Common use of Closing Allocations Clause in Contracts

Closing Allocations. 3.1 The CMBS Subsidiary and the Ladder Investor, as applicable, are entitled to (i) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are due on or before the Closing Date and that are collected on or before that date, (ii) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are due on or before the Closing Date and that are collected after that date, and (iii) all payments of interest that represent interest accruing on the Initial Assets through and including the day prior to the Closing Date. If and to the extent any such payments are received by the REIT’s Subsidiaries, the REIT’s Subsidiaries will remit such payments to the CMBS Subsidiary and the Ladder Investor, as applicable, promptly upon receipt thereof. Notwithstanding its status as owner of the Initial Assets after the Closing, the REIT’s Subsidiaries will not waive or forgive (or otherwise forbear from the enforcement and collection of) such payments. 3.2 The REIT’s Subsidiaries, as applicable, are entitled to (i) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are collected by the CMBS Subsidiary or the Ladder Investor, as applicable, on or prior to the Closing Date and due after the Closing Date, (ii) all payments of principal on the Initial Assets, as well as any prepayment penalty or premium associated therewith, that are collected after the Closing Date and due after the Closing Date, and (iii) all payments of interest that represent interest accruing on the Initial Assets on and after the Closing Date and that are collected after the Closing Date. If and to the extent any such payments are received by the CMBS Subsidiary or the Ladder Investor, as applicable, the CMBS Subsidiary and the Ladder Investor, as applicable, will remit such payments to the applicable REIT’s Subsidiary promptly upon receipt thereof.