Common use of Application of Funds in the Collection Account Clause in Contracts

Application of Funds in the Collection Account. (a) Monthly, on each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Trustee for deposit in the Distribution Account all amounts then on deposit in the Collection Account that represent payments and other collections on or in respect of the Mortgage Loans and any REO Properties that were received by the Master Servicer or the Special Servicer through the end of the related Collection Period, exclusive of any such payments and other collections that: (i) constitute Monthly Payments due on a Due Date following the end of the related Collection Period; (ii) are payable or reimbursable to any Person from the Collection Account pursuant to clauses (i) through (xvi), inclusive, of Section 5.2(b); and/or (iii) were deposited in the Collection Account in error. The Trustee shall notify the Master Servicer (in a manner consistent with the last sentence of Section 4.1(a)) if any such remittance is not received by 3:00 p.m., New York City time, on any Master Servicer Remittance Date. If the Master Servicer does not deposit such amounts into the Distribution Account by 3:00 p.m., New York City time on the Master Servicer Remittance Date, then the Master Servicer will pay interest to the Trustee on such late payment at the prime rate from the Master Servicer Remittance Date to the date (and not including) that such payment is received by the Trustee. In addition, on each P&I Advance Date, the Master Servicer is authorized (or, to the extent provided in Section 4.1, required) to apply certain amounts held in the Collection Account for future distribution to Certificateholders in subsequent months and certain Late Collections, all as more particularly specified in Section 4.1, to make required P&I Advances on such date. (b) The Master Servicer may, from time to time, also make withdrawals from the Collection Account for any of the following purposes: (i) Servicing Fees: to pay to itself unpaid Master Servicing Fees and to the Special Servicer unpaid Special Servicing Fees, in each case earned thereby in respect of each Mortgage Loan, including, without limitation, each REO Mortgage Loan, the Master Servicer's and the Special Servicer's respective rights to payment pursuant to this clause (i) being limited to amounts received, in each case in respect of such Mortgage Loan that is allocable as a recovery of interest thereon or advanced as a P&I Advance with respect to such Mortgage Loan; (ii) Workout Fees and Liquidation Fees: to pay to the Special Servicer earned and unpaid Workout Fees and Liquidation Fees to which it is entitled pursuant to, and from the sources contemplated by, Section 8.10(b); (iii) P&I Advances: to reimburse each of the Fiscal Agent, the Trustee and the Master Servicer, in that order, for xxxxxxxxxxxx X&X Advances made by each such Person, the Fiscal Agent's, Trustee's and Master Servicer's respective rights to be reimbursed pursuant to this clause (iii) being limited to amounts received that represent Late Collections of interest on and principal of the particular Mortgage Loans, including, without limitation, REO Mortgage Loans, with respect to which such P&I Advances were made (in each case net of related Workout Fees);

