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. 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.

Application of Funds in the Collection Account. (a) Monthly, by noon, New York City time, 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 (in the appropriate subaccount thereof, as described in Section 5.3 hereof) 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. 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.