of such Mortgage Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of the holder of such Serviced Non-Pooled Pari Passu Companion Loan Holder;
(iii) Loans; third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Advance Interest paid to the Trustee, the applicable Master Servicer or the Special Servicer since the Closing Date with respect to Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred Advances made with respect to such Serviced Mortgage Loan Combination Group and any related REO Property, allocated Property that is allocable (which allocation shall be made pro rata according to the respective outstanding principal balances of the related Served Pooled Mortgage Loan and the related Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group) to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and
(iv) fourth, either (x) in the case of the Pooled Mortgage Loan in such Mortgage Loan Group, to reimburse the Trust for any Advance Interest paid to the Trustee or the applicable Master Servicer since the Closing Date with respect to P&I Advances made thereby with respect to such Pooled Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group, or (y) in the case of the Serviced Non-Pooled Pari Passu Companion Loans in such Serviced Mortgage Loan Group, to reimburse the holder of such Serviced Non-Pooled Pari Passu Companion Loans or its designee for any interest similar to Advance Interest made for the benefit of the holder of the Serviced Non-Pooled Pari Passu Companion Loans in such Mortgage Loan Group since the Closing Date with respect to such Mortgage Loan, which interest was paid from a source other than Default Charges collected on such Serviced Mortgage Loan Group; and fifth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) to the applicable Master ServicerServicer as Additional Master Servicing Compensation, in an amount equal to the product of such remaining portion and a fraction, the numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Mortgage Loan was Loans therein were not a Specially Serviced Mortgage Loan, or to Loans and the applicable Special Servicer, denominator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan Group and (ii) to the related Serviced Pari Passu Companion Loan Holder orSpecial Servicer as Additional Special Servicing Compensation, following in an amount equal to the securitization product of the related Serviced Pari Passu Companion Loansuch remaining portion and a fraction, the applicable Master Servicer, numerator of which is the aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) accrued on such Net Default Charges accrued Serviced Mortgage Loan Group while the related Serviced Pari Passu Companion Loan was not a Mortgage Loans therein were Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following Loans and the securitization denominator of which is the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, aggregate amount of Default Charges (to the extent that not previously collected and applied under this Section 3.26) theretofore accrued on such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanLoan Group.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr18)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to any Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Non-Trust Mortgage Loan was a Specially Serviced or any successor REO Mortgage LoanLoan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the a related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Subordinate Non-Trust Mortgage Loan Combination or any successor REO Mortgage Loan with respect thereto that is part of a Serviced A/B Loan Combination, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such Serviced Loan Combination;
(ii) manner that the earliest accrued interest shall be paid first); second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to any Fiscal Agent, to the Trustee or and to the applicable Master Servicer, in that order, any Advance Interest due and owing to such party all interest on outstanding any P&I Advances made thereby with respect to such the related Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (ysuch amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Serviced Subordinate Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) in the case Any and all amounts otherwise distributable with respect to a Serviced Subordinate Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) that is part of any a Serviced Pari Passu Companion Loan Combination (if any) as Default Charges on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such Serviced Loan Combinationamounts and to the extent permitted under the related Co-Lender Agreement, prior to application in accordance with Section 3.26(a): first, to pay to one or more designees of any Fiscal Agent, the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for Trustee, the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan Master Servicer and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent in that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan order, any and (ii) all interest on any Servicing Advances made thereby with respect to the related Serviced Pari Passu Companion Loan Holder orCombination or any related REO Property, following which interest accrued on or prior to the securitization of date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to any Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to the related Serviced Combination Trust Mortgage Loan (or any successor REO Trust Mortgage Loan with respect thereto), and, if the related Serviced Pari Passu Companion Loan, the applicable Master ServicerNon-Trust Mortgage Loan has been securitized, to the extent that such Net Default Charges accrued while pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the related Serviced Pari Passu Companion Non-Trust Mortgage Loan was not a Specially Serviced (or any successor REO Mortgage LoanLoan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any related Serviced Pari Passu Companion Loan Holder or, following such particular party in such manner that the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges earliest accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.interest shall be paid first); and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C3)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be, Pool during which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay any other outstanding expense incurred with respect to any Mortgage Loan or REO Loan since the Closing Date in the Mortgage LoanPool, as the case may be; and
(iii) thirdwhich expense, with respect to any remaining if not paid from Default Charges (“Net Default Charges”)received on the Mortgage Pool will likely become an Additional Trust Fund Expense, including the reimbursement to the applicable Master Servicer, to Special Servicer for Servicing Advances made for the extent that such Net Default Charges accrued while the related Mortgage Loan was not cost of an inspection made on a Specially Serviced Mortgage Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan since the Closing Date, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; and fifth, to pay any remaining portion of such Default Charges as additional servicing compensation to the applicable Special Master Servicer, to the extent that if such Net Default Charges accrued while the related Mortgage Loan was were collected with respect to a non-Specially Serviced Mortgage Loan, and otherwise to pay any remaining portion of such Default Charges as additional servicing compensation to the Special Servicer.