Common use of Collection of Certain Qualified Loan Payments; Collection Account Clause in Contracts

Collection of Certain Qualified Loan Payments; Collection Account. Farmer Mac shaxx xxxuire the Central Servicer in the related Servicing Contract to establish and maintain a Collection Account (which Collection Account may be the Collection Account for one or more Trust Funds) with an Eligible Depository in the name of the Central Servicer in which the Central Servicer shall deposit upon receipt on a daily basis, except as otherwise specifically provided herein or in the related Issue Supplement, the following payments and collections received by it subsequent to the Cut-Off Date (other than in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Date): (i) All payments on account of principal on the Qualified Loans; (ii) All payments on account of interest on the Qualified Loans adjusted, in each case, to interest at the applicable Net Mortgage Rate; (iii) Net Liquidation Proceeds, REO Proceeds (net of any related expenses) and Insurance Proceeds (other than Insurance Proceeds to be applied to the restoration or repair of the related Mortgaged Property or released to the Borrower in accordance with the Central Servicer's normal servicing procedures) net of any amounts permitted to be withheld by the Central Servicer as servicing compensation pursuant to the Servicing Contract or permitted to be paid to the Central Servicer pursuant to such Servicing Contract; (iv) Any Advance by the Central Servicer pursuant to the related Servicing Contract (except that any such Advance made on the related Qualified Loan shall be deposited directly into the related Certificate Account on the Certificate Account Deposit Date in the month of the related Distribution Date); and (v) Any other amounts of the nature specified in the related Servicing Contract or Issue Supplement. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments on the Qualified Loans that are not part of the Trust Fund (including payments in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Date) and, unless otherwise specified in the related Issue Supplement or Servicing Contract, payments or collections in the nature of Prepayment Premiums, late payment charges or assumption fees may but need not be deposited by the Central Servicer in the Collection Account. In the event the Central Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. All amounts held in the Collection Account may be invested by the Central Servicer in Eligible Investments maturing prior to the applicable Certificate Account Deposit Date.

Collection of Certain Qualified Loan Payments; Collection Account. Farmer Mac shaxx xxxuire (a) The Central Servicer shall, consistent with this Agreement and, to the extent not inconsistent with the Seller/Servicer Guide, in accordance with customary industry standards for agricultural mortgage loan servicing, make reasonable efforts to collect all payments called for under the terms and provisions of the Qualified Loans. The Central Servicer may in its discretion waive, postpone, reschedule, modify or otherwise compromise the terms of payment of any Qualified Loan so long as any such waiver, postponement, rescheduling, modification or compromise shall not be inconsistent with this Agreement, or shall be consented to in advance in writing by Xxxxxx Mac. Except as provided in Section 3.14, no such arrangement shall alter or modify the amortization schedule of such Qualified Loan for purposes of calculating any Delinquency Advance Requirement in respect thereof without the prior written consent of Xxxxxx Mac, unless otherwise provided in the Seller/Servicer Guide or unless such modification is required in the related Mortgage Note. In addition, the Central Servicer may in its discretion permit the related Servicing Contract substitution of an Eligible Substitute Mortgaged Property for an Existing Mortgaged Property so long as the Mortgage Note relating to the Qualified Loan that the Existing Mortgaged Property secures is a Recourse Obligation. The Central Servicer may waive, in whole or in part, the obligation of a Borrower to pay a Yield Maintenance Amount only with the prior written consent of Xxxxxx Mac. (b) The Central Servicer shall establish and maintain a Collection Account in its name for the benefit of Xxxxxx Mac (and for which Collection Account may be the Collection Account for one or more Trust FundsXxxxxx Mac shall bear any costs and expenses incurred with respect to withdrawals with respect to Remittance Date) with an Eligible Depository in the name of the Central Servicer in which the Central Servicer shall deposit upon as promptly as practicable following receipt on a daily basis, (but in no event later than one (1) Business Day following receipt) except as otherwise specifically provided herein or in the related Issue Supplementherein, the following payments and collections received by it subsequent to the Cut-Off Closing Date (other than in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Closing Date): (i) All payments on account of principal on the Qualified Loans; (ii) All payments on account of interest on the Qualified Loans adjusted, in each case, to interest at the applicable Net Mortgage Rate, except that the portion of any such payment on account of interest accruing on any delinquent Installment Payment with respect to which a Delinquency Advance is outstanding need not be deposited in the Collection Account; (iii) Net Liquidation Proceeds, REO Proceeds (net of any related expenses) and Insurance Proceeds (other than Insurance Proceeds to be applied to the restoration or repair of the related Mortgaged Property or released to the Borrower in accordance with the Central Servicer's ’s normal servicing procedures) net of any amounts permitted to be withheld by the Central