Common use of Collection and Allocation of Mortgage Loan Payments Clause in Contracts

Collection and Allocation of Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to all mortgage loans in its servicing portfolio comparable to the Mortgage Loans that it services for itself or others. (b) Consistent with the terms of this Agreement, the Master Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Master Servicer's determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Noteholders and the Certificateholders; provided, however, that the Master Servicer may not permit any modification with respect to any Mortgage Loan that would change the Mortgage Rate, defer or forgive the payment of any principal or interest (unless in connection with the liquidation of the related Mortgage Loan) or extend the Final Scheduled Maturity Date on the Mortgage Loan. No costs incurred by the Master Servicer in respect of Servicing Advances shall for the purposes of distributions to Noteholders or Certificateholders be added to the amount owing under the related Mortgage Loan. (c) The Master Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Trustee an Eligible Deposit Account (the "Collection Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. The Collection Account shall initially be established with the Trustee. The Master Servicer shall on the Closing Date deposit into the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received on or after the Cut-off Date and prior to the Closing Date, and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within _______ Business Days following receipt thereof the following payments and collections received or made by it (without duplication) with respect to the Mortgage Loans: (i) all payments received on and after the Cut-off Date on account of principal on the Mortgage Loans and all full or partial prepayments collected after the Cut-off Date; (ii) all payments received on and after the Cut-off Date on account of interest on the Mortgage Loans; (iii) all Net Liquidation Proceeds net of Foreclosure Profits; (iv) all Insurance Proceeds; (v) all Released Mortgaged Property Proceeds; (vi) any amounts payable in connection with the repurchase of any Mortgage Loan; and (vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.5, 3.7, 3.15, 3.16 or 8.1; provided, however, that (x) with respect to each Due Period, the Master Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans, the Servicing Fee for such Due Period and (y) the Master Servicer shall be permitted to retain late collections, including Liquidation Proceeds, Released Mortgaged Property Proceeds and Insurance Proceeds, to the extent of any unpaid Servicing Fees, unreimbursed Monthly Advances and/or Servicing Advances with respect to the related Mortgage Loan. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Foreclosure Profits, fees (including annual fees), late charges or penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items.

Collection and Allocation of Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to all mortgage loans in its servicing portfolio comparable to the Mortgage Loans that it services for itself or others. (b) Consistent with the terms of this Agreement, the Master Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Master Servicer's determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Noteholders and the Certificateholders; provided, however, that the Master Servicer may not permit any modification with respect to any Mortgage Loan that would change the Mortgage Rate, defer or forgive the payment of any principal or interest (unless in connection with the liquidation of the related Mortgage Loan) or extend the Final Scheduled Maturity Date on the Mortgage Loan. No costs incurred by the Master Servicer in respect of Servicing Advances shall for the purposes of distributions to Noteholders or Certificateholders be added to the amount owing under the related Mortgage Loan. (c) The Master Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Trustee an Eligible Deposit Account (the "Collection Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. The Collection Account shall initially be established with the Trustee. The Master Servicer shall on the Closing Date deposit into the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received on or after the Cut-off Date and prior to the Closing Date, and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within _______ [three] Business Days following receipt thereof the following payments and collections received or made by it (without duplication) with respect to the Mortgage Loans: (i) all payments received on and after the Cut-off Date on account of principal on the Mortgage Loans and all full or partial prepayments collected after the Cut-off Date; (ii) all payments received on and after the Cut-off Date on account of interest on the Mortgage Loans; (iii) all Net Liquidation Proceeds net of Foreclosure Profits; (iv) all Insurance Proceeds; (v) all Released Mortgaged Property Proceeds; (vi) any amounts payable in connection with the repurchase of any Mortgage Loan; and (vii) any amount required to be deposited in the Collection Account pursuant to Sections Section 3.5, 3.7, 3.15, 3.16 or 8.1; provided, however, that (x) with respect to each Due Period, the Master Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans, the Servicing Fee for such Due Period and (y) the Master Servicer shall be permitted to retain late collections, including Liquidation Proceeds, Released Mortgaged Property Proceeds and Insurance Proceeds, to the extent of any unpaid Servicing Fees, unreimbursed Monthly Advances and/or Servicing Advances with respect to the related Mortgage Loan. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Foreclosure Profits, fees (including annual fees), late charges or penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items.

