Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”). (b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement. (c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller: (A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note; (B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Wxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10C12, Commercial Mortgage Pass-Through Certificates, Series 2013-C10C12” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (COMM 2013-Lc13 Mortgage Trust)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx Bank of America Mxxxxxx Lxxxx Xxxxxxx Xxxxx Trust 2013-C10C7, Commercial Mortgage Pass-Through Certificates, Series 2013-C10C7” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7)
Collections. (a) On Subject to the provisions of the succeeding sentence and of subsections (b) and (c), Servicer shall remit to the Collection Account all payments (other than amounts constituting Supplemental Servicing Fees) by or on behalf of the Obligors on the Receivables, including all Liquidation Proceeds received by Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day, after receipt thereof. Subject to the provisions of subsections (b) and (c), on the Closing Date, Servicer shall deposit in the Collection Account all payments by or on behalf of the Obligors on the Receivables received by Servicer after the Cutoff Date and on or prior to the second Business Day immediately preceding the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to Notwithstanding the date provisions of subsection (a), if _________ is the Master Servicer and (i) Servicer shall first deposit funds in a Collection Account, have the Master Servicer Required Rating or (ii) Trustee otherwise shall give to have received written notice from each of the Certificate Administrator Rating Agencies that the then outstanding rating on the Class A Certificates and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Class B Certificates would not be lowered or withdrawn as a result, Servicer shall take such actions as are necessary may deposit all amounts referred to cause the depository institution holding in subsection (a) for any Collection Period into the Collection Account not later than the close of business on the Deposit Date with respect to hold such account in Collection Period; provided that if (x) a Servicer Termination Event has occurred and is continuing, (y) Servicer has been terminated as such pursuant to Section 8.1 or (z) Servicer ceases to have the name of Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Master Servicer Collection Account as provided in Section 5.1(a4.2(a). Notwithstanding the foregoing, the provisions of the proviso to the preceding sentence shall not be applicable to a successor Servicer solely by reason of the occurrence of an event specified in clauses (x), subject (y) and (z) of such proviso with respect to the Master outgoing Servicer’s . Pending the deposit of the amounts referred to in subsection (a) into the Collection Account, such amounts may be employed by Servicer at its own risk and for its own benefit and need not be segregated from Servicer's own funds. Any losses resulting from Servicer's actions shall be borne exclusively by the Servicer. Servicer shall promptly notify Trustee in writing if it shall obtain or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreementlose the Required Rating.
(c) On Notwithstanding the Closing Dateprovisions of subsections (a) and (b), the Depositor shall deliver Servicer may retain, or will be entitled to the Master Servicer the Initial Depositbe reimbursed, and the Master Servicer shall from amounts otherwise payable into, or on deposit into in, the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause with respect to be deposited, into a Collection Period any amounts previously deposited in the Collection Account on the Business Day following receipt of properly identified but later determined to have resulted from mistaken deposits or postings or checks returned for insufficient funds, the following amounts received by it (including amounts remitted in each case, with respect to the Master which Servicer by the Special Servicer from an REO Account pursuant has not been previously reimbursed hereunder. The amount to Section 9.14), other than be retained or reimbursed hereunder shall not be included in Collections with respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:Distribution Date.
(Ad) Principal: all With respect to each Precomputed Receivable, collections and payments by or on behalf of an obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payment on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on account of principala Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any collections shall be treated as Payaheads until such payment that is allocable later Collection Period as such Payaheads may be transferred to the period prior Collection Account and applied either to the Cut-Off Date which shall be remitted scheduled payments due or to prepay the Depositor and excluding Interest Reserve Amounts to be deposited Precomputed Receivable in the Interest Reserve Account pursuant to full in accordance with Section 5.3 below);4.5.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Volkswagen Public Auto Loan Securitization LLC), Pooling and Servicing Agreement (Volkswagen Public Auto Loan Securitization LLC), Pooling and Servicing Agreement (Vw Credit Leasing LTD)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Wxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National AssociationDeutsche Bank Trust Company Americas, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10C11, Commercial Mortgage Pass-Through Certificates, Series 2013-C10C11” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)
Collections. (a) On or prior to the Closing Date, the each Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx "Wells Fargo Bank, as General Master Servicer for U.S. Bank National Axxxxxation, as Trustee for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2007-IQ13" and "NCB, FSB, as NCB Master Servicer for U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through CertificatesCertixxxxxxs, Series 2013Xxxxxs 2007-C10” IQ13" (collectively, or individually, as the case may be, the "Certificate Account"). The General Master Servicer shall maintain the Certificate Account with respect to all of the Mortgage Loans (other than the NCB, FSB Loans) and the NCB Master Servicer shall maintain the Certificate Account with respect to the NCB, FSB Loans. On or prior to the Closing Date, in respect of the Interest Reserve Loans, the Trustee shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "U.S. Bank National Association, as Trustee, in trust for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2007-IQ13" (the “Collection "Interest Reserve Account”"). The Trustee shall maintain the Interest Reserve Accounts with respect to non-NCB, FSB Loans and the Trustee shall maintain the Interest Reserve Accounts with respect to the NCB, FSB Loans.
(b) On or prior to the date the a Master Servicer shall first initially deposit funds in a Collection Certificate Account, the such Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer Servicers shall take such actions as are necessary to cause the any depository institution holding the Collection a Certificate Account to hold such account accounts in the name of the applicable Master Servicer as provided in Section 5.1(a), subject to the such Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx Bank of America Mxxxxxx Lxxxx Xxxxxxx Xxxxx Trust 20132014-C10C14, Commercial Mortgage Pass-Through Certificates, Series 20132014-C10C14” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division Bank of PNC BankAmerica, National Association, as Master Servicer on behalf of for Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132012-C10C4” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, Deposit and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4)
Collections. (a) On or prior The Servicer shall remit daily within forty-eight hours of receipt to the Closing Collection Account all Collections collected during the Collection Period. Chase USA has requested that, so long as it is acting as the Servicer, the Servicer be permitted to make remittances of Collections on a less frequent basis than that specified in the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer shall remit such collections to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on the Deposit Date, but only for so long as (i) the Master short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and "A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall openbe Chase USA or JPMorgan Chase Bank. Upon remittance by the Servicer of Collections to the Collection Account pursuant to the preceding sentence, or cause the Paying Agent shall provide written notice to be openedthe Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer on such date and, if the Paying Agent fails to provide the Indenture Trustee and the Owner Trustee, with such written notice by 12 noon, New York City time, on such Deposit Date, then the Indenture Trustee and the Owner Trustee shall thereafter maintain, or cause assume that no deposits were made to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name Collection Account pursuant to this Section 5.2. For purposes of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer this Section 5.2 the phrase "payments made on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of Obligors" shall mean payments made by Persons other than the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (Seller or the “Collection Account”)Servicer.
(b) On or Notwithstanding anything in this Agreement to the contrary, if the Servicer inadvertently deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the date Payment following such deposit, the Master Indenture Trustee, at the written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give be deemed to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which have purchased such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account Receivable pursuant to Section 9.14), other than in respect 4.6 as of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before last day of the Cut-Off Date, Collection Period during which such error shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);have occurred.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Chase Manhattan Auto Owner Trust 2002-B), Sale and Servicing Agreement (Chase Manhattan Auto Owner Trust 2003-A), Sale and Servicing Agreement (Chase Manhattan Auto Trust 2004-A)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx Bank of America Mxxxxxx Lxxxx Xxxxxxx Xxxxx Trust 20132014-C10C16, Commercial Mortgage Pass-Through Certificates, Series 20132014-C10C16” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
Collections. (a) On or prior The Servicer shall remit daily within forty-eight hours of receipt to the Closing Collection Account all Collections collected during the Collection Period. Chase USA has requested that, so long as it is acting as the Servicer, the Servicer be permitted to make remittances of Collections on a less frequent basis than that specified in the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer shall remit such collections to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on the Deposit Date, but only for so long as (i) the Master short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and "A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall openbe Chase USA or Chase. Upon remittance by the Servicer of Collections to the Collection Account pursuant to the preceding sentence, or cause the Paying Agent shall provide written notice to be openedthe Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer on such date and, if the Paying Agent fails to provide the Indenture Trustee and the Owner Trustee, with such written notice by 12 noon, New York City time, on such Deposit Date, then the Indenture Trustee and the Owner Trustee shall thereafter maintain, or cause assume that no deposits were made to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name Collection Account pursuant to this Section 5.2. For purposes of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer this Section 5.2 the phrase "payments made on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of Obligors" shall mean payments made by Persons other than the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (Seller or the “Collection Account”)Servicer.
(b) On or Notwithstanding anything in this Agreement to the contrary, if the Servicer inadvertently deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the date Payment following such deposit, the Master Indenture Trustee, at the written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give be deemed to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which have purchased such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account Receivable pursuant to Section 9.14), other than in respect 4.6 as of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before last day of the Cut-Off Date, Collection Period during which such error shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);have occurred.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Chase Manhattan Bank Usa), Sale and Servicing Agreement (Chase Manhattan Auto Owner Trust 2001 A), Sale and Servicing Agreement (Chase Manhattan Auto Owner Trust 2001-B)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Wxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10C13, Commercial Mortgage Pass-Through Certificates, Series 2013-C10C13” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Wxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132011-C10C3” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, Deposit and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt (or, in the case of properly identified fundsunscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2011-C3)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx Bank of America Mxxxxxx Lxxxx Xxxxxxx Xxxxx Trust 2013-C10C8, Commercial Mortgage Pass-Through Certificates, Series 2013-C10C8” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, open and shall thereafter maintainmaintain an account held in trust (the "Certificate Account"), or cause to be maintainedentitled "First Union National Bank, a separate account or accounts, which accounts must be Eligible Accountsas trustee, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee trust for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Sequoia Mortgage Trust 2013-C103 Mortgage Loan Asset Backed Certificates." The Certificate Account shall relate solely to the Certificates issued by the Trust Fund hereunder, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”)and funds in such Certificate Account shall not be commingled with any other monies.
(b) On or prior The Certificate Account shall be an Eligible Account. If an existing Certificate Account ceases to the date the Master Servicer shall first deposit funds in a Collection be an Eligible Account, the Master Servicer shall establish a new Certificate Account that is an Eligible Account within 30 days and transfer all funds on deposit in such existing Certificate Account into such new Certificate Account.
(c) The Master Servicer will give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account the Certificate Account is maintained and the account number of such accountCertificate Account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), Trustee (subject to the such Master Servicer’s (or its Sub-Servicer’s) 's right to direct payments and investments and its rights of withdrawal withdrawal) under this Agreement. The Master Servicer, at its option, may choose to make daily remittances from the Certificate Account to the Trustee for deposit into the Distribution Account.
(cd) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the The Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall depositCertificate Account, or cause to be deposited, into the Collection Account on no later than the Business Day following receipt of properly identified fundsthe Closing Date, any amounts representing Scheduled Payments on the following amounts Mortgage Loans due after the Cut-off Date and received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Closing Date. Thereafter, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepaymentspromptly upon receipt, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which Master Servicer shall be remitted to the Depositor and excluding Interest Reserve Amounts deposit or cause to be deposited in the Interest Reserve Certificate Account (i) all amounts remitted by the Servicers in respect of the Mortgage Loans and (ii) any amount required to be deposited by the Master Servicer pursuant to Section 5.3 below3.09(e) hereof in connection with any losses on Permitted Investments. On the Business Day preceding each Distribution Date, the Master Servicer will deposit to the related Distribution Account in immediately available funds the Available Funds for such Distribution Date.