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mort Pass Through Cert Ser 2002-2)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that orderorder (except that payments to the Special Servicer and Master Servicer shall be made concurrently on a pari passu basis), any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to any Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Loan, as the case may be, will likely become an Additional Trust Fund Expense; sixth, to reimburse the Trust for any other Additional Trust Fund Expense paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional master servicing compensation to the Master Servicer, if such Default Charges (“Net Default Charges”), to or portion thereof comprised of late payment charges) were collected when the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan loan was not a non-Specially Serviced Mortgage Loan, and otherwise to pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion of such Default Charges that is comprised of late payment charges and (Y) if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust REO Loan, as the case may be, any remaining portion of such Default Charges, in each case as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool, and if such Default Charges so applied relate to a Loan Combination, they will be transferred from the related Loan Combination Custodial Account to the Collection Account. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder The portion of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced a Non-Trust Loan Combination that is not applied as provided for above in this Section 3.26, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) pursuant to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanCombination Intercreditor Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-McP1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to in the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan Pool during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such the subject Mortgage Loan or REO Mortgage Loan, as Loan and reimbursed in the case may be;
(ii) secondrelated Collection Period; Second, to reimburse the Trust Fund for pay any Advance Interest paid to the Trusteeother outstanding expenses (exclusive of Special Servicing Fees, the applicable Master Servicer or the applicable Special Servicer following the Closing Date Liquidation Fees and Workout Fees) incurred with respect to such the subject Mortgage Loan or REO Mortgage LoanLoan and that, as the case may be, which interest was if paid from a source other than Default Charges collected with respect to the subject Mortgage Loan, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust for any interest on such Advances paid to the Trustee, the Master Servicer or the Special Servicer in the preceding twelve months with respect to the subject Mortgage Loan or REO Mortgage Loan, as which payment was made from a source other than Default Charges and not previously reimbursed under this clause Third; Fourth, to reimburse the case may be; and
Trust for any other Additional Trust Fund Expenses (iiiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) third, paid in the preceding twelve months with respect to the subject Mortgage Loan or REO Mortgage Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth; and Fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was not in respect of a Specially Serviced Performing Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Distribution Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause First of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause Second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CWCapital Commercial Funding Corp.)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced the Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer andPool, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, Loan as the case may be;
(ii) to which such Default Charges were collected; second, to reimburse the Trust Fund for any Advance Interest paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may beto which such Default Charges were collected, which interest Advance Interest was paid from a source other than Default Charges collected on such Mortgage Loan; third, to pay any other outstanding expense incurred with respect to such Mortgage Loan or REO Loan since the Closing Date, which expense, if not paid from Default Charges received on such Mortgage Loan or REO Mortgage LoanLoan will likely become an Additional Trust Fund Expense, as including the case may be; and
(iii) third, with respect to any remaining Default Charges (“Net Default Charges”), reimbursement to the applicable Master Servicer, to Special Servicer for Servicing Advances made for the extent that such Net Default Charges accrued while the related Mortgage Loan was not cost of an inspection made on a Specially Serviced Mortgage Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to such Mortgage Loan or REO Loan since the Closing Date, which expense was previously paid from a source other than Default Charges received on such Mortgage Loan or REO Loan; and fifth, to pay any remaining portion of such Default Charges as additional servicing compensation to the applicable Special Master Servicer, to the extent that if such Net Default Charges accrued while the related Mortgage Loan was were collected with respect to a non-Specially Serviced Mortgage Loan, and otherwise to pay any remaining portion of such Default Charges as additional servicing compensation to the Special Servicer.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc)
Application of Default Charges. 187
(a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; third, to pay any outstanding expense incurred by the Special Servicer in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12; fourth, to reimburse the Trust for any expenses reimbursed to the Special Servicer since the Closing Date in connection with inspecting the related Mortgaged Property or REO Property, as applicable, pursuant to Section 3.12, which expenses were previously paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; fifth, to pay the appropriate party for any other outstanding expense (exclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) incurred thereby with respect to such Mortgage Loan or REO Loan, as the case may be, which expense, if not paid out of Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
sixth, to reimburse the Trust for any other Additional Trust Fund Expense (iiiexclusive of Special Servicing Fees, Workout Fees and Liquidation Fees) third, paid to the appropriate party since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which Additional Trust Fund Expense was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan, as the case may be; and seventh, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while were collected when the related Mortgage Loan loan was not a Specially Serviced performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.27(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to 188 application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to any of clause second second, clause fourth or clause sixth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest interest on Advances, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest interest on Advances, costs of property inspections or, except for Special Servicing Fees, Workout Fees and Liquidation Fees, other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Comm Mort Ps THR Certs Ser 2003-Key1)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such any Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be;
(ii) Loan and reimbursed during such Collection Period; second, to reimburse the Trust Fund for pay any Advance Interest paid to the Trusteeother outstanding expense (exclusive of Special Servicing Fees, the applicable Master Servicer or the applicable Special Servicer following the Closing Date Liquidation Fees and Workout Fees) incurred with respect to such any Trust Mortgage Loan or REO Trust Mortgage LoanLoan and that, as the case may be, which interest was if paid from a source other than such Default Charges collected Charges, would constitute an Additional Trust Fund Expense; third, to reimburse the Trust for any interest on such Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer in the preceding twelve months with respect to any Trust Mortgage Loan or REO Trust Mortgage Loan, as which interest payment was made from collections on the case may beMortgage Pool other than Default Charges and was not previously reimbursed under this clause third; and
fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (iiiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) third, paid during the preceding twelve months with respect to any Trust Mortgage Loan or REO Trust Mortgage Loan, which payment was made from collections on the Mortgage Pool other than Default Charges and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was not in respect of a Specially Serviced Performing Trust Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to any ▇▇ ▇▇▇▇ Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall first be applied pursuant to Section 3.26(d); and provided, further, that the total interest on Advances payable pursuant to clause first above shall take into account the allocations of Default Charges made pursuant to Sections 3.26(c) and 3.26(d); and provided, further, that it is hereby acknowledged that no Default Charges shall be Received by the Trust with respect to the Sangertown Square Trust Mortgage Loan or any Sangertown Square REO Trust Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the any ▇▇ ▇▇▇▇ Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination Loans or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan documents and the ▇▇ ▇▇▇▇ Co-Lender Agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding Servicing Advances made thereby with respect to such Serviced the ▇▇ ▇▇▇▇ Loan Combination Group or any related ▇▇ ▇▇▇▇ REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances of date on which the related Mortgage Loan and the related Serviced Pari Passu Companion Loan subject Default Charges were received (such Default Charges to be applied with respect to any such particular party in such Serviced Loan Combination;
(ii) manner that the earliest accrued interest shall be paid first); and second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Fiscal Agent, the Trustee or and the applicable Master Servicer, in that order, any Advance Interest due and owing all interest on any P&I Advances made by such party with respect to any ▇▇ ▇▇▇▇ Trust Mortgage Loans or any ▇▇ ▇▇▇▇ REO Trust Mortgage Loan, which interest accrued on or prior to the date on which the subject Default Charges were received (such Default Charges to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, to the extent received, if they were accrued with respect to such party ▇▇ ▇▇▇▇ Non-Trust Mortgage Loan during a period that it was a Performing Serviced Mortgage Loan, or as additional special servicing compensation to the Special Servicer, to the extent received, if they were accrued with respect to such ▇▇ ▇▇▇▇ Non-Trust Mortgage Loan during a period that it was a Specially Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11; provided that the order of application of Default Charges received on outstanding P&I the respective ▇▇ ▇▇▇▇ Non-Trust Mortgage Loans or any REO Mortgage Loans with respect thereto shall be governed by the ▇▇ ▇▇▇▇ Co-Lender Agreement.
(d) Any and all Default Charges that are actually collected with respect to any ▇▇ ▇▇▇▇ Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto during any Collection Period (as allocable thereto pursuant to the related loan documents and the ▇▇ ▇▇▇▇ Co-Lender Agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such Default Charges: first, to pay to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest on Servicing Advances made thereby with respect to such Mortgage the ▇▇ ▇▇▇▇ Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and Group and/or any related REO Property, allocated pro rata according which interest accrued on or prior to the respective outstanding principal balances date on which the subject Default Charges were received and which interest is not otherwise payable, pursuant to Section 3.26(c), out of Default Charges collected with respect to the related ▇▇ ▇▇▇▇ Non-Trust Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
Loans or any successor REO Mortgage Loans with respect thereto (iv) fourth, such Default Charges to be applied with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay the applicable Fiscal Agent, the Trustee and the Master Servicer, in that order, any and all interest on any P&I Advances made by such party with respect to the extent that such Net subject ▇▇ ▇▇▇▇ Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which the subject Default Charges accrued while the related Mortgage Loan was were received and which interest is not a Specially Serviced Mortgage Loanotherwise payable, or pursuant to Section 3.26(c), out of Default Charges collected with respect to the applicable Special Servicer▇▇ ▇▇▇▇ Non-Trust Mortgage Loans or any successor REO Mortgage Loans with respect thereto (such Default Charges to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to make the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanpayments contemplated by Section 3.26(a).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Sec Corp Lb Ubs Com Mort Tr 2003-C8)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second; Second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be; and
(iii) thirdThird, with respect to any remaining Default Charges (“Net Default Charges”), to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on other Additional Trust Fund Expenses incurred since the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to clause second of Section 3.25(a) shall be deemed to offset payments of Advance Interest in the chronological order in which it accrued with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby Closing Date with respect to such Mortgage Loan or (y) in REO Mortgage Loan, as the case of any Serviced Pari Passu Companion may be, and previously paid from a source other than Default Charges on such Mortgage Loan in such Serviced Loan Combinationor REO Mortgage Loan, as the case may be; and Fourth, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit remaining portion of such Serviced Pari Passu Companion Loan Holder;
(iii) thirdDefault Charges as Additional Master Servicing Compensation to the Master Servicer, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred if such Default Charges were collected with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of Subject to the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net terms of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) , any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled the Mortgage Loan or successor REO Mortgage Loan during any Collection Period Pool, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay the Special Servicer for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Loan in the Mortgage Pool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; fifth, to pay the Master Servicer for Servicing Advances made for the cost of an inspection made on a Loan other than a Specially Serviced Loan; and sixth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in related to a Serviced Whole Loan Combination or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to be paid to the extent permitted related Companion Loan Holder under the related any Intercreditor Agreement and/or this Agreement:
(i) : first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced any Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Whole Loan Combination;
(ii) second, either (x) or the related REO Mortgaged Property and reimbursed in the case of the Mortgage Loan in such Serviced Loan Combination, related Collection Period (to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and second, to pay any remaining portion of such Default Charges (also “Net Default Charges”) on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Serviced Mortgage Performing Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2006-6)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