Collection and Allocation of Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to all mortgage loans in its servicing portfolio comparable to the Mortgage Loans that it services for itself or others. (b) Consistent with the terms of this Agreement, the Master Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Master Servicer's ’s determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Noteholders and the Certificateholders; provided, however, that the Master Servicer may not permit any modification with respect to any Mortgage Loan that would change the Mortgage Rate, defer or forgive the payment of any principal or interest (unless in connection with the liquidation of the related Mortgage Loan) or extend the Final Scheduled Maturity Date on the Mortgage Loan. No costs incurred by the Master Servicer in respect of Servicing Advances shall for the purposes of distributions to Noteholders or Certificateholders be added to the amount owing under the related Mortgage Loan. (c) The Master Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Trustee an Eligible Deposit Account (the "“Collection Account"”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. The Collection Account shall initially be established with the Trustee. The Master Servicer shall on the Closing Date deposit into the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received on or after the Cut-off Date and prior to the Closing Date, and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within _______ [three] Business Days following receipt thereof the following payments and collections received or made by it (without duplication) with respect to the Mortgage Loans: (i) all payments received on and after the Cut-off Date on account of principal on the Mortgage Loans and all full or partial prepayments collected after the Cut-off Date; (ii) all payments received on and after the Cut-off Date on account of interest on the Mortgage Loans; (iii) all Net Liquidation Proceeds net of Foreclosure Profits; (iv) all Insurance Proceeds; (v) all Released Mortgaged Property Proceeds; (vi) any amounts payable in connection with the repurchase of any Mortgage Loan; and (vii) any amount required to be deposited in the Collection Account pursuant to Sections Section 3.5, 3.7, 3.15, 3.16 or 8.1; provided, however, that (x) with respect to each Due Period, the Master Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans, the Servicing Fee for such Due Period and (y) the Master Servicer shall be permitted to retain late collections, including Liquidation Proceeds, Released Mortgaged Property Proceeds and Insurance Proceeds, to the extent of any unpaid Servicing Fees, unreimbursed Monthly Advances and/or Servicing Advances with respect to the related Mortgage Loan. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Foreclosure Profits, fees (including annual fees), late charges or penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items.

Collection and Allocation of Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to all mortgage loans in its servicing portfolio comparable to the Mortgage Loans that it services for itself or others. (b) Consistent with the terms of this Agreement, the Master Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Master Servicer's determination such ouch waiver, modification, postponement or indulgence is not materially adverse to the interests of the Noteholders and the Certificateholders; provided, however, that the Master Servicer may not permit any modification with respect to any Mortgage Loan that would change the Mortgage Rate, defer or forgive the payment of any principal or interest (unless in connection with the liquidation of the related Mortgage Loan) or extend the Final Scheduled Maturity Date on the Mortgage Loan. No costs incurred by the Master Servicer in respect of Servicing Advances shall for the purposes of distributions to Noteholders or Certificateholders be added to the amount owing under the related Mortgage Loan. (c) The Master Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Trustee an Eligible Deposit Account (the "Collection Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. The Collection Account shall initially be established with the Trustee. The Master Servicer shall on the Closing Date date deposit into the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans in received on or after the Cut-off Cutoff Date and prior to the Closing Date, and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within _______ two Business Days following receipt thereof the following payments and collections received or made by it (without duplication) with respect to the Mortgage Loans: : (i) all payments received on and after the Cut-off Cutoff Date on account of principal on the Mortgage Loans and all full or partial prepayments collected after the Cut-off Cutoff Date; ; (ii) all payments received on and after the Cut-off Cutoff Date on account of interest on the Mortgage Loans; ; (iii) all Net Liquidation Proceeds net of Foreclosure Profits; ; (iv) all Insurance Proceeds; ; (v) all Released Mortgaged Property Proceeds; ; (vi) any amounts payable in connection with the repurchase of any Mortgage LoanLoan and the amount of any Substitution Adjustment pursuant to Sections 2.2, 2.4, 2.6 and 3.16; and and (vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.5, 3.7, 3.15, 3.16 or 8.1; provided, however, that (x) with respect to each Due Period, the Master Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans, the Servicing Fee for such Due Period and (y) the Master Servicer shall be permitted to retain late collections, including Liquidation Proceeds, Released Mortgaged Property Proceeds and Insurance Proceeds, to the extent of any unpaid Servicing Fees, unreimbursed Monthly Advances Advance and/or Servicing Advances Advance with respect to the related Mortgage Loan. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Foreclosure Profits, fees (including annual fees), late charges or penalties payable by Mortgagors, or amounts received by the Master Servicer servicer for the accounts of Mortgagors for application towards the payment of taxes, insurance premiums, assessments and similar items.