(e) Funds in the Certificate Account may be invested in Permitted Investments (selected by and at the direction of the Master Servicer) which shall mature not later than the earlier of the day on which the funds in such Certificate Account are required to be remitted to the Trustee for deposit into the Distribution Account (except that if such Permitted Investment is an obligation of the Trustee and such Certificate Account is maintained with the Trustee, then such Permitted Investment shall mature not later than such Distribution Date);, and any such Permitted Investment shall not be sold or disposed of prior to its maturity. In the absence of direction by the Master Servicer, all funds in the Certificate Account shall remain uninvested. All such Permitted Investments shall be made in the name of the Trustee (in its capacity as such) or its nominee. All income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time and shall not be part of the Trust Fund. The amount of any losses incurred in respect of any such investments shall be deposited in such Certificate Account by the Master Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized. The foregoing requirements for deposit in the Certificate Account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in the Certificate Account and payments in the nature of late payment charges, assumption fees prepayment premiums or penalties and other incidental fees and charges relating to the Mortgage Loans need not be deposited by the Master Servicer in the Certificate Account and may be retained by the Master Servicer or the applicable Servicer as additional servicing compensation. If the Master Servicer deposits in the Certificate Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Certificate Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132005-C10” TOP17" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-TOP17" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132004-C10” TOP15" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP15" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust Series 2004-Top15)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National Association, as Master Servicer on behalf for LaSalle Xxxx National Association, as Trustee for the Holders of Wxxxx Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Txxxxxx Certificates, Series 2005-TOP18" (the "Certificate Account"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Association, as Master Servicer for LaSalle Xxxx National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Txxxxxx Certificates, Series 20132005-C10” TOP18" (the “Collection "Interest Reserve Account”").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit delivered to it by the Depositor on that datedate into the Certificate Account. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18)
Collections. (ai) On or prior The Servicer shall administer Collections in accordance with the provisions of this Section 2.7. Approved Investors shall be instructed to pay proceeds from the sale of Mortgage Loans into the Collection Account, and such amounts may be released in accordance with the procedures set forth in Section 3.3 hereof.
(ii) The Servicer acknowledges that Collections and/or other Collateral Proceeds received by it with respect to any Mortgage Asset belong to the Closing DateBorrower and have been pledged to the Administrative Agent, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bankthe Lenders. From such Collections and/or other Collateral Proceeds, National Associationthe Servicer, on behalf of the Borrower, shall deposit amounts necessary to make payments on the following Settlement Date (or end of the related Interest Period) pursuant to Section 2.7(c)(iii) or (iv), as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be depositedapplicable, into the Collection Account no later than such Settlement Date or at the end of such Interest Period, or, on or after the Drawdown Termination Date or upon the occurrence and during the continuation of an Event of Default, within one Business Day following after receipt of properly identified fundsby the Servicer. Until deposited into the Collection Account, the following amounts received by it Servicer may commingle Collections and other Collateral Proceeds with its own funds and use such funds for its own business purposes.
(including amounts remitted iii) Prior to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Drawdown Termination Date, which the Servicer shall be remitted withdraw funds from the Collection Account (to the related Sellerextent of collected funds therein) and shall make payments from the Collection Account at the following times and in the following order of priority:
(A) Principal: all payments To the extent not previously paid, on account of principal, including Principal Prepaymentseach Settlement Date, the principal component of Scheduled PaymentsServicer shall deposit an amount equal to the costs, fees and any Late Collections in respect thereof, on expenses then due and payable to the Mortgage Loans, any Serviced Companion Loan and any B Note;Collateral Agent to an account designated by the Collateral Agent.
(B) Interest: all payments on account On the last day of each Interest Period for any Advance that bears interest at the Commercial Paper Rate or any Eurodollar Advance, the Servicer shall deposit an amount equal to accrued interest on such Advance, which amount shall be paid to the Mortgage Loansapplicable Managing Agent’s Account for the related Lenders. On each Settlement Date, the Servicer shall deposit an amount equal to accrued interest on each Advance that bears interest at the Alternate Base Rate to the applicable Managing Agent’s Account.
(C) To the extent not previously paid, on each Settlement Date, an amount equal to the fees, costs and expenses then due and payable pursuant to the related Fee Letter, on a pro rata basis, (i) to JPMorgan Chase, as a Managing Agent, to JPMorgan Chase’s Managing Agent’s Account, (ii) to Lloyds, as a Managing Agent, to Lloyds’ Managing Agent’s Account, (iii) to Calyon New York, as a Managing Agent, to Calyon New York’s Managing Agent’s Account and (iv) to the Administrative Agent, to the Administrative Agent’s Account.
(D) On each Settlement Date on which the Required Reserve Account Amount exceeds the amount then on deposit in the Reserve Account, the Servicer shall deposit an amount equal to such excess to the Reserve Account.
(E) On each Settlement Date, if the Group Banks in any Group have not consented to an extension of the Drawdown Termination Date, but the Group Banks in the other Groups have so consented and such non-extending Lenders have not assigned their respective Advances and Bank Commitments to one or more other Lenders in accordance with Section 2.1(b) and Section 13.9, the Servicer shall deposit an amount equal to the unpaid balance of all Principal Debt owing to the non-extending Lenders to the related Managing Agent’s Account.
(F) To the extent not previously paid, on each Settlement Date, the Servicer shall deposit any amounts, other than those listed in clauses (A), (B) and (C) above and other than principal on the Advances, that are then due and payable and of which the Servicer has received prior written notice, including without limitation additional costs under Section 2.16, any Serviced Companion Loan additional interest under Section 2.17, Consequential Losses under Section 2.18, indemnities under Section 10.1 and costs, expenses and taxes under Section 13.19, to the applicable Managing Agent’s Account.
(G) On each Settlement Date, the Servicer shall withdraw from the Collection Account for its own account an amount equal to accrued Servicing Fee then due and payable.
(iv) On the Drawdown Termination Date and thereafter, the Administrative Agent shall make payments from the Collection Account (to the extent of collected funds therein) at the following times and in the following order of priority:
(A) On each Settlement Date, if the Servicer is not one of the Originators or an Affiliate of one of the Originators, an amount equal to accrued Servicing Fee then due and payable shall be paid to the Servicer.
(B) To the extent not previously paid, on each Settlement Date, an amount equal to the costs, fees and expenses then due and payable to the Collateral Agent shall be paid to an account designated by the Collateral Agent.
(C) On the last day of each Interest Period for any Advance that bears interest at the Commercial Paper Rate or for any Eurodollar Advance, an amount equal to accrued interest on each such Advance shall be paid to the applicable Managing Agent’s Account. On each Settlement Date, an amount equal to accrued interest on Advances that bear interest at the Alternate Base Rate shall be paid to the applicable Managing Agent’s Account.
(D) On each Settlement Date, an amount equal to the unpaid principal balance of all Advances made by Lenders shall be paid to the applicable Managing Agent’s Account.
(E) To the extent not previously paid, on each Settlement Date, an amount equal to the fees, costs and expenses then due and payable pursuant to the related Fee Letter, on a pro rata basis, (i) to JPMorgan Chase, as a Managing Agent, to JPMorgan Chase’s Managing Agent’s Account, (ii) to Lloyds, as a Managing Agent, to Lloyds’ Managing Agent’s Account, (iii) to Calyon New York, as a Managing Agent, to Calyon New York’s Managing Agent’s Account and (iv) to the Administrative Agent, to the Administrative Agent’s Account.
(F) To the extent not previously paid, on each Settlement Date, any amounts of the type described in Section 2.7(c)(iii)(F) are then due and payable and any B Note (minus any portion of any such payment that is allocable other unpaid Obligations shall be paid to the period prior applicable Managing Agent’s Account.
(G) On the Settlement Date on which all Obligations are paid in full, if the Servicer is one of the Originators or an Affiliate of one of the Originators, an amount equal to accrued Servicing Fee then due and payable shall be paid to the Cut-Off Date which Servicer.
(v) Upon receipt of funds deposited into its Managing Agent’s Account, each Managing Agent shall be remitted distribute such funds to the Depositor and excluding Interest Reserve Amounts Lenders in its Group or to be deposited itself for application to the Obligations in accordance with the Interest Reserve Account pursuant to order of priority set forth in Section 5.3 below2.7(c)(iii) or (iv);, as applicable.
Appears in 2 contracts
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132003-C10” TOP9" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-TOP9" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9)
Collections. (a) On or prior Obligors shall have been instructed to make all payments in respect of the Closing DateReceivables to one of the Collection Accounts. Each of the Company and the Master Servicer represents, warrants and agrees that all Collections shall be collected, processed and deposited by it pursuant to, and in accordance with the terms of, the Pooling and Servicing Agreements. Without limiting the generality of the foregoing, the Master Servicer shall open, comply with the provisions of subsection 3.01(d) of the Pooling Agreement as to remittance ------------------ of funds available in any Collection Account or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, Master Collection Account. All Collections in the name Collection Accounts or Master Collection Accounts shall be transferred to the applicable Company Concentration Accounts by no later than 12:30 p.m. London time on the next Business Day following the day of “Midland Loan Services, a Division receipt of PNC Bank, National Association, as Collections in the Collection Accounts. In the event that any payments in respect of any Receivable are made directly to the Master Servicer or any Local Servicer, the Master Servicer or the Local Servicer shall, within one (1) Business Day of receipt thereof, deliver or deposit such amounts to the appropriate currency Company Concentration Account and, prior to forwarding such amounts, the Master Servicer or the Local Servicer shall hold such payments on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”)Company.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding administer amounts on deposit in the Collection Account to hold such account Accounts and the Master Collection Accounts in accordance with the terms hereof and in the name Pooling and Servicing Agreements. The Trustee (at the direction of the Master Servicer) shall administer amounts on deposit in the Company Concentration Accounts in accordance with the terms of the Pooling and Servicing Agreements. Each of the Company and the Master Servicer as provided acknowledges and agrees that (i) it shall not have any right to withdraw any funds on deposit in Section 5.1(aany Collection Account and the Master Collection Account except pursuant to the terms hereof and the Pooling and Servicing Agreements and (ii) all amounts deposited in any Company Concentration Account shall be under the sole dominion and control of the Trustee (in each case pursuant to the security interest granted by the Company under the Pooling Agreement), subject to the Master Servicer’s (or its Sub-Servicer’s) right 's rights to direct payments the applications and investments transfers of any such amounts as provided by the terms of any Pooling and its rights of withdrawal under this AgreementServicing Agreements, such directions to be included in the Daily Report.
(c) On If the Closing Date, the Depositor shall deliver to Collections received in respect of a Receivable that is not set forth in a Daily Report can be identified by the Master Servicer the Initial Depositwithin five (5) Local Business Days of receipt, and the Master Servicer shall deposit send written notice to the Trustee identifying such Receivable and setting forth the amount of Collections attributable to such Receivable. If the Trustee shall have received such written notice within five (5) Local Business Days of the Local Business Day on which such Collections have been deposited into a Collection Account, such Collections shall be transferred to the relevant Company Receipts Account by the Trustee. If the Collections received with respect to an Excluded Receivable can be identified by the Master Servicer immediately upon receipt of such Collections in any Collection Account, such Collections may be transferred to the relevant Company Receipts Account by the Initial Deposit on Trustee in accordance with the Daily Report, such transfers to be made in accordance with Section 3.01(d)(vii) of the Pooling Agreement. If the Collections with respect to such Excluded Receivable cannot be immediately identified by the Master Servicer upon receipt, such Collections shall be allocated as set forth in subsections 3.01(d), 3.01(e), 3.01(f), ------------------- ------- ------- 3.01(g) and 3.01(h) of the Pooling Agreement, as applicable. ------- -------
(d) The Master Servicer hereby agrees that date. if the Master Servicer can attribute a Collection to a specific Obligor and a specific Receivable, then such collection shall be applied to pay such Receivable of such Obligor; provided, however, that if the Master Servicer cannot attribute a -------- ------- Collection to a specific Receivable, then such Collection shall be applied to pay the Receivables of such Obligor in the order of maturity of such Receivables, beginning with the Receivable that has been outstanding the longest period of time and ending with the Receivable that has been outstanding the shortest period of time.
(e) The Master Servicer shall deposit, procure the Forward Rates from the FX Counterparty or cause the Funding Agent in order to be deposited, into prepare the Collection Account on Daily Report and the Business Day following receipt of properly identified funds, Monthly Settlement Report and the following amounts received by it (including amounts remitted Company shall procure the Spot Rates from the FX Counterparty or the Funding Agent in order to make the Master Servicer by distributions from the Special Servicer from an REO Account pursuant to Section 9.14Series Concentration Accounts set forth in Sections 3.01(d), other than in respect (e), (f), (g) and (h) of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Pooling Agreement.