(iii) third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges Received by the Trust, if they were accrued while the related in respect of an Outside Serviced Trust Mortgage Loan was not or a Specially Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges Received by the Trust, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above shall take into account the application of funds on deposit in the respective Loan Combination Custodial Accounts to pay interest on Advances; and provided, further, that, with respect to a Serviced Loan Combination, Default Charges that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the items set forth in clauses first through fourth above only to the extent that such item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise payable, pursuant to Section 3.26(c), out of amounts otherwise distributable to a related Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the related Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the Special Servicer any and all interest on any Servicing Advances made thereby with respect to the applicable Serviced Loan Combination or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, the Trustee and the Master Servicer any and all interest on any P&I Advances made thereby with respect to the related Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto. Any amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to any Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to clause first or clause second, as applicable, of the preceding paragraph shall be paid to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, that portion in each case up to the total amount of interest on any Advance Interest due and owing Advances so payable to such party on outstanding Servicing Advances made thereby in accordance with respect to such Serviced Loan Combination clause first or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) clause second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanas applicable.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C7)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
(iii) third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while in respect of the related Two Penn Plaza Trust Mortgage Loan was not or a Specially Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above shall take into account the application of funds on deposit in the respective Loan Combination Custodial Accounts to pay interest on Advances; and provided, further, that, with respect to a Serviced Loan Combination, Default Charges that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the items set forth in clauses first through fourth above only to the extent that such item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise payable, pursuant to Section 3.26(c) or 3.26(d), out of amounts otherwise distributable to a related Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the related Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the Woodside Village Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such Serviced the Woodside Village Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any related Loan Combination Master Servicer Remittance Date, in accordance with the Woodside Village Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Woodside Village Co-Lender Agreement:
(i) , prior to being so distributed to the Woodside Village Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer and the Special Servicer any and all interest on any Servicing Advances made thereby with respect to the Woodside Village Loan Pair or any related REO Property, which interest accrued on or prior to the applicable date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer any and all interest on any P&I Advances made thereby with respect to the Woodside Village Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the Woodside Village Co-Lender Agreement, out of amounts otherwise distributable to the Woodside Village Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the Woodside Village Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto. Any amounts otherwise distributable to the Woodside Village Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the Woodside Village Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto that are applied pursuant to clause first or clause second, as applicable, of the preceding paragraph shall be paid to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, in each case up to the total amount of interest on any Advances so payable to such party in accordance with such clause first or clause second, as applicable.
(d) Any and all amounts otherwise distributable to the holder of the Mortgage Note for a Westfield North Bridge Non-Trust Mortgage Loan as Default Charges with respect to such Westfield North Bridge Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any related Loan Combination Master Servicer Remittance Date, in accordance with the Westfield North Bridge Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the Westfield North Co-Lender Agreement, prior to being so distributed to the Westfield North Bridge Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to Section 3.26(e) (if applicable), that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the related Serviced Loan Combination or and/or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances of date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the related Westfield North Bridge Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with the Westfield North Bridge Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Serviced Pari Passu Companion Westfield North Bridge Co-Lender Agreement (which portion of such other expenses is allocable to such Westfield North Bridge Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in such Serviced accordance with the Westfield North Bridge Co-Lender Agreement), out of amounts otherwise distributable to the Westfield North Bridge Non-Trust Mortgage Loan Combination;Noteholder as Default Charges with respect to the subject Westfield North Bridge Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(iie) second, either (x) in In the case of the Westfield North Bridge Mortgage Loans (or any successor REO Mortgage Loans with respect thereto), any amounts otherwise distributable on any subject Loan Combination Master Servicer Remittance Date, in such Serviced Loan Combinationaccordance with the related Co-Lender Agreement, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby related holders thereof as Default Charges with respect to such Mortgage Loan Loans or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred successor REO Mortgage Loans with respect to such Serviced Loan Combination and any related REO Propertythereto shall be allocated between them, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata and pari passu basis: . If the total amount otherwise distributable on any subject Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement as Default Charges with respect to the Mortgage Loans (or any successor REO Mortgage Loans with respect thereto) comprising the Westfield North Bridge Loan Group exceed the aggregate amount of (i) interest on Servicing Advances payable pursuant to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan Section 3.26(a) and Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Serviced Pari Passu Companion Loan Holder Co-Lender Agreement in accordance with Section 3.26(a) and Section 3.26(d), then the respective portions of such total amount allocable to such Mortgage Loans (or, following if applicable, such REO Mortgage Loans) that are to be applied for such purpose shall be in the securitization same proportions that the respective unpaid principal balances of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder Loans (or, following the securitization of the related Serviced Pari Passu Companion Loanif applicable, the applicable Special Servicer, such REO Mortgage Loans) bear to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C6)