Application of Funds in the Collection Account. (a) Monthly, on each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Trustee for deposit in the Distribution Account all amounts then on deposit in the Collection Account that represent payments and other collections on or in respect of the Mortgage Loans and any REO Properties that were received by the Master Servicer or the Special Servicer through the end of the related Collection Period, exclusive of any such payments and other collections that: (i) constitute Monthly Payments due on a Due Date following the end of the related Collection Period; (ii) are payable or reimbursable to any Person from the Collection Account pursuant to clauses (i) through (xvi), inclusive, of Section 5.2(b); and/or (iii) were deposited in the Collection Account in error. The Trustee shall notify the Master Servicer (in a manner consistent with the last sentence of Section 4.1(a)) if any such remittance is not received by 3:00 p.m., New York City time, on any Master Servicer Remittance Date. If the Master Servicer does not deposit such amounts into the Distribution Account by 3:00 p.m., New York City time on the Master Servicer Remittance Date, then the Master Servicer will pay interest to the Trustee on such late payment at the prime rate from the Master Servicer Remittance Date to the date (and not including) that such payment is received by the Trustee. In addition, on each P&I Advance Date, the Master Servicer is authorized (or, to the extent provided in Section 4.1, required) to apply certain amounts held in the Collection Account for future distribution to Certificateholders in subsequent months and certain Late Collectionsmonths, all as more particularly specified in Section 4.1, to make required P&I Advances on such date. (b) The Master Servicer may, from time to time, also make withdrawals from the Collection Account for any of the following purposes: (i) Servicing Fees: to pay to itself unpaid Master Servicing Fees and to the Special Servicer unpaid Special Servicing Fees, limited in each the case of the Master Servicer, as earned thereby in respect of each Mortgage Loan, including, without limitation, each REO Mortgage Loan, the Master Servicer's and the Special Servicer's respective rights to payment pursuant to this clause (i) being limited to amounts received, in each case case, in respect of such Mortgage Loan that is allocable as a recovery of interest thereon or advanced as the interest portion of a P&I Advance with respect to such Mortgage Loan; (ii) Workout Fees and Liquidation Fees: to pay to the Special Servicer earned and unpaid Workout Fees and Liquidation Fees to which it is entitled pursuant to, and from the sources contemplated by, Section 8.10(b); (iii) P&I Advances: to reimburse each of the Fiscal Agent, the Trustee and the Master Servicer, in that order, for xxxxxxxxxxxx X&X Advances made by each such Person, the Fiscal Agent's, the Trustee's and the Master Servicer's respective rights to be reimbursed pursuant to this clause (iii) being limited to amounts received that represent Late Collections of interest on and principal of the particular Mortgage Loans, including, without limitation, REO Mortgage Loans, with respect to which such P&I Advances were made; (iv) Servicing Advances: to reimburse each of the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, for unreimbursed Servicing Advances made by each such Person, the Fiscal Agent's, the Trustee's, the Master Servicer's and the Special Servicer's respective rights to be reimbursed pursuant to this clause (iv) being limited to amounts received that represent Late Collections of interest on and principal of the particular Mortgage Loans, including, without limitation, REO Mortgage Loans, with respect to which such Servicing Advances were made with respect to any Mortgage Loan or REO Property; (v) Nonrecoverable Advances: to reimburse the Fiscal Agent, the Trustee, the Master Servicer and the Special Servicer, in that order, out of general collections on the Mortgage Loans and REO Properties, for Nonrecoverable Advances made by each case net of related Workout Fees)such Person;

Application of Funds in the Collection Account. (a) Monthly, on each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Trustee for deposit in the Distribution Account all amounts then on deposit in the Collection Account that represent payments and other collections on or in respect of the Mortgage Loans and any REO Properties that were received by the Master Servicer or the Special Servicer through the end of the related Collection Period, exclusive of any such payments and other collections that: (i) constitute Monthly Payments due on a Due Date following the end of the related Collection Period; (ii) are payable or reimbursable to any Person from the Collection Account pursuant to clauses (i) through (xvi), inclusive, of Section 5.2(b); and/or (iii) were deposited in the Collection Account in error. The Trustee shall notify the Master Servicer (in a manner consistent with the last sentence of Section 4.1(a)) if any such remittance is not received by 3:00 p.m., New York City time, on any Master Servicer Remittance Date. If the Master Servicer does not deposit such amounts into the Distribution Account by 3:00 p.m., New York City time on the Master Servicer Remittance Date, then the Master Servicer will pay interest to the Trustee on such late payment at the prime rate from the Master Servicer Remittance Date to the date (and not including) that such payment is received by the Trustee. In addition, on each P&I Advance Date, the Master Servicer is authorized (or, to the extent provided in Section 4.1, required) to apply certain amounts held in the Collection Account for future distribution to Certificateholders in subsequent months and certain Late Collections, all as more particularly specified in Section 4.1, to make required P&I Advances on such date. (b) The Master Servicer may, from time to time, also make withdrawals from the Collection Account for any of the following purposes: (i) Servicing Fees: to pay to itself unpaid Master Servicing Fees and to the Special Servicer unpaid Special Servicing Fees, in each case earned thereby in respect of each Mortgage Loan, including, without limitation, each REO Mortgage Loan, the Master Servicer's and the Special Servicer's respective rights to payment pursuant to this clause (i) being limited to amounts received, in each case case, in respect of such Mortgage Loan that is allocable as a recovery of interest thereon or advanced as the interest portion of a P&I Advance with respect to such Mortgage Loan; (ii) Workout Fees and Liquidation Fees: to pay to the Special Servicer earned and unpaid Workout Fees and Liquidation Fees to which it is entitled pursuant to, and from the sources contemplated by, Section 8.10(b); (iii) P&I Advances: to reimburse each of the Fiscal Agent, the Trustee and the Master Servicer, in that order, for xxxxxxxxxxxx X&X Advances made by each such Person, the Fiscal Agent's, Trustee's and Master Servicer's respective rights to be reimbursed pursuant to this clause (iii) being limited to amounts received that represent Late Collections of interest on and principal of the particular Mortgage Loans, including, without limitation, REO Mortgage Loans, with respect to which such P&I Advances were made (in each case net of related Workout Fees);