Appears in 2 contracts
Samples: Servicing Agreement (Huntsman Ici Holdings LLC), Servicing Agreement (Huntsman Ici Chemicals LLC)
Collections. So long as no Event of Default has occurred and is continuing, the Facility Servicer (aon behalf of the Borrower) On or prior shall (as directed pursuant to the Closing Datefirst paragraph of this Section 2.08) instruct the Account Bank to transfer Collections held by the Account Bank in the Collection Account, in accordance with the Master Servicer shall open, or cause to be openedPayment Date Report, and shall thereafter maintain, or cause instruct the Administrative Agent to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, distribute such funds to the following Persons in the name of “Midland Loan Servicesfollowing amounts, a Division of PNC Bank, National Association, calculated as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a)most recent Determination Date, subject to the Master Servicerminimum balance requirement included in the Account Control Agreement, in the following order and priority, with respect to Collections:
(i) first, to the Borrower for payment of Borrower Taxes, registration and filing fees and operating expenses then due and owing by the Borrower that are attributable solely to the operations of the Borrower; provided that transfers from the Account Bank for registration and filing fees and operating expenses payable pursuant to this clause (i) shall not, individually or in the aggregate, exceed (A) $75,000 in any calendar quarter and (B) $200,000 in any calendar year;
(ii) second, to the Administrative Agent for the ratable distribution to the Administrative Agent and the Collateral Custodian in payment in full for all accrued fees, expenses and indemnities due and payable to such party hereunder or under any other Transaction Document and under the Fee Letters and Schedule XI;
(iii) third, to the Facility Servicer in payment in full for all accrued fees, expenses and indemnities due and payable to the Facility Servicer hereunder or under any other Transaction Document and under the Fee Letters;
(iv) fourth, to the Administrative Agent for the ratable distribution to the Lenders in payment in full for all accrued fees, expenses and indemnities due and payable to such party hereunder or under any other Transaction Document and under the Fee Letters;
(v) fifth, to the Administrative Agent for distribution to each Lender to pay such Lender’s Pro Rata Share of accrued and unpaid interest owing to such Lender under this Agreement (including any such accrued and unpaid interest or fees from a prior period);
(vi) sixth, if no Event of Default or Cash Trap Event has occurred and is continuing, to the Borrower or as the Borrower may direct (including to make a Restricted Junior Payment to Holdings or for Holdings to make a Restricted Junior Payment to its Sub-Servicer’smember or members), an amount equal to the lesser of (a) right an amount equal to direct the minimum amount necessary for the Sponsor to maintain its status as a real estate investment trust for U.S. federal income tax purposes and to avoid income and excise tax under Section 857 and 4981 of the Code (after giving effect to any other available funds of the Sponsor and its Affiliates) as specified in the Servicing Report delivered pursuant to Section 8.08(a) for the most recent Reporting Date and (b) the amount by which Interest Collections exceed the required payments and investments distributions in clauses (a)(i) through (a)(iv) inclusive;
(vii) seventh, first to the Administrative Agent and its rights the Collateral Custodian for any amounts not paid pursuant to clause (ii) above and second, to the Administrative Agent for distribution to each other Secured Party to pay any other Obligations (other than the principal of withdrawal the Advances) that are then due and owing to such Secured Party;
(viii) eighth, if a Cash Trap Event has occurred and is continuing, to the Administrative Agent for distribution to each Lender to repay such Lender’s Pro Rata Share of the Advances Outstanding until (A) if such Cash Trap Event arises under this Agreement.
clause (a) of the definition thereof, the Advances Outstanding are repaid to an amount where LTV, when recalculated giving effect to such repayment, is equal to the applicable Maximum Quarterly LTV Percentage at the time of such Payment Date or (B) if such Cash Trap Event arises under clauses (b), (c) On or (d) of the Closing Datedefinition thereof, the Depositor shall deliver Advances Outstanding are paid in full (it being understood that such amount may be only a portion of the outstanding amount with respect to the Master Servicer Advances); and
(ix) ninth, if no Cash Trap Event has occurred and is continuing or would result after giving effect to the Initial Depositpayment under this clause (vii), and to the Master Servicer shall deposit into Borrower or as the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it Borrower may direct (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant make a Restricted Junior Payment to Section 9.14Holdings or for Holdings to make a Restricted Junior Payment to its member or members), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (ACRES Commercial Realty Corp.), Loan and Servicing Agreement (Exantas Capital Corp.)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 20132004-C10” TOP16" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP16" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account 113 in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Top16), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Top16)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132001-C10” TOP3" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2001-TOP3" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Loans or Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Collections. The Master Servicer shall (aor shall cause the applicable Sub-Servicers to) On remit within two Business Days of receipt thereof to the Group I Collection Account Sub-Account (with respect to the Group I Student Loans) or the Group II Collection Account Sub-Account (with respect to the Group II Student Loans) all payments by or on behalf of the Obligors with respect to the Group I and Group II Student Loans, respectively (other than Purchased Student Loans), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) Key Bank USA, National Association (or its Affiliate) is the Administrator, (ii) no Administrator Default shall have occurred and be continuing, (iii) the Administrator’s long-term debt is rated at least “A-” by S&P and “A3” by Xxxxx’x and (iv) prior to ceasing daily remittances to the applicable sub-account of the Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall open, (or shall cause the applicable Sub-Servicers to) remit such collections within two Business Days of receipt thereof to be openedthe Administrator, and shall thereafter maintain, the Administrator need not deposit such collections into the Group I Collection Account Sub-Account or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National AssociationGroup II Collection Account Sub-Account, as Master Servicer on behalf of Wxxxx Fargo Bankapplicable, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or until one Business Day immediately prior to the date next following Distribution Date; provided, however, that, notwithstanding the Master Servicer shall first deposit funds in foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Distribution Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer Administrator shall deposit into the Group I Collection Account Sub-Account or the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Group II Collection Account on the Business Day following receipt Sub-Account, as applicable, that portion of properly identified funds, the following such amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted that is equal to the related Seller:
(A) Principal: Master Servicing Fee payable on such date. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Administrator shall deposit all payments on account collections held by it into the Group I Collection Account Sub-Account or the Group II Collection Account Sub-Account, as applicable, within two Business Days of principal, including Principal Prepaymentsreceipt thereof. For purposes of this Article V, the principal component phrase “payments by or on behalf of Scheduled Payments, and any Late Collections in Obligors” shall mean payments made with respect thereof, on to the Mortgage Group I or Group II Student Loans, any Serviced Companion Loan as applicable, by or on behalf of borrowers thereof and any B Note;
the Guarantors (B) Interest: all payments on account of interest on but excluding the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 belowDepartment);.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Keycorp Student Loan Trust 2004-A), Sale and Servicing Agreement (Keycorp Student Loan Trust 2003-A)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National Association, as Master Servicer on behalf for LaSallx Xxxk National Association, as Trustee for the Holders of Wxxxx Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2004-IQ8, and the holder of the Serviced Companion Loan, as its interest may appear" (collectively, or individually, as the case may be the "Certificate Account"). The Master Servicer shall maintain the Certificate Account with respect to all of the Mortgage Loans. On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Association, as Master Servicer for LaSallx Xxxk National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through CertificatesCertixxxxxxs, Series 2013Xxxxxs 2004-C10” IQ8, and the holder of the Serviced Companion Loan, as its interest may appear" (collectively, or individually, as the “Collection case may be, the "Interest Reserve Account”"). The Master Servicer shall maintain the Interest Reserve Account with respect to all of the Mortgage Loans.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection the Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the any depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account accounts in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8)
Collections. (a) On or prior to the Closing Date, the Master Borrower and the Servicer shall openhave established and shall maintain thereafter the following system of collecting and processing Collections of Receivables: The Obligors shall be instructed to make payments of Receivables only (i) by check, draft or money order mailed to a Lock-Box listed on Schedule 8.12 (such payments, upon receipt in such a Lock-Box, being referred to herein as “Mail Payments”), or cause (ii) by wire transfer, SWIFT, ACH or other electronic payment to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013Lock-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Box Account”).
(b) On or prior to the date Closing Date, the Master Administrator shall have received a Lock-Box Agreement with respect to each Lock-Box Account. The Servicer’s right of access to any Lock-Box Account shall be revocable upon notice from the Administrator following the occurrence and during the continuance of a Servicer Event of Default, an Event of Default or an Incipient Bankruptcy (it being understood that an Incipient Bankruptcy shall not, in and of itself, lead to the Commitment Termination Date). In addition, after the occurrence and during the continuance of any Servicer Event of Default or an Event of Default, the Servicer agrees that it shall, upon the written request of all of the Administrator, notify all Obligors under Receivables to make payment thereof to (i) one or more bank accounts and/or post-office boxes designated by the Administrator and specified in such notice or (ii) any successor Servicer appointed hereunder. Neither the Administrator nor the Lender shall, inter alia, (x) take any action under Lock-Box Agreement or (y) deliver any notice to any Obligor, absent the existence of a Servicer Event of Default or an Event of Default.
(c) The Servicer shall first direct each applicable depository or lockbox bank pursuant to a Lock-Box Account Agreement to remove all Mail Payments from each Lock-Box by the close of business on each Business Day and deposit funds the same into a Lock-Box Account. Servicer shall process all such Mail Payments, and all other payments received in any form, on the date such payment is received, by recording the amount of the payment received from the Obligor and the applicable account or invoice number.
(d) All Collections received by any Originator or the Servicer in respect of Receivables will, pending remittance to a Collection Lock-Box Account, be held by such Originator or the Master Servicer in trust for the exclusive benefit of the Administrator, on behalf of the Secured Parties, and shall give to not be commingled with any other funds or property of any Originator or the Certificate Administrator Servicer.
(e) The Borrower and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) hereby irrevocably waive any right to direct payments and investments and its rights of withdrawal under set-off or otherwise deduct any amount owing by or to them from any Collections received by them prior to remittance thereof in accordance with this Agreement.
(cf) On the Closing DateIn performing its duties and obligations hereunder, the Depositor Servicer (i) shall deliver to not impair the Master Servicer rights of the Initial DepositBorrower or the Administrator, and on behalf of the Master Servicer Secured Parties, in any Receivable, (ii) shall deposit into not amend the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt terms of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), any Receivable other than in accordance with the Credit and Collection Policy and this Agreement, (iii) shall not release any goods securing a Receivable from the lien created by such Receivable except as specifically provided for herein, and (iv) shall be entitled to commence or settle any legal action to enforce collection of any Receivable or to foreclose upon or repossess any goods securing such Receivable. In the event that the Servicer shall breach any of its covenants set forth in clause (i), (ii) or (iii) of this Section 11.2.3(f), the Servicer shall pay the Unpaid Balance of each Receivable affected thereby on the Distribution Date following the Calculation Period in which such event occurs. For the purposes of Section 11.7 hereof, the Servicer shall not be deemed to have breached its obligations under this Section 11.2.3(f) unless it shall fail to make such payment with respect to any Receivable affected by the Servicer’s noncompliance with clause (i), (ii) or (iii) of this Section 11.2.3(f) on such Distribution Date.
(g) All payments or other amounts collected or received by the Servicer in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which a Receivable shall be remitted applied to the related Seller:
(A) Principal: all payments on account Unpaid Balance of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Receivable.
Appears in 2 contracts
Samples: Loan Agreement (Jarden Corp), Loan Agreement (Jarden Corp)
Collections. (a) On Subject to the provisions of the succeeding sentence and of subsections (b) and (c), Servicer shall remit to the Collection Account all payments (other than amounts constituting Supplemental Servicing Fees) by or on behalf of the Obligors on the Receivables, including all Liquidation Proceeds received by Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day, after identification thereof. Subject to the provisions of subsections (b) and (c), on the Closing Date, Servicer shall deposit in the Collection Account all payments by or on behalf of the Obligors on the Receivables received by Servicer after the Cutoff Date and on or prior to the second Business Day immediately preceding the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On Notwithstanding the provisions of subsection (a), if Bank is the Servicer and (i) [ ] shall have the Required Rating or prior to (ii) Trustee otherwise shall have received written notice from each of the date Rating Agencies that the Master Servicer shall first deposit funds in a Collection Account, then outstanding rating on the Master Servicer shall give to the Certificate Administrator Class A Certificates and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Class B Certificates would not be lowered or withdrawn as a result, Servicer shall take such actions as are necessary may deposit all amounts referred to cause the depository institution holding in subsection (a) for any Collection Period into the Collection Account not later than the close of business on the Deposit Date with respect to hold such account in Collection Period; provided that if (x) a Servicer Termination Event has occurred and is continuing, (y) Servicer has been terminated as such pursuant to Section 8.1 or (z) [ ] ceases to have the name of Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Master Servicer Collection Account as provided in Section 5.1(a4.2(a). Notwithstanding the foregoing, the provisions of the proviso to the preceding sentence shall not be applicable to a successor Servicer solely by reason of the occurrence of an event specified in clauses (x), subject (y) and (z) of such proviso with respect to the Master outgoing Servicer. Pending the deposit of the amounts referred to in subsection (a) into the Collection Account, such amounts may be employed by Servicer at its own risk and for its own benefit and need not be segregated from Servicer’s (own funds. Any losses resulting from Servicer’s actions shall be borne exclusively by Servicer. Servicer shall promptly notify Trustee in writing if [ ] shall obtain or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreementlose the Required Rating.