Application of Default Charges. (a) Any and all Default Charges that are actually received Received by or on behalf of the Trust and deposited in the Pool Custodial Account with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Trust Mortgage Loan during any applicable Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such Trust Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than on such outstanding Advance accrued on or prior to the date on which the subject Default Charges collected on were received; second, to pay any other outstanding expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, that, if paid from collections on the Mortgage Pool other than such Default Charges, would constitute an Additional Trust Fund Expense; and
third, to reimburse the Trust for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which interest payment was made from collections on the Mortgage Pool (iiiother than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause third; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Trust Mortgage Loan or REO Trust Mortgage Loan, as the case may be, which payment was made from collections on the Mortgage Pool (other than Default Charges on such Trust Mortgage Loan or REO Trust Mortgage Loan) and was not previously reimbursed under this clause fourth; and fifth, to pay any remaining portion of such Default Charges (such remaining portion, "Net Default Charges") as additional master servicing compensation to the Master Servicer, if they were accrued in respect of an Outside Serviced Trust Mortgage Loan or a Performing Serviced Trust Mortgage Loan, or as additional special servicing compensation to the Special Servicer, if they were accrued in respect of a Specially Serviced Trust Mortgage Loan or an REO Trust Mortgage Loan, in each case pursuant to Section 3.11; provided that any and all Default Charges that are actually collected with respect to a Serviced Combination Trust Mortgage Loan shall first be applied pursuant to the applicable section of this Agreement related to permitted withdrawals from the related Loan Combination Custodial Account (Section 3.05A) and the applicable provisions of the related Co-Lender Agreement; and provided, further, that the total interest on Advances payable pursuant to clause first above and other expenses payable pursuant to clause second above in connection with a Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto shall take into account the application of funds on deposit in the related Loan Combination Custodial Account with respect to the related Serviced Non-Trust Mortgage Loan(s) or any successor REO Mortgage Loan(s) with respect -250- thereto to pay such interest on Advances or such other expenses, as the case may be; and provided, further, that, with respect to any remaining a Serviced Loan Combination, Default Charges (“Net Default Charges”), that are actually Received by the Trust with respect to any Serviced Combination Trust Mortgage Loan or REO Trust Mortgage Loan with respect thereto during any applicable Collection Period shall be applied to cover the applicable Master Servicer, items set forth in clauses first through fourth above only to the extent that such Net item or portion of such item (i) is allocable to such Serviced Combination Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto in accordance with the related Co-Lender Agreement and (ii) is not otherwise first payable, pursuant to Section 3.26(c) or Section 3.26(d) (and consistent with the related Co-Lender Agreement), out of amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges accrued while with respect to a related Serviced Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto or, pursuant to Section 3.05A (and consistent with the related Co-Lender Agreement) out of any other amounts otherwise distributable to a related Serviced Non-Trust Mortgage Loan was not Noteholder with respect to a Specially related Serviced Non-Trust Mortgage LoanLoan or any successor REO Mortgage Loan with respect thereto; and provided, or further, that any and all amounts otherwise distributable as Default Charges with respect to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage ______________ Loan was a Specially Serviced Mortgage LoanComponent A-1b shall first be applied in accordance with Section 3.26(d).
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Trust Master Servicer Remittance Date next following the applicable Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to pay outstanding interest on Advances in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, to any particular party, pursuant to clause first of subsection (a), shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, pursuant to clause second of subsection (a), shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(asubsection (a) shall be deemed to offset payments either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in respect of Advance Interest the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable, in the chronological order in which it such interest accrued with respect to the subject Mortgage Loan or REO Mortgage Loan such expenses were incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default ChargesCharges in respect of the related Trust Mortgage Loan or REO Trust Mortgage Loan, as applicable).
(c) Any and all amounts otherwise distributable to the related Serviced Non-Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder Noteholder as Default Charges with respect to such any Serviced Non-Trust Mortgage Loan that is part of a Serviced A/B Loan Combination or any successor REO Mortgage Loan with respect thereto, in accordance with the related Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Co-Lender Agreement:
(i) , prior to being so distributed to the related Serviced Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or and the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party all interest on outstanding any Servicing Advances made thereby with respect to such the applicable Serviced Loan Combination or any related REO Property allocated pro rata according Property, which interest accrued on or prior to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such Serviced Loan Combination;
(ii) manner that the earliest accrued interest shall be paid first); second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Fiscal Agent, to the Trustee or and to the applicable Master Servicer, in that order, any Advance Interest due and owing to such party all interest on outstanding any P&I Advances made thereby with respect to such the related Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (ysuch amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the related Co-Lender Agreement, out of amounts otherwise distributable to the related Serviced Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the subject Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto.