Servicer as servicing compensation pursuant to the Servicing Contract or permitted to be paid to the Central Servicer pursuant to such Servicing Contractcompensation; (iv) Any Advance All proceeds of any Qualified Loans purchased by the Central Servicer pursuant to or repurchased by the related Servicing Contract seller of such Qualified Loan; (except that any such Advance made on v) All Yield Maintenance Amounts paid by Borrowers; (vi) Any deposit required by the related Qualified Loan shall be deposited directly into the related Certificate Account on the Certificate Account Deposit Date in the month second paragraph of the related Distribution DateSection 3.05(a); and (vvii) Any other amounts late charge or interest on the Qualified Loans accruing at a default rate related to delinquent Installment Payments with respect to which no Delinquency Advance was made. Notwithstanding the foregoing, the Central Servicer shall not be required to deposit and may retain late collections, including Liquidation Proceeds, Insurance Proceeds and REO Proceeds to the extent of the nature specified in unpaid Delinquency Advances and servicing advances with respect to the related Servicing Contract or Issue SupplementQualified Loans. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments on the Qualified Loans that are not part of the Trust Fund (including payments in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Date) and, unless otherwise specified in the related Issue Supplement or Servicing Contract, payments or collections in the nature of Prepayment Premiums, late payment charges or charges, assumption fees or other service charges imposed upon Borrowers in connection with servicing the Qualified Loans may but need not be deposited by the Central Servicer in the Collection Account. In the event the Central Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. All amounts held . (c) The Central Servicer shall cause the institution with which the Collection Account is maintained to invest the funds in the Collection Account attributable to the Qualified Loans in those Permitted Investments specified in writing by Xxxxxx Mac which shall mature in immediately available funds not later than the day preceding the next Remittance Date and shall not be sold or disposed of prior to maturity. All earnings and gains realized from any such investments in the Collection Account shall be for the benefit of Xxxxxx Mac. The amount of any losses or expenses incurred in connection with the investment of amounts in, Remittance Date withdrawals from, and the maintenance of, the Collection Account shall be deducted from the amount to be distributed to Xxxxxx Mac; except that, such expenses may be invested so deducted only to the extent such expenses represent charges imposed or passed through by the institution with which the Collection Account is maintained and only if Xxxxxx Mac has concurred in the selection of such institution and form of Collection Account. (d) The Central Servicer shall give notice to Xxxxxx Mac of the location of the Collection Account, and of any change in Eligible Investments maturing the location thereof, prior to the applicable Certificate Account Deposit Dateuse thereof.

Collection of Certain Qualified Loan Payments; Collection Account. Farmer Xxxxxx Mac shaxx xxxuire shall require the Central Servicer in the related Servicing Contract to establish and maintain a Collection Account (which Collection Account may be the Collection Account for one or more Trust Funds) with an Eligible Depository in the name of the Central Servicer Trustee in which the Central Servicer shall deposit upon receipt on a daily basis, except as otherwise specifically provided herein or in the related Issue Supplement, the following payments and collections received by it subsequent to the Cut-Off Date (other than in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Date): (i) All payments on account of principal on the Qualified Loans; (ii) All payments on account of interest on the Qualified Loans adjusted, in each case, to interest at the applicable Net Mortgage Rate; (iii) Net Liquidation Proceeds, REO Proceeds (net of any related expenses) and Insurance Proceeds (other than Insurance Proceeds to be applied to the restoration or repair of the related Mortgaged Property or released to the Borrower in accordance with the Central Servicer's normal servicing procedures) net of any amounts permitted to be withheld by the Central Servicer as servicing compensation pursuant to the Servicing Contract or permitted to be paid to the Central Servicer pursuant to such Servicing Contract; (iv) Any Advance by the Central Servicer pursuant to the related Servicing Contract (; except that any such Advance made on the related Qualified Loan shall be deposited directly into the related Certificate Account on the Certificate Account Deposit Date in the month of the related Distribution Date); (iv) Any Advance by the Central Servicer pursuant to the related Servicing Contract; and (v) Any other amounts of the nature specified in the related Servicing Contract or Issue Supplement. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments on the Qualified Loans that are not part of the Trust Fund (including payments in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Date) and, unless otherwise specified in the related Issue Supplement or Servicing ContractSupplement, payments or collections in the nature of Prepayment Premiums, late payment charges or assumption fees may but need not be deposited by the Central Servicer in the Collection Account. In the event the Central Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. All amounts held in the Collection Account may be invested by the Central Servicer in Eligible Investments maturing prior to the applicable Certificate Account Deposit Date.