(c) On Notwithstanding the Closing Dateprovisions of subsections (a) and (b), the Depositor shall deliver Servicer may retain, or will be entitled to the Master Servicer the Initial Depositbe reimbursed, and the Master Servicer shall from amounts otherwise payable into, or on deposit into in, the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause with respect to be deposited, into a Collection Period any amounts previously deposited in the Collection Account on the Business Day following receipt of properly identified but later determined to have resulted from mistaken deposits or postings or checks returned for insufficient funds, the following amounts received by it (including amounts remitted in each case, with respect to the Master which Servicer by the Special Servicer from an REO Account pursuant has not been previously reimbursed hereunder. The amount to Section 9.14), other than be retained or reimbursed hereunder shall not be included in Collections with respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:Distribution Date.
(Ad) Principal: all With respect to each Precomputed Receivable, collections and payments by or on behalf of an obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payment on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on account of principala Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any collections shall be treated as Payaheads until such payment that is allocable later Collection Period as such Payaheads may be transferred to the period prior Collection Account and applied either to the Cut-Off Date which shall be remitted scheduled payments due or to prepay the Depositor and excluding Interest Reserve Amounts to be deposited Precomputed Receivable in the Interest Reserve Account pursuant to full in accordance with Section 5.3 below);4.5.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Usaa Acceptance LLC), Pooling and Servicing Agreement (Usaa Acceptance LLC)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National AssociationDeutsche Bank Trust Company Americas, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx Bank of America Mxxxxxx Lxxxx Xxxxxxx Xxxxx Trust 20132014-C10C15, Commercial Mortgage Pass-Through Certificates, Series 20132014-C10C15” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Wxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 20132012-C10C6, Commercial Mortgage Pass-Through Certificates, Series 20132012-C10C6” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, Deposit and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division Bank of PNC BankAmerica, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132012-C10C5” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, Deposit and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5)
Collections. (ai) On or prior to the Closing Date, the Master Borrower and ----------- Servicer shall open, or cause to be opened, have established and shall maintain thereafter maintain, or cause the following system of collecting and processing Collections of Receivables. The Obligors shall be instructed to be maintained, make payments of Receivables only by check mailed to a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer Post Office Box listed on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” Schedule II (the “Collection Account”)"LockBoxes")(such ----------- --------- payments, upon receipt in a LockBox being referred to herein as "Mail ---- Payments") or by wire transfer to an account that is subject to a LockBox -------- Account Agreement.
(bii) On or prior to the date Closing Date, Administrator shall have received a consent to assignment of the Master assignment of each LockBox to Administrator. Servicer's right of access thereto shall be revocable at the option of Administrator upon the occurrence of Unmatured Significant Event or Significant Event. In addition, after the occurrence of any Unmatured Significant Event or any Significant Event, Servicer shall first deposit funds in a Collection Accountagrees that it shall, upon the Master Servicer shall give written request of Administrator, notify all Obligors under Receivables to the Certificate make payment thereof to (i) one or more bank accounts and/or post-office boxes designated by Administrator and the Trustee prior written specified in such notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master or (ii) any successor Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreementappointed hereunder.
(ciii) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall depositremove all Mail Payments, or cause all Mail Payments to be depositedremoved, from each LockBox by the close of business on each Business Day and deposited into a LockBox Account. All funds in each LockBox shall be swept into the Collection Account on each Business Day. Servicer shall process all such Mail Payments, and all wire transfers, ACH payments and other payments on the Business Day following receipt of properly identified funds, the following amounts date received by it recording the amount of the payment received from the Obligor and the applicable account or invoice number.
(including amounts remitted iv) All Collections received by an Originator or Servicer in respect of Receivables will, pending remittance to the Master Collection Account as provided herein, be held by such Originator or Servicer by in trust for the Special exclusive benefit of Administrator, and shall not be commingled with any other funds or property of such Originator or Servicer.
(v) Borrower and Servicer from an REO Account pursuant hereby irrevocably waive any right to Section 9.14)set off against, or otherwise deduct from, any Collections.
(vi) In performing its duties and obligations hereunder, Servicer (A) shall not impair the rights of Borrower or Administrator in any Receivable, (B) shall not amend the terms of any Receivable other than in respect of interest accordance with the Collection Policy and principal on this Agreement, (C) shall not release any Merchandise securing a Receivable from the Mortgage Loanslien created by such Receivable except as specifically provided for herein, any Serviced Companion Loan or any B Note due and (or deemed dueD) on or before the Cut-Off Date, which shall be remitted entitled to commence or settle any legal action to enforce collection of any Receivable or to foreclose upon or repossess any Merchandise securing such Receivable. In the related Seller:
event that Servicer shall breach any of its covenants set forth in clause (A) Principal: all payments on account of principal), including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account or (C) of interest this Section 11.2(c)(vi), Servicer shall ---------- --- --- ------------------- pay the Unpaid Balance of each Receivable affected thereby on the Mortgage LoansDistribution Date following the Due Period in which such event occurs. For the purposes of Section 11.7 hereof, any Serviced Companion Loan and any B Note (minus any portion of any Servicer shall not be deemed ------------ to have breached its obligations under this Section 11.2(c)(vi) unless ------------------- it shall fail to make such payment that is allocable with respect to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to any Receivable affected by Servicer's noncompliance with clause (A), (B) or (C) of ---------- --- --- this Section 5.3 below11.2(c)(vi);. -------------------
Appears in 1 contract
Samples: Loan Agreement (Dixie Group Inc)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan "CapMark Services, a Division of PNC Bank, National AssociationL.P., as Master Servicer on behalf of Wxxxx for Xxxxx Fargo BankBank Minnesota, National AssociationN.A., as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132001-C10” PPM" (the “Collection "Certificate Account”").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, Certificate Account the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement. Separate ledger entries shall be maintained in respect of amounts received pursuant to the Seller Partial Prepayment Premium Obligation, which shall be an asset of the Grantor Trust.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt of properly identified fundsand identification, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.149.14 or as Compensating Interest pursuant to Section 9.11), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor (provided that the Master Servicer (I) may retain amounts otherwise payable to the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account and excluding Interest Reserve Amounts to be deposited (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to Section 5.3 below);the Sub-Servicer the Sub-Servicing Fees payable as provided in the related Sub-Servicer Agreement (unless already retained by the Sub-Servicer):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Trust 2001-PPM)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 20132003-C10” TOP12" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-TOP12" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced the WestShore Plaza Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mort Sec Tru 2003-Top12)
Collections. (a) On or prior For purposes of the deposits to the Closing DateCollection Account hereinafter provided for, the Master Servicer shall openmay, at its option, make net deposits such that the Servicer need not deposit the Transferor Collections, or cause any other amounts allocated to be openedthe Exchangeable Transferor Certificate into the Collection Account unless otherwise provided in any Supplement, and if making such net deposits shall thereafter maintainpay, or cause be deemed to pay, the Transferor Collections and such other amounts to the Holder of the Exchangeable Transferor Certificate. Obligors shall be maintaineddirected to make payments on the Receivables to the Servicer who shall deposit all such payments, a separate account to the extent constituting either Collections or accounts, which accounts must be Eligible AccountsTransferor Collections on the Receivables, in the name Collection Account no later than the third Business Day following the Date of “Midland Loan ServicesProcessing thereof, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for subject to the benefit right of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” Servicer to make net deposits as provided above. Prior to remitting all such Collections and Transferor Collections (as identified by the “Collection Account”).
(bServicer) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give identify the amounts included within such payments from Obligors as constitute Released Amounts and, in accordance with subsection 2.1(h) of the Purchase Agreement, the Transferor hereby authorizes and directs the Servicer, for so long as BTFC shall be the Servicer, to retain all such Released Amounts for its own account (provided, that if BTFC shall not be the Servicer, the Servicer shall remit such Released Amounts to BTFC unless otherwise directed by the Transferor). The Servicer shall allocate such Collections and Transferor Collections to each Series of Investor Certificates and to the Holder of the Exchangeable Transferor Certificate Administrator in accordance with this Article IV and shall cause the Trustee prior written notice of to withdraw the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding required amounts from the Collection Account or pay such amounts to hold the Holder of the Exchangeable Transferor Certificate in accordance with this Article IV. Pursuant to authority granted to it pursuant to subsection 3.1(b), the Servicer shall have the power, revocable by the Trustee, to withdraw or pay, or to instruct the Trustee to withdraw or pay, such account amounts for the purpose of carrying out the Servicer's or the Trustee's duties hereunder. The Servicer shall make such deposits or payments on the date indicated herein by wire transfer or as otherwise provided in the name Supplement for any Series of the Master Servicer as provided in Section 5.1(a), subject Certificates with respect to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreementsuch Series.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bally Total Fitness Holding Corp)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSaxxx Xank National Association, as Trustee for the benefit Holders of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Paxx-Xxxxugh Certificates, Series 2003-TOP12" (the "Certificate Account"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, Xxxxxnal Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage PassPaxx-Through Xxxxugh Certificates, Series 20132003-C10” TOP12" (the “Collection "Interest Reserve Account”").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced the WestShore Plaza Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Ii Inc)
Collections. (a) On or prior to the Closing Date, the each Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association"Capmark Finance Inc., as Capmark Master Servicer on behalf of Wxxxx for Wells Fargo Bank, National AssociationAssociatxxx, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Commxxxxxx Xxxxxxxe Pass-Through Certificates, Series 20132007-C10” IQ15," and "Prudential Asset Resources, Inc., as Prudential Master Servicer for Wells Fargo Bank, National Associatxxx, as Trustee for the Holders of Morgan Stanley Capital I Inc., Commxxxxxx Xxxxxxxe Pass-Through Certificates, Series 2007-IQ15" (collectively, or individually, as the case may be, the "Certificate Account"). The Capmark Master Servicer shall maintain the Certificate Account with respect to the Mortgage Loans other than the Prudential Loans, and the Prudential Master Servicer shall maintain the Certificate Account with respect to the Prudential Loans other than the Non-Trust Serviced Mortgage Loan. On or prior to the Closing Date, in respect of the Interest Reserve Loans, the Paying Agent shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "U.S. Bank National Association as Paying Agent on behalf of Wells Fargo Bank, National Associatxxx, as Trustee, in trust for the Holders of Morgan Stanley Capital I Inc., Commxxxxxx Xxxxxxxe Pass-Through Certificates, Series 2007-IQ15" (the “Collection "Interest Reserve Account”").