(d) Any and all amounts otherwise distributable with respect to the ______________ Loan Component A-1b as Default Charges on any Loan Combination Master Servicer Remittance Date, in accordance with the ______________ Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of any Serviced Pari Passu Companion Loan the remaining portion of such amounts and to the extent permitted under the ______________ Co-Lender Agreement, prior to application in such Serviced Loan Combinationaccordance with Section 3.26(a): first, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, any and all interest similar to Advance Interest due and owing to such designee on any debt service advances Servicing Advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced the ______________ Loan Combination and or any related REO Property, which interest accrued on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied in accordance with this clause first with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); second, to pay to the Fiscal Agent, to the Trustee and to the Master Servicer, in that order, any and all interest on any P&I Advances made thereby with respect to any ______________ Loan Component, and, if the ______________ Non-Trust Mortgage Loan has been securitized, to pay any party to any related Non-Trust Mortgage Loan Securitization Agreement any and all interest on delinquency advances similar to P&I Advances with respect to the ______________ Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect thereto), which interest accrued, in each case, on or prior to the date on which such amounts otherwise so distributable as Default Charges were received (such amounts to be applied with respect to any such particular party in such manner that the earliest accrued interest shall be paid first); and third, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the ______________ Co-Lender Agreement, out of amounts otherwise distributable as Default Charges with respect to the ______________ Loan Component A-1b. Any and all amounts otherwise distributable to the holder of the Mortgage Note for the ______________ Non-Trust Mortgage Loan as Default Charges with respect to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto on any Loan Combination Master Servicer Remittance Date, in accordance with the ______________ Co-Lender Agreement, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and to the extent permitted under the ______________ Co-Lender Agreement, prior to being so distributed to the applicable ______________ Non-Trust Mortgage Loan Noteholder: first, to pay to the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, subject to the next paragraph (if applicable), that portion of any and all interest on any Servicing Advances made thereby with respect to the related Loan Combination and/or any related REO Property, which interest accrued on or prior to the date on which such amounts so distributable as Default Charges were received, and which interest is allocable to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with the ______________ Co-Lender Agreement; and second, to pay that portion of any other expenses reimbursable to any party to this Agreement from Default Charges pursuant to the ______________ Co-Lender Agreement (which portion of such other expenses is allocable to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto in accordance with the ______________ Co-Lender Agreement), out of amounts otherwise distributable to the ______________ Non-Trust Mortgage Loan Noteholder as Default Charges with respect to the ______________ Non-Trust Mortgage Loan or any successor REO Mortgage Loan with respect thereto; provided that any application of amounts otherwise payable as Default Charges in accordance with this paragraph shall be made after the application of amounts otherwise payable as Default Charges with respect to the ______________ Loan Component A-1b as provided above in this Section 3.26(d). Any and all amounts otherwise distributable with respect to the ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect to the ______________ Non-Trust Mortgage Loans) as Default Charges on any Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be allocated between them, on a pro rata according and pari passu basis. If the total amount otherwise distributable on any subject Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, as Default Charges with respect to the ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or any successor REO Mortgage Loan with respect to the ______________ Non-Trust Mortgage Loan) exceeds the aggregate amount of (i) interest on Servicing Advances payable pursuant to Section 3.26(a) and the prior two paragraphs of this Section 3.26(d) and (ii) other amounts reimbursable from Default Charges pursuant to the related Co-Lender Agreement in accordance with Section 3.26(a) and the prior two paragraphs of this Section 3.26(d), then the respective outstanding portions of such total amount allocable to the ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or, if applicable, the ______________ Loan Component A-1a and any successor REO Mortgage Loan with respect to the ______________ Non-Trust Mortgage Loan) that are to be applied for such purpose shall be in the same proportions that the respective unpaid principal balances of the related ______________ Loan Component A-1a and the ______________ Non-Trust Mortgage Loan (or, if applicable, the ______________ Loan Component A-1a and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, any successor REO Mortgage Loan with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced ______________ Non-Trust Mortgage Loan, or ) bear to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loanone another.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Securities Corp Ii)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any or REO Mortgage Loan included in a Serviced Loan Combination) or the Mortgage Pool (excluding any related REO Mortgage Loan that is part of a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05Loan Group) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding Advances made thereby with respect to such the subject Mortgage Loan or REO Mortgage Loan, as Loan and reimbursed in the case may be;
(ii) secondrelated Collection Period; Second, to reimburse the Trust Fund for pay any Advance Interest paid to the Trusteeother outstanding expenses (exclusive of Special Servicing Fees, the applicable Master Servicer or the applicable Special Servicer following the Closing Date Liquidation Fees and Workout Fees) incurred with respect to such the subject Mortgage Loan or REO Mortgage LoanLoan and that, as the case may be, which interest was if paid from a source other than Default Charges collected with respect to the subject Mortgage Loan, would constitute Additional Trust Fund Expenses; Third, to reimburse the Trust for any interest on such Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to the subject Mortgage Loan or REO Mortgage Loan, as which payment was made from a source other than Default Charges and not previously reimbursed under this clause Third; Fourth, to reimburse the case may be; and
Trust for any other Additional Trust Fund Expenses (iiiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) third, paid since the Closing Date with respect to the subject Mortgage Loan or REO Mortgage Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth; and Fifth, to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was not in respect of a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges received, if they were accrued while the related Mortgage Loan was in respect of a Specially Serviced Loan or an REO Mortgage Loan, in each case pursuant to Section 3.11.
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(a) subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Distribution Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoans and any REO Properties. Default Charges applied to pay outstanding interest on Advances to any particular party pursuant to clause First of subsection (a) shall be applied to pay such party such interest on Advances in such manner that the interest that accrued first and has been outstanding the longest shall be paid first. Default Charges applied to pay outstanding expenses pursuant to clause Second of subsection (a) shall be applied to pay such expenses in the chronological order in which they were incurred. Default Charges applied to reimburse the Trust pursuant to clause second clauses Third and Fourth, of Section 3.25(asubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination Group or any related successor REO Mortgage Loan or with respect thereto during any Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) firstDefault Charges: First, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination Group or any related REO Property allocated pro rata according to the respective outstanding principal balances of Loan or the related Mortgage Loan Group Mortgaged Property and reimbursed in the related Serviced Pari Passu Companion Loan Collection Period (to be applied with respect to any particular party in such Serviced Loan Combination;
