The Purchased Asset Documents require insurance proceeds in respect of a property loss to be applied either # to the repair or restoration of all or part of the related Underlying Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Purchased Asset, the lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or # to the reduction of the outstanding principal balance of such Purchased Asset together with any accrued interest thereon.
The Loan Documents require insurance proceeds in respect of a property loss to be applied either # to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage Loan (or related Whole Loan), the Mortgagee (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or # to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon.
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