(b) On or prior to the date the a Master Servicer shall first initially deposit funds in a Collection Certificate Account, the such Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer Servicers shall take such actions as are necessary to cause the any depository institution holding the Collection a Certificate Account to hold such account accounts in the name of the applicable Master Servicer as provided in Section 5.1(a), subject to the such Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq15)
Collections. Subsection 8(a) of the Loan Agreement is hereby amended and restated in its entirety as follows:
(a) On or prior to Within thirty (30) days after the Closing Date, each Borrower shall establish one or more account (the Master Servicer “Dominion Account”) in Agent’s name with a financial institution acceptable to Agent, into which all payments received by Borrower and its Respective Loan Parties shall open, or cause to be openeddeposited, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, into which accounts must be Eligible Accounts, Borrower and its Respective Loan Parties will immediately deposit all payments received by Borrower on Accounts in the identical form in which such payments were received, whether by cash or check; provided that on or prior to Systems Day One, at the request of Agent, the Dominion Account shall be changed to Borrower’s name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of Agent. At the Holders option of Mxxxxx Sxxxxxx Bank the Loan Parties, Account Debtors of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” the Loan Parties may remit payments on the Accounts directly to a post office box (the “Collection Lock Box”) designated by, and under the exclusive control of, Agent, at LaSalle or at a financial institution acceptable to Agent at which a corresponding Dominion Account has been established under an arrangement acceptable to Agent into which all payments received in such Lock Box shall be deposited. If a Loan Party, any Affiliate or Subsidiary, any shareholder, officer, director, employee or agent of Loan Party or any Affiliate or Subsidiary, or any other Person acting for or in concert with a Loan Party shall receive any monies, checks, notes, drafts or other payments relating to or as Proceeds of Accounts or other Collateral, such Loan Party and each such Person shall receive all such items in trust for, and as the sole and exclusive property of, Agent and, immediately upon receipt thereof, shall remit the same (or cause the same to be remitted) in kind to a Dominion Account. The financial institution with which the Dominion Account is established shall acknowledge and agree, in a manner satisfactory to Agent, that the amounts on deposit in such Dominion Account (and Lock Box if applicable) are the sole and exclusive property of Agent, that such financial institution will follow the instructions of Agent with respect to disposition of funds in the Dominion Account (and Lock Box if applicable) without further consent from such Loan Party, that such financial institution has no right to setoff (or only a subordinated right of setoff) against the such Dominion Account (or Lock Box if applicable) or against any other account maintained by such financial institution into which the contents of the such Dominion Account (or Lock Box if applicable) are transferred, and that such financial institution shall wire, or otherwise transfer in immediately available funds to Agent in a manner satisfactory to Agent, funds deposited in the Dominion Account on a daily basis as such funds are collected. At all times when no Funds Control Event Period is in effect, Agent shall remit all funds received by Agent from the Dominion Accounts into the account of the Borrower Representative maintained at LaSalle. In addition to the Dominion Accounts, Loan Parties may also establish accounts at financial institutions acceptable to Agent subject to control agreements in favor of Agent (each a “Pledged Account”).
. Loan Parties (bother than Canadian Loan Party) On or prior shall cause all proceeds of Accounts and other Collateral to the date the Master Servicer be remitted to a Dominion Account and shall first not deposit funds such proceeds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such any other account. The Master Servicer Canadian Loan Party, however, shall take such actions as are necessary cause all proceeds of Accounts and other Collateral to cause the depository institution holding the Collection Account be remitted to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s a Pledged Account. Within thirty (or its Sub-Servicer’s30) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On days after the Closing Date, the Depositor each Loan Party shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt all accounts of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14)such Loan Party, other than Dominion Accounts established at LaSalle, to be subject to control agreements in favor of and on terms and conditions reasonably acceptable to the Agent. At all times during a Funds Control Event Period (as defined below), the Agent shall be entitled to send a notice to the financial institutions holding such Pledged Accounts to assume exclusive control over such Pledged Accounts and cause all proceeds of such Pledged Accounts to be remitted to a Dominion Account or another account of Agent (provided, that Agent hereby agrees to send such notice only during a Funds Control Event Period). Each financial institution with which any Pledged Account is established shall acknowledge and agree, in a manner satisfactory to Agent, that such financial institution will follow the instructions of Agent after receipt by such financial institution of a notice to that effect sent by Agent with respect to disposition of funds in the Pledged Account without further consent from such Loan Party, that except as set forth in such control agreement with Agent, such financial institution has no right to setoff against the Pledged Account, and that such financial institution shall wire, or otherwise transfer in immediately available funds in a manner satisfactory to Agent, funds deposited in the Pledged Account when so directed by a Loan Party or, after receipt at the aforementioned notice, the Agent. Each Loan Party agrees that all payments made to any such Dominion Account or otherwise received by Agent at any time a Funds Control Event Period is in effect, whether in respect of interest and principal on the Mortgage LoansAccounts or as Proceeds of other Collateral or otherwise, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall will be remitted to the related Seller:
(A) Principal: all payments applied on account of principalthe Liabilities in accordance with the terms of this Agreement; provided, including Principal Prepaymentsthat so long as no Event of Default has occurred and remains continuing, payments received by Agent shall not be applied to the unmatured portion of the LIBOR Rate Loans, but shall be held in a cash collateral account maintained by Agent, until the earlier of (i) the last Business Day of the Interest Period applicable to such LIBOR Rate Loan and (ii) the occurrence of an Event of Default; provided further, that so long as no Event of Default has occurred and remains continuing, the principal component of Scheduled Paymentsimmediately available funds in such cash collateral account may be disbursed, and any Late Collections in respect thereofat a Borrower’s discretion, on to such Borrower so long as after giving effect to such disbursement, such Borrower’s availability under subsection 2(a) hereof at such time, equals or exceeds the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any outstanding Revolving Loans at such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);time.
Appears in 1 contract
Samples: Loan and Security Agreement (Poindexter J B & Co Inc)
Collections. (a) On or prior to the Closing Date, the each Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, "Wells Fargo Bank National Association, as General Master Servicer on behalf for XxXxlle Bank National Association, as Trustee for the Holders of Wxxxx Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2005-IQ9" and "NCB, FSB, as NCB Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2005-IQ9" (collectively, or individually, as the case may be the "Certificate Account"). The General Master Servicer shall maintain the Certificate Account with respect to all of the Mortgage Loans (other than the NCB, FSB Loans) and the NCB Master Servicer shall maintain the Certificate Account with respect to the NCB, FSB Loans. On or prior to the Closing Date, each Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Association, as General Master Servicer fox XxXalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through CertificatesCertixxxxxxs, Series 2013Xxxxxs 2005-C10” IQ9" and "NCB, FSB, as NCB Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2005-IQ9" (collectively, or individually, as the “Collection case may be, the "Interest Reserve Account”"). The General Master Servicer shall maintain the Interest Reserve Accounts with respect to non-NCB, FSB Loans and the NCB Master Servicer shall maintain the Interest Reserve Accounts with respect to the NCB, FSB Loans.
(b) On or prior to the date the a Master Servicer shall first deposit funds in a Collection Certificate Account or an Interest Reserve Account, as the case may be, such Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer Servicers shall take such actions as are necessary to cause the any depository institution holding the Collection a Certificate Account and an Interest Reserve Account to hold such account accounts in the name of the applicable Master Servicer as provided in Section 5.1(a), subject to the such Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The applicable Master Servicer shall deposit, or cause to be deposited, into the Collection its Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the such Master Servicer by the applicable Special Servicer from an the applicable REO Account pursuant to Section 9.149.14 and amounts received from the Primary Servicers or Sub-Servicers), other than amounts received by it in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts applicable Seller (provided that such Master Servicer (I) may retain amounts otherwise payable to be deposited such Master Servicer as provided in Section 5.2(a) rather than deposit them into such Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv) (unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in a Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv) (unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132004-C10” HQ3" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-HQ3" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor (provided that the Master Servicer (I) may retain amounts otherwise payable to the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account and excluding Interest Reserve Amounts to be deposited (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.3 below5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights);):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I. Inc, Commercial Mortgage Pass-Through Certificates, Series 20132000-C10” LIFE1" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I. Inc, Commercial Mortgage Pass-Through Certificates, Series 2000-LIFE1" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.149.14 or as Compensating Interest pursuant to Section 9.11), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Master Servicer as provided in
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2000 Life1)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association"_______, as Master Servicer on behalf of Wxxxx Fargo Bank, National Associationfor _______, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through CertificatesCertixxxxxxs, Series 2013Xxxxxs 20__-__" (collectively, or individually, as the case may be the "Certificate Account"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "_______, as Master Servicer for _______, as Trustee for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-C10” Through Certixxxxxxs, Xxxxxs 20__-__" (collectively, or individually, as the “Collection case may be, the "Interest Reserve Account”").
(b) On or prior to the date the Master Servicer shall first initially deposit funds in a Collection Certificate Account or an Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the any depository institution holding the Collection a Certificate Account and an Interest Reserve Account to hold such account accounts in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Collections. (ai) On or prior The Servicer shall administer Collections in accordance with the provisions of this Section 2.7. Approved Investors shall be instructed to pay proceeds from the sale of Mortgage Loans into the Collection Account, and such amounts may be released in accordance with the procedures set forth in Section 3.3 hereof.
(ii) The Servicer acknowledges that Collections and/or other Collateral Proceeds received by it with respect to any Mortgage Asset belong to the Closing DateBorrower and have been pledged to the Administrative Agent, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bankthe Lenders. From such Collections and/or other Collateral Proceeds, National Associationthe Servicer, on behalf of the Borrower, shall deposit amounts necessary to make payments on the following Settlement Date (or end of the related Interest Period) pursuant to Section 2.7(c)(iii) or (iv), as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be depositedapplicable, into the Collection Account no later than such Settlement Date or at the end of such Interest Period, or, on or after the Drawdown Termination Date or upon the occurrence and during the continuation of an Event of Default, within one Business Day following after receipt of properly identified fundsby the Servicer. Until deposited into the Collection Account, the following amounts received by it Servicer may commingle Collections and other Collateral Proceeds with its own funds and use such funds for its own business purposes.
(including amounts remitted iii) Prior to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Drawdown Termination Date, which the Servicer shall be remitted withdraw funds from the Collection Account (to the related Sellerextent of collected funds therein) and shall make payments from the Collection Account at the following times and in the following order of priority:
(A) Principal: all payments To the extent not previously paid, on account of principal, including Principal Prepaymentseach Settlement Date, the principal component of Scheduled PaymentsServicer shall deposit an amount equal to the costs, fees and any Late Collections in respect thereof, on expenses then due and payable to the Mortgage Loans, any Serviced Companion Loan and any B Note;Collateral Agent to an account designated by the Collateral Agent.
(B) Interest: all payments on account On the last day of each Interest Period for any Advance that bears interest at the Commercial Paper Rate or any Eurodollar Advance, the Servicer shall deposit an amount equal to accrued interest on such Advance, which amount shall be paid to the Mortgage Loansapplicable Managing Agent’s Account for the related Lenders. On each Settlement Date, the Servicer shall deposit an amount equal to accrued interest on each Advance that bears interest at the Alternate Base Rate to the applicable Managing Agent’s Account.
(C) To the extent not previously paid, on each Settlement Date, an amount equal to the fees, costs and expenses then due and payable, on a pro rata basis, to (i) Bank One, as a Managing Agent under the Bank One Managing Agent Fee Letter shall be paid to Bank One’s Managing Agent’s Account and (ii) to the Administrative Agent and CL New York, as a Managing Agent, under the CL New York Fee Letter to the CL New York’s Managing Agent’s Account.
(D) On each Settlement Date on which the Required Reserve Account Amount exceeds the amount then on deposit in the Reserve Account, the Servicer shall deposit an amount equal to such excess to the Reserve Account.
(E) On each Settlement Date, if the Seasonal Drawdown Termination Date shall have occurred and be continuing, an amount equal to the unpaid Principal Debt payable to the Seasonal Lenders shall be paid to the Managing Agent’s Accounts related to the Seasonal Lenders until the Principal Debt owing to the Seasonal Lenders is reduced to zero; provided that, if the application of such amounts to the reduction of the Principal Debt owed to the Seasonal Lenders would cause a Default or an Event of Default to occur or there would otherwise be a Default or Event of Default in existence, then, instead of such application, Collections shall be paid to each Managing Agent’s Account pro rata in proportion to the outstanding Principal Debt (including Seasonal Advances) owing to the Lenders in each Group.
(F) On each Settlement Date, if the Group Banks in any Group have not consented to an extension of the Drawdown Termination Date, but the Group Banks in the other Group have so consented and such non-extending Lenders have not assigned their respective Advances and Bank Commitments to one or more other Lenders in accordance with Section 2.1(b) and Section 13.9, the Servicer shall deposit an amount equal to the unpaid balance of all Principal Debt owing to the non-extending Lenders to the related Managing Agent’s Account.
(G) To the extent not previously paid, on each Settlement Date, the Servicer shall deposit any amounts, other than those listed in clauses (A), (B) and (C) above and other than principal on the Advances, that are then due and payable and of which the Servicer has received prior written notice, including without limitation additional costs under Section 2.16, any Serviced Companion Loan additional interest under Section 2.17, Consequential Losses under Section 2.18, indemnities under Section 10.1 and costs, expenses and taxes under Section 13.19, to the applicable Managing Agent’s Account.
(H) On each Settlement Date, the Servicer shall withdraw from the Collection Account for its own account an amount equal to accrued Servicing Fee then due and payable.
(iv) On the Drawdown Termination Date and thereafter, the Administrative Agent shall make payments from the Collection Account (to the extent of collected funds therein) at the following times and in the following order of priority:
(A) On each Settlement Date, if the Servicer is not one of the Originators or an Affiliate of one of the Originators, an amount equal to accrued Servicing Fee then due and payable shall be paid to the Servicer.