(ii) second, either (x) in manner that the case of interest that accrued first and has been outstanding the Mortgage Loan in such Serviced Loan Combinationlongest shall be paid first); Second, to pay to the Fiscal Agent, the Trustee or the applicable Master Servicer, in that order, any Advance Interest interest due and owing to such party on any outstanding P&I Advances made thereby with respect to such Mortgage Loan Group or REO Loan or (y) the related Loan Group Mortgaged Property and reimbursed in the case of related Collection Period (to be applied with respect to any Serviced Pari Passu Companion Loan particular party in such Serviced Loan Combinationmanner that the interest that accrued first and has been outstanding the longest shall be paid first); Third, to pay to one or more designees any other outstanding expenses (exclusive of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Liquidation Fees and Liquidation Workout Fees) incurred with respect to such Serviced Loan Combination and any related Group or REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourththat, if paid from a source other than such Default Charges collected with respect to such Loan Group, would constitute Additional Trust Fund Expenses; Fourth, to reimburse the Trust or any Companion Loan Noteholder for any interest on Advances paid to the Fiscal Agent, the Trustee, the Master Servicer or the Special Servicer since the Closing Date with respect to such Loan Group or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fourth or clause Third under Section 3.27(a); Fifth, to reimburse the Trust or any Companion Loan Noteholder for any other Additional Trust Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) paid since the Closing Date with respect to such Loan Group or REO Loan, which payment was made from a source other than Default Charges and not previously reimbursed under this clause Fifth or clause Fourth under Section 3.27(a); and Sixth, to pay any remaining portion of such Default Charges (also “such remaining portion, "Net Default Charges”") on a pro rata basis: (i) as additional master servicing compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion or an REO Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Loan, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to any Fiscal Agent, the Trustee, the applicable either Master Servicer or the applicable either Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
(ii) ; second, to reimburse the Trust Fund for any Advance Interest paid to any Fiscal Agent, the Trustee, the applicable either Master Servicer or the applicable either Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, which interest was paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; third, to pay any other outstanding expense incurred with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, that, if not paid from Default Charges collected on such Mortgage Loan or REO Mortgage Loan, as the case may be, will likely become an Additional Trust Fund Expense; and
(iii) thirdfourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, and previously paid from a source other than Default Charges on such Mortgage Loan or REO Mortgage Loan, as the case may be; and fifth, to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent that if such Net Default Charges accrued while the related Mortgage Loan was not with respect to a Specially Serviced Performing Mortgage Loan, or and otherwise to pay any remaining portion of such Default Charges as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.;
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.26(a) are intended to be available for distribution on the Certificates pursuant to Section 4.01(a) and Section 4.01(b), subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.26(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued they were made or incurred with respect to the subject Mortgage Loan or REO Mortgage Loan (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass THR Cert Ser 2001-Ckn5)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of Subject to the Trust with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net terms of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) , any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled the Mortgage Loan or successor REO Mortgage Loan during any Collection Period Pool, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges: first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest due and owing to such party on outstanding Advances made thereby with respect to such any Mortgage Loan or REO Serviced Loan in the Mortgage Loan, as the case may be;
(ii) Pool; second, to reimburse the Trust Fund for any Advance Interest paid to the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such any Mortgage Loan or REO Serviced Loan in the Mortgage Loan, as Pool during the case may be12-month period preceding the receipt of such Default Charges, which interest Advance Interest was paid from a source other than Default Charges collected received on such the Mortgage Pool; third, to pay the Special Servicer for any Servicing Advances made for the cost of an inspection made on a Specially Serviced Loan; fourth, to reimburse the Trust for any other Additional Trust Fund Expenses incurred with respect to any Mortgage Loan or REO Serviced Loan in the Mortgage Pool during the 12-month period prior to the receipt of such Default Charges, which expense was previously paid from a source other than Default Charges received on the Mortgage Pool; fifth, to pay the Master Servicer for Servicing Advances made for the cost of an inspection made on a Loan other than a Specially Serviced Loan; and sixth, to pay any remaining portion of such Default Charges as Additional Master Servicing Compensation to the case may be; and
(iii) thirdMaster Servicer, if such Default Charges were collected with respect to a Performing Serviced Loan, and otherwise to pay any remaining portion of such Default Charges (“Net Default Charges”), as Additional Special Servicing Compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan.
(b) Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) are is intended to be available for distribution on the Certificates pursuant to Section 4.01(a4.01(b), subject to application pursuant to Section 3.05(a), Section 3.05(b), Section 3.05(c) or Section 3.05(b3.05(f) for any items payable out of general collections on the Mortgage Pool. Default Charges applied to reimburse the Trust pursuant to either clause second or clause fourth of Section 3.25(a3.27(a) shall be deemed to offset payments of Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred (whereupon such Advance Interest or other Additional Trust Fund Expenses (depending on which clause is applicable) shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable Default Charges that are actually collected with respect to the Trust as the holder of any Mortgage Companion Loan included in a or any successor REO Serviced Loan Combination or with respect thereto during any related REO Mortgage Loan or Collection Period (as allocable thereto pursuant to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination loan agreement), shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts Default Charges and as and net of any portion of such Default Charges, if any, that are required to the extent permitted be paid to any Companion Loan Holder under the related any Intercreditor Agreement and/or this Agreement:
(i) first: First, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest interest due and owing to such party on any outstanding Servicing Advances made thereby with respect thereby, and to pay any Serviced Companion Loan Service Provider any interest due and owing such Serviced Loan Combination or party on any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and and/or interest advance under the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourthSecuritization Agreement, with respect to any Serviced Loan or REO Serviced Loan in such Whole Loan or the related REO Mortgaged Property and reimbursed in the related Collection Period (to be applied with respect to any particular party in such manner that the interest that accrued first and has been outstanding the longest shall be paid first); and Second, to pay any remaining portion of such Default Charges (also “Net Default Charges”) on a pro rata basis: (i) as Additional Master Servicing Compensation to the applicable Master Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was not a Specially Performing Serviced Mortgage Loan, or as Additional Special Servicing Compensation to the applicable Special Servicer, to the extent received, if they were accrued with respect to such Companion Loan during a period that such Net Default Charges accrued while the related Mortgage Loan it was a Specially Serviced Mortgage Loan and (ii) to the related or an REO Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, in each case pursuant to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage LoanSection 3.11.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc. Series 2006-1)
Application of Default Charges. (a) Any and all Default Charges that are actually received by or on behalf of the Trust collected with respect to any Serviced Mortgage Loan (other than any Mortgage Loan included in a Serviced Loan Combination) or any related REO Mortgage Loan that is a successor thereto (net of any portion thereof applied to pay Advance Interest under Section 3.05) and (to the extent remitted to the applicable Master Servicer by the related Non-Trust Master Servicer and, in any event, subject to the related Intercreditor Agreement) any and all Default Charges that are actually received by or on behalf of the Trust with respect to a Non-Trust-Serviced Pooled Mortgage Loan or successor REO Mortgage Loan during any Collection Period Period, shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such charges and fees:
(i) Default Charges; first, to pay to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, any Advance Interest interest due and owing to such party on outstanding Advances made thereby with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be;
, as to which such Default Charges were collected; second, to pay any other outstanding Additional Trust Fund Expenses (iiexclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) secondincurred with respect to such Mortgage Loan or REO Loan, as the case may be, as to which such Default Charges were collected; third, to reimburse the Trust Fund for any Advance Interest interest on Advances paid to the Fiscal Agent, the Trustee, the applicable Master Servicer or the applicable Special Servicer following since the Closing Date with respect to such Mortgage Loan or REO Mortgage Loan, as the case may be, as to which such Default Charges were collected, which interest was paid from a source other than Default Charges collected on such Mortgage Loan or REO Loan; 144 fourth, to reimburse the Trust for any other Additional Trust Fund Expense (exclusive of Special Servicing Fees, Liquidation Fees and Workout Fees) incurred and paid since the Closing Date with respect to such Mortgage Loan or REO Loan, as the case may be, as to which such Default Charges were collected, which expense was paid from a source other than Default Charges on such Mortgage Loan or REO Loan; and
(iii) thirdand fifth, with respect to pay any remaining portion of such Default Charges (“such remaining portion, "Net Default Charges”), ") as additional master servicing compensation to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related if they were received in respect of a Mortgage Loan was that is not a Specially Serviced Mortgage Loan, or as additional special servicing compensation to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was if they were received in respect of a Specially Serviced Mortgage Loan or REO Loan.;
(b) Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(a) Subsection (a), are intended to be available for distribution on part of the Certificates amounts to be delivered by the Master Servicer to the Trustee pursuant to the first paragraph of Section 4.01(a)3.04(b) on or before the Master Servicer Remittance Date next following the Collection Period during which they were received, for deposit in the Collection Account, subject to application pursuant to Section 3.05(a) or Section 3.05(b) for any items payable out of general collections on the Mortgage PoolLoan and any REO Properties. Default Charges applied to reimburse the Trust pursuant to clause second clauses third and fourth of Section 3.25(aSubsection (a) shall be deemed to offset payments of Advance Interest either interest paid on Advances or other Additional Trust Fund Expenses, depending on which clause is applicable, in the chronological order in which it accrued with respect to the subject Mortgage Loan they were made or REO Mortgage Loan incurred, as applicable (whereupon such Advance Interest interest paid on Advances or such other Additional Trust Fund Expenses, depending on which clause is applicable, shall thereafter be deemed to have been paid out of Default Charges).
(c) Any and all amounts otherwise distributable to the Trust as the holder of any Mortgage Loan included in a Serviced Loan Combination or any related REO Mortgage Loan or to the related Serviced Pari Passu Companion Loan Holder as Default Charges with respect to such Serviced Loan Combination shall be applied for the following purposes and in the following order, in each case to the extent of the remaining portion of such amounts and as and to the extent permitted under the related Intercreditor Agreement:
(i) first, to pay to the Trustee, the applicable Master Servicer or the applicable Special Servicer, in that order, that portion of any Advance Interest due and owing to such party on outstanding Servicing Advances made thereby with respect to such Serviced Loan Combination or any related REO Property allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan in such Serviced Loan Combination;
(ii) second, either (x) in the case of the Mortgage Loan in such Serviced Loan Combination, to pay to the Trustee or the applicable Master Servicer, in that order, any Advance Interest due and owing to such party on outstanding P&I Advances made thereby with respect to such Mortgage Loan or (y) in the case of any Serviced Pari Passu Companion Loan in such Serviced Loan Combination, to pay to one or more designees of the related Serviced Pari Passu Companion Loan Holder any interest similar to Advance Interest due and owing to such designee on any debt service advances made thereby for the benefit of such Serviced Pari Passu Companion Loan Holder;
(iii) third, to reimburse the Trust Fund for that portion of any Additional Trust Fund Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to such Serviced Loan Combination and any related REO Property, allocated pro rata according to the respective outstanding principal balances of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan; and
(iv) fourth, with respect to any remaining Default Charges (also “Net Default Charges”) on a pro rata basis: (i) to the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was not a Specially Serviced Mortgage Loan, or to the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Mortgage Loan was a Specially Serviced Mortgage Loan and (ii) to the related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Master Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was not a Specially Serviced Mortgage Loan, or to any related Serviced Pari Passu Companion Loan Holder or, following the securitization of the related Serviced Pari Passu Companion Loan, the applicable Special Servicer, to the extent that such Net Default Charges accrued while the related Serviced Pari Passu Companion Loan was a Specially Serviced Mortgage Loan.
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Sources: Pooling and Servicing Agreement (Commercial Mortgage Pass-Through Certificates Series 2000-C4)