Collection of Certain Qualified Loan Payments; Collection Account. Farmer Mac shaxx xxxuire (a) The Central Servicer shall, consistent with this Agreement and, to the extent not inconsistent with the Securities Guide, in accordance with customary industry standards for agricultural mortgage loan servicing, make reasonable efforts to collect all payments called for under the terms and provisions of the Qualified Loans. The Central Servicer may in its discretion waive, postpone, reschedule, modify or otherwise compromise the terms of payment of any Qualified Loan so long as any such waiver, postponement, rescheduling, modification or compromise shall not be inconsistent with this Agreement, or be consented to in advance in writing by Xxxxxx Mac. No such arrangement shall alter or modify the amortization schedule of such Qualified Loan for purposes of calculating any Central Servicer Advance Requirement in respect thereof without the prior written consent of Xxxxxx Mac. In addition, the Central Servicer may in its discretion permit the related Servicing Contract substitution of an Eligible Substitute Mortgaged Property for an Existing Mortgaged Property so long as the Mortgage Note relating to the Qualified Loan that the Existing Mortgaged Property secures is a Recourse Obligation. The Central Servicer may waive, in whole or in part, the obligation of a Borrower to pay a Yield Maintenance Amount only with the prior written consent of Xxxxxx Mac. (b) The Central Servicer shall establish and maintain a Collection Account in its name for the benefit of Xxxxxx Mac (and for which Collection Account may be the Collection Account for one or more Trust FundsXxxxxx Mac shall bear any costs and expenses incurred with respect to withdrawals with respect to Remittance Date) with an Eligible Depository in the name of the Central Servicer in which the Central Servicer shall deposit upon as promptly as practicable following receipt on a daily basis, (but in no event later than one (1) Business Day following receipt) except as otherwise specifically provided herein or in the related Issue a Central Servicing Supplement, the following payments and collections received by it subsequent to the Cut-Off Date (other than in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Date): (i) All payments on account of principal on the Qualified Loans; (ii) All payments on account of interest on the Qualified Loans adjusted, in each case, to interest at the applicable Net Mortgage Rate, except that the portion of any such payment on account of interest accruing on any delinquent Installment Payment with respect to which a Central Servicer Advance is outstanding need not be deposited in the Collection Account; (iii) Net Liquidation Proceeds, Net REO Proceeds (net of any related expenses) and Insurance Proceeds (other than Insurance Proceeds to be applied to the restoration or repair of the related Mortgaged Property or released to the Borrower in accordance with the Central Servicer's normal servicing procedures) net of any amounts permitted to be withheld by the Central Servicer as servicing compensation pursuant to the Servicing Contract Section 3.09 or permitted to be paid to the Central Servicer pursuant to such Servicing Contractthe last sentence of Section 3.07(e) and not paid directly by Xxxxxx Mac; (iv) Any Advance All proceeds of any Qualified Loans purchased by the Central Servicer pursuant to or repurchased by the related Servicing Contract seller of such Qualified Loan; (except that any such Advance made on v) All Yield Maintenance Amounts paid by Borrowers; (vi) Any deposit required by the related Qualified Loan shall be deposited directly into the related Certificate Account on the Certificate Account Deposit Date in the month second paragraph of the related Distribution DateSection 3.05(a); and (vvii) Any other amounts late charge or interest on the Qualified Loans accruing at a default rate related to delinquent Installment Payments with respect to which no Central Servicer Advance was made. Notwithstanding the foregoing, the Central Servicer shall not be required to deposit and may retain late collections, including Liquidation Proceeds, Insurance Proceeds and REO Proceeds to the extent of the nature specified in unpaid Central Servicer Advances and servicing advances with respect to the related Servicing Contract or Issue SupplementQualified Loans. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments on the Qualified Loans that are not part of the Trust Fund (including payments in respect of principal and interest on the Qualified Loans due on or before the Cut-Off Date) and, unless otherwise specified in the related Issue Supplement or Servicing Contract, payments or collections in the nature of Prepayment Premiums, late payment charges or charges, assumption fees or other service charges imposed upon Borrowers in connection with servicing the Qualified Loans may but need not be deposited by the Central Servicer in the Collection Account. In the event the Central Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. All amounts held . (c) The Central Servicer shall cause the institution with which the Collection Account is maintained to invest the funds in the Collection Account may attributable to the Qualified Loans in those Permitted Investments specified in writing by Xxxxxx Mac which shall mature in immediately available funds not later than the day preceding the next Remittance Date and shall not be invested by sold or disposed of prior to maturity. All earnings and gains realized from any such investments in the Collection Account shall be for the benefit of Xxxxxx Mac. The amount of any losses or expenses incurred in connection with the investment of amounts in the Collection Account shall be deducted from the amount to be distributed to Xxxxxx Mac. (d) The Central Servicer shall give notice to Xxxxxx Mac of the location of the Collection Account, and of any change in Eligible Investments maturing the location thereof, prior to the applicable Certificate Account Deposit Dateuse thereof.