(B) To the extent not previously paid, on each Settlement Date, an amount equal to the costs, fees and expenses then due and payable to the Collateral Agent shall be paid to an account designated by the Collateral Agent.
(C) On the last day of each Interest Period for any Advance that bears interest at the Commercial Paper Rate or for any Eurodollar Advance, an amount equal to accrued interest on each such Advance shall be paid to the applicable Managing Agent’s Account. On each Settlement Date, an amount equal to accrued interest on Advances that bear interest at the Alternate Base Rate shall be paid to the applicable Managing Agent’s Account.
(D) On each Settlement Date, an amount equal to the unpaid principal balance of all Advances made by Lenders shall be paid to the applicable Managing Agent’s Account.
(E) To the extent not previously paid, on each Settlement Date, an amount equal to the fees, costs and expenses then due and payable, on a pro rata basis, (i) to Bank One as a Managing Agent, under the Bank One Managing Agent Fee Letter shall be paid to Bank One’s Managing Agent’s Account and (ii) to the Administrative Agent and CL New York, as a Managing Agent, under the CL New York Fee Letter shall be paid to the CL New York’s Managing Agent’s Account.
(F) To the extent not previously paid, on each Settlement Date, any amounts of the type described in Section 2.7(c)(iii)(G) are then due and payable and any B Note (minus any portion of any such payment that is allocable other unpaid Obligations shall be paid to the period prior applicable Managing Agent’s Account.
(G) On the Settlement Date on which all Obligations are paid in full, if the Servicer is one of the Originators or an Affiliate of one of the Originators, an amount equal to accrued Servicing Fee then due and payable shall be paid to the Cut-Off Date which Servicer.
(v) Upon receipt of funds deposited into its Managing Agent’s Account, each Managing Agent shall be remitted distribute such funds to the Depositor and excluding Interest Reserve Amounts Lenders in its Group or to be deposited itself for application to the Obligations in accordance with the Interest Reserve Account pursuant to order of priority set forth in Section 5.3 below2.7(c)(iii) or (iv);, as applicable.
Appears in 1 contract
Samples: Loan Agreement (Lennar Corp /New/)
Collections. Obligors shall make payments on the Receivables to the Servicer who shall deposit all such payments in the Collection Account no later than the second Business Day following the Date of Processing thereof. The Servicer shall allocate such amounts to each Series of Investor Securities and to the Holder of the Exchangeable Transferor Security in accordance with this Article IV and the related Supplement and shall cause the Trustee to withdraw the required amounts from the Collection Account or pay such amounts to the Holder of the Exchangeable Transferor Security in accordance with this Article IV and the related Supplement. The Servicer shall make such deposits or payments on the date indicated herein by wire transfer or as otherwise provided in the Supplement for any Series of Securities with respect to such Series. Notwithstanding anything in this Agreement to the contrary, but subject to the terms of any Supplement, for so long as, and only so long as, DMCCB (aor any successors to DMCCB pursuant to Section 8.2) On or an Affiliate of DMCCB shall remain the Servicer hereunder, and (a)(i) DMCCB (or any successors to DMCCB pursuant to Section 8.2) or an Affiliate of DMCCB provides to the Trustee a letter of credit or other form of Enhancement rated at least A- 1 by Standard & Poor's and P-1 by Moody's (as certified to the Trustee by the Servicer), and (ii) after notifying each Rating Agency of the proposed use of such letter of credit or other form of Enhancement the Transferor shall have received a notice from each Rating Agency that making payments monthly rather than daily would not result in a downgrading or withdrawal of any of such Rating Agency's then-existing ratings of the Investor Securities, or (b) DMCCB (or any successors to DMCCB pursuant to Section 8.2) shall have and maintain a short-term credit rating of at least A- 1 by Standard & Poor's and P-1 by Moody's (as certified to the Trustee by the Servicer), the Servicer need not deposit Collections from the Collection Account into the Principal Account or the Interest Funding Account or any Series Account, or make payments to the Holder of the Exchangeable Transferor Security, prior to the Closing Date, close of business on the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, day any Collections are deposited in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as otherwise provided in Section 5.1(a)this Article IV and the related Supplement, subject but may instead make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the Master Servicer’s (or its Sub-Servicer’s) right to direct net amount of such deposits, payments and investments and its rights withdrawals which would have been made but for the provisions of withdrawal under this Agreementparagraph.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Metris Companies Inc)
Collections. (i) The Servicer shall administer Collections in accordance with the provisions of this Section 2.7. Approved Take-Out Investors shall be instructed to pay proceeds from the sale of Mortgage Loans into the Collection Account, and such amounts may be released only in accordance with the procedures set forth in Section 3.3 hereof.
(ii) The Servicer shall hold, on behalf of the Purchasers and the Administrative Agent, from Collections received by it with respect to any Mortgage Asset, amounts necessary to make payments on the following Settlement Date (or end of the related Price Differential Calculation Period) pursuant to Section 2.7(c) or (iv), as applicable. Such amounts shall be deposited into the Collection Account no later than such Settlement Date or at the end of such Price Differential Calculation Period, or, on or after the Termination Date or upon the occurrence and during the continuation of an Event of Default, within one Business Day after receipt before 11:00 a.m. (New York City time) by the Servicer.
(iii) Prior to the Termination Date, the Servicer shall withdraw funds from the Collection Account (to the extent of collected funds therein) and shall make payments from the Collection Account at the following times and in the following order of priority:
(A) To the extent not previously paid, on each Settlement Date, the Servicer shall deposit an amount equal to the costs, fees and expenses then due and payable to the Custodian to an account designated by the Custodian.
(B) On each Settlement Date, the Servicer shall deposit an amount equal to Price Differential on each Purchase accrued during the most recently ended Price Differential Calculation Period (or earlier Price Differential Calculation Periods, to the extent unpaid) to the Administrative Agent’s Account, and the Administrative Agent shall forward such funds to the applicable Managing Agent’s Account for the related Purchasers.
(C) To the extent not previously paid, on each Settlement Date, the Servicer shall deposit an amount equal to the fees, costs and expenses then due and payable pursuant to the Fee Letters, to the Administrative Agent’s Account, and the Administrative Agent shall forward such funds, on a pro rata basis in proportion to the outstanding fees, costs and expenses owed to each Group Bank, to (a) On or prior ABN AMRO, as a Managing Agent, to ABN AMRO’s Managing Agent Account, (b) Calyon, as a Managing Agent, to Calyon’s Managing Agent Account, (c) JPMorgan, as a Managing Agent, to JPMorgan’s Managing Agent Account, (d) SG, as a Managing Agent, to SG’s Managing Agent Account, (e) BNP, as Managing Agent, to BNP’s Managing Agent Account and (f) the Administrative Agent, to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Administrative Agent’s Account”).
(bD) On or prior to each Settlement Date on which the date Required Reserve Account Amount exceeds the Master Servicer shall first amount then on deposit funds in a Collection the Reserve Account, the Master Servicer shall give deposit an amount equal to such excess to the Certificate Administrator Reserve Account.
(E) On each Settlement Date, if either (x) any Purchaser has not consented to an extension of the Annual Extension Date, but the other Purchasers have so consented and such non-extending Purchaser has not assigned its respective Purchases and Bank Commitments to one or more other Purchasers in accordance with Section 2.1(b) and Section 13.9, or (y) any Purchaser has terminated its Bank Commitment as permitted under Section 2.1(e), but other Purchasers have not so terminated their Bank Commitments and the Trustee terminating Purchaser has not assigned its respective Purchases and Bank Commitments to one or more other Purchasers in accordance with Section 13.9, or (z) the Sellers have provided prior written notice to the Administrative Agent that the Sellers are seeking a Replacement Bank for the Affected Party pursuant to Section 2.20, (in either the case of clause (x) or (y) or (z) above, the name and address non-extending Purchaser, the terminating Purchaser, or the Affected Party, respectively, are referred to as the “Non-Continuing Purchasers” for purposes of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(athis subparagraph 2.7(c)(iii)(E)), subject until the entire unpaid balance of all Repurchase Obligations owing to the Master Servicer’s (or its SubNon-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing DateContinuing Purchasers are paid, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Administrative Agent’s Account, and the Administrative Agent shall forward to relevant Managing Agent’s Account an amount, to the Initial Deposit extent available from Collections, equal to that portion of the amount of Collections remaining after the payment of the items specified in Sections 2.7(c)(iii)(A) through (D), multiplied by a fraction, the numerator of which is the Bank Commitments of Banks or Xxxxxx, as applicable, that are the Non-Continuing Purchasers and the denominator of which is the total Bank Commitments of all Banks (such fraction shall be calculated by using the Bank Commitments in effect on the day prior to the reduction of the Bank Commitments to zero for the Banks that date. The Master are among the Non-Continuing Purchasers).
(F) To the extent not previously paid, on each Settlement Date, the Servicer shall depositdeposit any amounts, or cause other than those listed in clauses (A), (B) and (C) above and other than Purchase Price related to the Purchases, that are then due and payable and of which the Servicer has received prior written notice, including without limitation additional costs under Section 2.16, any additional interest under Section 2.17, Consequential Losses under Section 2.18, indemnities under Section 10.1 and costs, expenses and taxes under Section 2.19, to the Administrative Agent’s Account, and the Administrative Agent shall forward to relevant applicable Managing Agent’s Account.
(G) If requested by the Sellers, the Servicer (1) shall remit the amount of any Repurchase Price not comprising Price Differential to be depositedmade hereunder to the applicable Managing Agent’s Account, into and (2) to the extent not required to make payments pursuant to clauses (A) through (F) on any Settlement Date or at the end of any Price Differential Calculation Period occurring within 30 days after the Sellers’ request, to an account designated by the Sellers to pay for the purchase of Mortgage Assets by the Sellers.
(H) On each Settlement Date, the Servicer shall retain for its own account an amount equal to accrued Servicer Fee then due and payable.
(iv) On the Termination Date and thereafter, the Administrative Agent shall make payments from the Collection Account on (to the Business Day following receipt extent of properly identified funds, collected funds therein) at the following amounts received by it (including amounts remitted to times and in the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect following order of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Sellerpriority:
(A) Principal: all payments on account On each Settlement Date, if the Servicer is not one of principalthe Sellers or an Affiliate of one of the Sellers, including Principal Prepayments, an amount equal to accrued Servicer Fee then due and payable shall be paid to the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;Servicer.
(B) Interest: all payments On each Settlement Date, an amount equal to accrued Price Differential on each Purchase accrued during the most recently ended Price Differential Calculation Period (or earlier Price Differential Calculation Periods, to the extent unpaid) to the applicable Managing Agent’s Account.
(C) [Reserved].
(D) To the extent not previously paid, on each Settlement Date, an amount equal to the costs, fees and expenses then due and payable to the Custodian shall be paid to an account of interest designated by the Custodian.
(E) On each Settlement Date, an amount equal to the unpaid Repurchase Price for each Transaction, or such lesser amount as is available from Collections, shall be paid to the applicable Managing Agent’s Account.
(F) To the extent not previously paid, on each Settlement Date, an amount equal to the Mortgage Loansfees, costs and expenses then due and payable pursuant to the Fee Letters, on a pro rata basis in proportion to the fees, costs and expenses then owing to each Group Bank, to (a) ABN AMRO, as a Managing Agent, to ABN AMRO’s Managing Agent Account, (b) Calyon, as a Managing Agent, to Calyon’s Managing Agent Account, (c) JPMorgan, as a Managing Agent, to JPMorgan’s Managing Agent Account, (d) SG, as a Managing Agent, to SG’s Managing Agent Account, (e) BNP as Managing Agent, to BNP’s Managing Agent Account and (f) the Administrative Agent, to Calyon’s Managing Agent Account.
(G) To the extent not previously paid, on each Settlement Date, any Serviced Companion Loan amounts of the type described in Section 2.7(c)(iii)(F) are then due and payable and any B Note (minus any portion of any such payment that is allocable other unpaid Repurchase Obligations shall be paid to the period prior applicable Managing Agent’s Account.
(H) On the Settlement Date on which all Repurchase Obligations are paid in full, if the Servicer is one of the Sellers or an Affiliate of one of the Sellers, an amount equal to accrued Servicer Fee then due and payable shall be paid to the Cut-Off Date which Servicer.
(v) Upon receipt of funds deposited into its Managing Agent’s Account, each Managing Agent shall be remitted distribute such funds to the Depositor Purchasers in its Group or to itself for application to the Repurchase Obligations in accordance with the order of priority set forth in Section 2.7(c)(iii) or (iv), as applicable.
(vi) On the Termination Date and excluding Interest Reserve Amounts thereafter, the Issuers shall use commercially reasonable efforts to be deposited in the Interest Reserve Account pursuant coordinate Price Differential Calculation Periods for Purchases so that Consequential Losses and other expenses charged to Section 5.3 below);Sellers are mitigated.
Appears in 1 contract
Samples: Repurchase Agreement (American Home Mortgage Investment Corp)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132000-C10” PRIN" (the “Collection "Certificate Account”").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, Certificate Account the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.149.14 or as Compensating Interest pursuant to Section 9.11), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor (provided that the Master Servicer (I) may retain amounts otherwise payable to the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account and excluding Interest Reserve Amounts to be deposited (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the Primary Servicing Fees payable as provided in Section 5.3 below);5.2(a)(iv)(unless already retained by the Primary Servicer):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital 1 Inc Series 2000-Prin)
Collections. (a) On or prior Obligors shall have been instructed to make all payments in respect of the Closing DateReceivables to one of the Collection Accounts. Each of the Company and the Master Servicer represents, warrants and agrees that all Collections shall be collected, processed and deposited by it pursuant to, and in accordance with the terms of, the Pooling and Servicing Agreements. Without limiting the generality of the foregoing, the Master Servicer shall open, comply with the provisions of subsection 3.01(d) of the Pooling Agreement as to remittance of funds available in any Collection Account or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, Master Collection Account. All Collections in the name Collection Accounts or Master Collection Accounts shall be transferred to the applicable Company Concentration Accounts by no later than 12:30 p.m. London time on the next Business Day following the day of “Midland Loan Services, a Division receipt of PNC Bank, National Association, as Collections in the Collection Accounts. In the event that any payments in respect of any Receivable are made directly to the Master Servicer or any Local Servicer, the Master Servicer or the Local Servicer shall, within one (1) Business Day of receipt thereof, deliver or deposit such amounts to the appropriate currency Company Concentration Account and, prior to forwarding such amounts, the Master Servicer or the Local Servicer shall hold such payments on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”)Company.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding administer amounts on deposit in the Collection Account to hold such account Accounts and the Master Collection Accounts in accordance with the terms hereof and in the name Pooling and Servicing Agreements. The Trustee (at the direction of the Master Servicer) shall administer amounts on deposit in the Company Concentration Accounts in accordance with the terms of the Pooling and Servicing Agreements. Each of the Company and the Master Servicer as provided acknowledges and agrees that (i) it shall not have any right to withdraw any funds on deposit in Section 5.1(aany Collection Account and the Master Collection Account except pursuant to the terms hereof and the Pooling and Servicing Agreements and (ii) all amounts deposited in any Company Concentration Account shall be under the sole dominion and control of the Trustee (in each case pursuant to the security interest granted by the Company under the Pooling Agreement), subject to the Master Servicer’s (or its Sub-Servicer’s) right 's rights to direct payments the applications and investments transfers of any such amounts as provided by the terms of any Pooling and its rights of withdrawal under this AgreementServicing Agreements, such directions to be included in the Daily Report.
(c) On If the Closing Date, the Depositor shall deliver to Collections received in respect of a Receivable that is not set forth in a Daily Report can be identified by the Master Servicer the Initial Depositwithin five (5) Local Business Days of receipt, and the Master Servicer shall deposit send written notice to the Trustee identifying such Receivable and setting forth the amount of Collections attributable to such Receivable. If the Trustee shall have received such written notice within five (5) Local Business Days of the Local Business Day on which such Collections have been deposited into a Collection Account, such Collections shall be transferred to the relevant Company Receipts Account by the Trustee. If the Collections received with respect to an Excluded Receivable can be identified by the Master Servicer immediately upon receipt of such Collections in any Collection Account, such Collections may be transferred to the relevant Company Receipts Account by the Initial Deposit on Trustee in accordance with the Daily Report, such transfers to be made in accordance with Section 3.01(d)(vii) of the Pooling Agreement. If the Collections with respect to such Excluded Receivable cannot be immediately identified by the Master Servicer upon receipt, such Collections shall be allocated as set forth in subsections 3.01(d), 3.01(e), 3.01(f), 3.01(g) and 3.01(h) of the Pooling Agreement, as applicable.
(d) The Master Servicer hereby agrees that date. if the Master Servicer can attribute a Collection to a specific Obligor and a specific Receivable, then such collection shall be applied to pay such Receivable of such Obligor; provided, however, that if the Master Servicer cannot attribute a Collection to a specific Receivable, then such Collection shall be applied to pay the Receivables of such Obligor in the order of maturity of such Receivables, beginning with the Receivable that has been outstanding the longest period of time and ending with the Receivable that has been outstanding the shortest period of time.
(e) The Master Servicer shall deposit, procure the Forward Rates from the FX Counterparty or cause the Funding Agent in order to be deposited, into prepare the Collection Account on Daily Report and the Business Day following receipt of properly identified funds, Monthly Settlement Report and the following amounts received by it (including amounts remitted Company shall procure the Spot Rates from the FX Counterparty or the Funding Agent in order to make the Master Servicer by distributions from the Special Servicer from an REO Account pursuant to Section 9.14Series Concentration Accounts set forth in Sections 3.01(d), other than in respect (e), (f), (g) and (h) of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Pooling Agreement.
Appears in 1 contract
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc, Commercial Mortgage Pass-Through Certificates, Series 20132001-C10” TOP1" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc, Commercial Mortgage Pass-Through Certificates, Series 2001-TOP1" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2001-Top1)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132004-C10” TOP13" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP13" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stan Dean Wit Cap Com Mort Ps THR CRTS Ser 2003-Top13)
Collections. (a) On or prior to the Closing Date, the Master Borrower and the Servicer shall openhave established and shall maintain thereafter the following system of collecting and processing Collections of Receivables: The Obligors shall be instructed to make payments of Receivables only (i) by check, draft or money order mailed to a Lock-Box listed on Schedule 8.12 (such payments, upon receipt in such a Lock-Box, being referred to herein as “Mail Payments”), or cause (ii) by wire transfer, SWIFT, ACH or other electronic payment to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013Lock-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Box Account”).
(b) On or prior to the date Closing Date, the Master Administrator shall have received a Lock-Box Agreement with respect to each Lock-Box Account. The Servicer’s right of access to any Lock-Box Account shall be revocable upon notice from the Administrator following the occurrence and during the continuance of a Servicer Event of Default, an Event of Default or an Incipient Bankruptcy (it being understood that an Incipient Bankruptcy shall not, in and of itself, lead to the Commitment Termination Date). In addition, after the occurrence and during the continuance of any Servicer Event of Default or an Event of Default, the Servicer agrees that it shall, upon the written request of all of the Administrator, notify all Obligors under Receivables to make payment thereof to (i) one or more bank accounts and/or post-office boxes designated by the Administrator and specified in such notice or (ii) any successor Servicer appointed hereunder. Neither the Administrator nor the Lenders shall, inter alia, (x) take any action under Lock-Box Agreement or (y) deliver any notice to any Obligor, absent the existence of a Servicer Event of Default, an Event of Default or an Incipient Bankruptcy.
(c) The Servicer shall first direct each applicable depository or lockbox bank pursuant to a Lock-Box Agreement to remove all Mail Payments from each Lock-Box by the close of business on each Business Day and deposit funds the same into a Lock-Box Account. Servicer shall process all such Mail Payments, and all other payments received in any form, on the date such payment is received, by recording the amount of the payment received from the Obligor and the applicable account or invoice number.
(d) All Collections received by any Originator or the Servicer in respect of Receivables will, pending remittance to a Collection Lock-Box Account, be held by such Originator or the Master Servicer in trust for the exclusive benefit of the Administrator, on behalf of the Secured Parties, and shall give not be commingled with any other funds or property of any Originator or the Servicer. All such Collections shall be remitted to a Lock-Box Account within three (3) Business Days of receipt by such Originator or the Certificate Administrator Servicer.
(e) The Borrower and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) hereby irrevocably waive any right to direct payments and investments and its rights of withdrawal under set-off or otherwise deduct any amount owing by or to them from any Collections received by them prior to remittance thereof in accordance with this Agreement.
(cf) On the Closing DateIn performing its duties and obligations hereunder, the Depositor Servicer (i) shall deliver to not impair the Master Servicer rights of the Initial DepositBorrower or the Administrator, and on behalf of the Master Servicer Secured Parties, in any Receivable, (ii) shall deposit into not amend the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt terms of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), any Receivable other than in respect of interest accordance with the Credit and principal on Collection Policy and this Agreement, (iii) shall not release any goods securing a Receivable from the Mortgage Loanslien created by such Receivable except as specifically provided for herein, any Serviced Companion Loan or any B Note due and (or deemed dueiv) on or before the Cut-Off Date, which shall be remitted entitled to commence or settle any legal action to enforce collection of any Receivable or to foreclose upon or repossess any goods securing such Receivable. In the related Seller:
event that the Servicer shall breach any of its covenants set forth in clause (Ai), (ii) Principal: all payments on account or (iii) of principal, including Principal Prepaymentsthis Section 11.2.3(f), the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which Servicer shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);pay
Appears in 1 contract
Samples: Loan Agreement (Jarden Corp)
Collections. Such Seller Party will cause (ai) On or prior to the Closing Date, the Master Servicer shall open, or cause all checks representing Collections and Securitization Charge Collections to be openedremitted to a Lock-Box, (ii) all other amounts in respect of Collections and shall thereafter maintain, or cause Securitization Charge Collections to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior deposited directly to the date the Master Servicer shall first deposit funds in a Collection Account, (iii) all proceeds from all Lock-Boxes to be deposited by the Master Servicer shall give into a Collection Account, (iv) all funds in each Collection Account which is not a Specified Account to be remitted to a Specified Account as soon as is reasonably practicable and (v) each Specified Account to be subject at all times to a Collection Account Agreement that is in full force and effect. In the event any payments relating to Receivables are remitted directly to Seller or any Affiliate of the Seller, the Seller will remit (or will cause all such payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within two (2) Business Days following receipt thereof, and, at all times prior to such remittance, the Seller will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of the Administrative Agent, the Managing Agents and the Purchasers. The Seller will maintain exclusive ownership, dominion and control (subject to the Certificate Administrator terms of this Agreement) of each Lock-Box and Collection Account and shall not grant the right to take dominion and control of any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to the Administrative Agent as contemplated by this Agreement and the Trustee Intercreditor Agreement. Upon not less than 30 days prior written notice of to the name and address of the depository institution at which such account is maintained Seller and the account number of Servicer, the Administrative Agent may, in its reasonable discretion, designate additional Collection Accounts as Specified Accounts and such account. The Master Servicer Specified Accounts shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), be subject to the Master Servicer’s requirement set forth in clause (or its Sub-Servicer’sv) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) above. On the Closing Datedate which is 30 days after the first day of a Level Three Enhancement Period, the Depositor all Collection Accounts shall deliver be Specified Accounts and such Specified Accounts shall be subject to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it requirement set forth in clause (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed duev) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);above.
Appears in 1 contract
Collections. (a) On The Master Servicer shall remit or prior ----------- cause to be remitted by wire transfer to the Collection Account, as appropriate (i) within five Business Days after the Closing Date, the aggregate amount of all Collections received by the Master Servicer shall openfrom but excluding the Cut-Off Date through and including the Closing Date and (ii) beginning from and excluding the Closing Date, all Collections (other than penalty interest, late charges, prepayment penalties and premiums, modification fees and assumption and substitution fees and Escrow Amounts), including all payments by or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Associationthe Mortgagors on the Mortgage Loans and all amounts with respect to the Mortgage Loans, as Trustee collected not later than one Business Day following the Business Day on which such amounts are received by the Lock-Box Bank (or by the Master Servicer directly and are identified by the Master Servicer as relating to the Mortgage Loans); provided, however, that it shall not be necessary for -------- ------- the benefit of Master Servicer to remit Collections on any Business Day when the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (aggregate amount in the “Collection Account”)Master Servicer's possession from the Collections prior to such Business Day is less than $1,000.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary provide the Lock-box Bank with instructions to cause transfer by wire transfer in immediately available funds all amounts on deposit in the depository institution holding Lock-box Account which constitute Collections to the Collection Account to hold such account in on each Business Day during the name term of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing each Determination Date, the Depositor Master Servicer shall deliver determine the Available Distribution Amount.
(d) On each Master Servicer Remittance Date, the Master Servicer shall direct the Trustee to remit to the Master Servicer the Initial Depositaggregate Master Servicing Fees, and to pay to the Master Servicer shall Trustee the Trustee's Fee, in each case from amounts then on deposit into in the Collection Account Account, and to deposit the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted Available Distribution Amount to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Certificate Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Collections. (a) On or prior to the Closing Date, the Master The Servicer shall openinstruct the Customers to remit payments on the Contracts only by mail or electronic funds transfer and only to a post office box or Lockbox Account that is under the control of a Lockbox Bank pursuant to a Lockbox Agreement, except as otherwise directed or cause required pursuant to be openedSection 4.02(c). In the event that the Servicer or the Issuer receives any amounts constituting Available Funds, and it shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in deposit such amounts directly into the name Lockbox Account within two Business Days of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”)receipt thereof.
(b) On The parties acknowledge that the Servicer has entered into and may from time to time enter into arrangements with one or prior more banks or other financial institutions reasonably acceptable to the date Controlling Party (each a "Lockbox Bank") for the Master Servicer shall first deposit funds in a Collection Account, receipt and processing by the Master Lockbox Banks of payments on Contracts sent by Customers to post office boxes controlled by the Lockbox Banks. The Servicer shall give to the Certificate Administrator Trustee and the Trustee Controlling Party reasonable 13 Servicing Agreement prior written notice of the name effectiveness of any such arrangement, the names and address addresses of the depository institution at which such account is maintained Lockbox Banks and the account number of each account maintained by such accountLockbox Bank and into which Collections will be deposited (each a "Lockbox Account"), and shall provide the Trustee and the Controlling Party with copies of any agreements relating to the Lockbox Accounts (which agreements shall be in form and substance reasonably acceptable to the Controlling Party) and such other information as they may reasonably request with respect to such arrangements. The Master Servicer shall take execute and deliver and shall require each Lockbox Bank to execute and deliver, before any Collections are deposited in any Lockbox Account maintained by such actions Lockbox Bank, an agreement among the Servicer, the Trustee, the Lockbox Bank and such other Persons as are necessary the Controlling Party may require, in form and substance reasonably satisfactory to cause the depository institution holding Controlling Party (each a "Lockbox Agreement"), covering each such Lockbox Account. Each Lockbox Agreement shall include a provision that, upon and after notice by the Trustee to the Lockbox Bank, the Lockbox Bank will not withdraw or transfer any funds from such Lockbox Account except in accordance with the Trustee's instructions. The Trustee shall give such notice upon the direction of the Controlling Party, and such direction from the Controlling Party shall be given, if at all, only after the occurrence of an Event of Default. Within two Business Days after deposit of any funds in any Lockbox Account, the Servicer will identify the funds that constitute Available Funds and instruct the Lockbox Bank to transfer such collected funds into the Collection Account to hold such account in Account. The Servicer is hereby authorized (which authorization may be revoked by the name Controlling Party if an Event of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’sDefault has occurred) right to direct payments and investments and its rights of withdrawal under this Agreementthe Lockbox Bank to transfer any other funds that do not constitute Available Funds to such accounts or other Persons as it may deem necessary.
(c) On Upon the Closing Dateoccurrence and during the continuance of an Event of Default, the Depositor shall deliver Controlling Party may direct or require the Servicer to direct the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause Customers to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: make all payments on Contracts to an account of principal, including Principal Prepayments, designated by the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Controlling Party.
Appears in 1 contract
Collections. The Master Servicer shall (aor shall cause the applicable Sub-Servicers to) On remit within two Business Days of receipt thereof to the Group I Collection Account Subaccount (with respect to the Group I Student Loans) or the Group II Collection Account Subaccount (with respect to the Group II Student Loans) all payments by or on behalf of the Obligors with respect to the Group I and Group II Student Loans, respectively (other than Purchased Student Loans), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) Key Bank USA, National Association remains the Administrator, (ii) no Administrator Default shall have occurred and be continuing and (iii) prior to ceasing daily remittances to the applicable subaccount of the Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall open, (or shall cause the applicable Sub-Servicers to) remit such collections within two Business Days of receipt thereof to be openedthe Administrator, and shall thereafter maintain, the Administrator need not deposit such collections into the Group I Collection Account Subaccount or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National AssociationGroup II Collection Account Subaccount, as Master Servicer on behalf of Wxxxx Fargo Bankapplicable, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or until one Business Day immediately prior to the date next following Distribution Date; provided, however, that, notwithstanding the Master Servicer shall first deposit funds in foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Distribution Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer Administrator shall deposit into the Group I Collection Account Subaccount or the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Group II Collection Account on the Business Day following receipt of properly identified fundsSubaccount, the following amounts received by it as applicable, (including amounts remitted i) with respect to the Master Servicer Group II Student Loans only, Guarantee Payments made by TERI in excess of the Special Servicer from an REO Account pursuant to Section 9.14)Maximum TERI Payments Amount, other than in respect and (ii) that xxxxion of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted such amounts receivxx xy it that is equal to the related Seller:
(A) Principal: Master Servicing Fee payable on such date. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Administrator shall deposit all payments on account collections held by it into the Group I Collection Account Subaccount or the Group II Collection Account Subaccount, as applicable, within two Business Days thereof. For purposes of principal, including Principal Prepaymentsthis Article V, the principal component phrase "payments by or on behalf of Scheduled Payments, and any Late Collections in Obligors" shall mean payments made with respect thereof, on to the Mortgage Group I or Group II Student Loans, any Serviced Companion Loan as applicable, by or on behalf of borrowers thereof and any B Note;
the Guarantors (B) Interest: all payments on account of interest on but excluding the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 belowDepartment);.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Keycorp Student Loan Trust 2001-A)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for U.S. Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132005-C10” HQ7" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for U.S. Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-HQ7" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its applicable Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit delivered to it by the Depositor on that datedate into the Certificate Account. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the applicable Primary Servicer the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq7)
Collections. The Master Servicer shall (aor shall cause the applicable Sub-Servicers to) On remit within two Business Days of receipt thereof to the Group I Collection Account Sub-Account (with respect to the Group I Student Loans) or the Group II Collection Account Sub-Account (with respect to the Group II Student Loans) all payments by or on behalf of the Obligors with respect to the Group I and Group II Student Loans, respectively (other than Purchased Student Loans), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) Key Bank USA, National Association (or its Affiliate) is the Administrator, (ii) no Administrator Default shall have occurred and be continuing, (iii) the Administrator's long-term debt is rated at least A- by S&P and A3 by Xxxxx'x and (iv) prior to ceasing daily remittances to the applicable sub-account of the Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall open, (or shall cause the applicable Sub-Servicers to) remit such collections within two Business Days of receipt thereof to be openedthe Administrator, and shall thereafter maintain, the Administrator need not deposit such collections into the Group I Collection Account Sub-Account or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National AssociationGroup II Collection Account Sub-Account, as Master Servicer on behalf of Wxxxx Fargo Bankapplicable, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or until one Business Day immediately prior to the date next following Distribution Date; provided, however, that, notwithstanding the Master Servicer shall first deposit funds in foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Distribution Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer Administrator shall deposit into the Group I Collection Account Sub-Account or the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Group II Collection Account on Sub-Account, as applicable, (i) with respect to the Business Day following receipt Group II Student Loans only, Guarantee Payments made by XXXX in excess of properly identified fundsthe Maximum XXXX Payments Amount, the following and (ii) that portion of such amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted that is equal to the related Seller:
(A) Principal: Master Servicing Fee payable on such date. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Administrator shall deposit all payments on account collections held by it into the Group I Collection Account Sub-Account or the Group II Collection Account Sub-Account, as applicable, within two Business Days of principal, including Principal Prepaymentsreceipt thereof. For purposes of this Article V, the principal component phrase “payments by or on behalf of Scheduled Payments, and any Late Collections in Obligors” shall mean payments made with respect thereof, on to the Mortgage Group I or Group II Student Loans, any Serviced Companion Loan as applicable, by or on behalf of borrowers thereof and any B Note;
the Guarantors (B) Interest: all payments on account of interest on but excluding the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 belowDepartment);.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Keycorp Student Loan Trust 2002-A)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National Association, as Master Servicer on behalf for LaSalle Xxxx National Association, as Trustee for the Holders of Wxxxx Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Txxxxxx Certificates, Series 2006-TOP22" (the "Certificate Account"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Association, as Master Servicer for LaSalle Xxxx National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Txxxxxx Certificates, Series 20132006-C10” TOP22" (the “Collection "Interest Reserve Account”").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage SecuritiesTrust 2006-Top22)
Collections. (a) On Subject to the provisions of the succeeding sentence and of subsections (b) and (c), Servicer shall remit to the Collection Account all payments (other than amounts constituting Supplemental Servicing Fees) by or on behalf of the Obligors on the Receivables, including all Liquidation Proceeds received by Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day, after receipt thereof. Subject to the provisions of subsections (b) and (c), on the Closing Date, Servicer shall deposit in the Collection Account all payments by or on behalf of the Obligors on the Receivables received by Servicer after the Cutoff Date and on or prior to the second Business Day immediately preceding the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to Notwithstanding the date provisions of subsection (a), if Key Bank is the Master Servicer and (i) Servicer shall first deposit funds in a Collection Account, have the Master Servicer Required Rating or (ii) Trustee otherwise shall give to have received written notice from each of the Certificate Administrator Rating Agencies that the then outstanding rating on the Class A Certificates and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Class B Certificates would not be lowered or withdrawn as a result, Servicer shall take such actions as are necessary may deposit all amounts referred to cause the depository institution holding in subsection (a) for any Collection Period into the Collection Account not later than the close of business on the Deposit Date with respect to hold such account in Collection Period; provided that if (x) a Servicer Termination Event has occurred and is continuing, (y) Servicer has been terminated as such pursuant to Section 8.1 or (z) Servicer ceases to have the name of Required Rating, Servicer shall deposit such amounts (including any amounts then being held by Servicer) into the Master Servicer Collection Account as provided in Section 5.1(a4.2(a). Notwithstanding the foregoing, the provisions of the proviso to the preceding sentence shall not be applicable to a successor Servicer solely by reason of the occurrence of an event specified in clauses (x), subject (y) and (z) of such proviso with respect to the Master outgoing Servicer’s . Pending the deposit of the amounts referred to in subsection (a) into the Collection Account, such amounts may be employed by Servicer at its own risk and for its own benefit and need not be segregated from Servicer's own funds. Any losses resulting from Servicer's actions shall be borne exclusively by the Servicer. Servicer shall promptly notify Trustee in writing if it shall obtain or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreementlose the Required Rating.
(c) On Notwithstanding the Closing Dateprovisions of subsections (a) and (b), the Depositor shall deliver Servicer may retain, or will be entitled to the Master Servicer the Initial Depositbe reimbursed, and the Master Servicer shall from amounts otherwise payable into, or on deposit into in, the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause with respect to be deposited, into a Collection Period any amounts previously deposited in the Collection Account on the Business Day following receipt of properly identified but later determined to have resulted from mistaken deposits or postings or checks returned for insufficient funds, the following amounts received by it (including amounts remitted in each case, with respect to the Master which Servicer by the Special Servicer from an REO Account pursuant has not been previously reimbursed hereunder. The amount to Section 9.14), other than be retained or reimbursed hereunder shall not be included in Collections with respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:Distribution Date.
(Ad) Principal: all With respect to each Precomputed Receivable, collections and payments by or on behalf of an Obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payment on such Precomputed Receivable for such Collection Period. To the extent such collections and payments on account of principala Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are insufficient to prepay the Precomputed Receivable in full, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any collections shall be treated as Payaheads until such payment that is allocable later Collection Period as such Payaheads may be transferred to the period prior Collection Account and applied either to the Cut-Off Date which shall be remitted scheduled payments due or to prepay the Depositor and excluding Interest Reserve Amounts to be deposited Precomputed Receivable in the Interest Reserve Account pursuant to full in accordance with Section 5.3 below);4.5.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Key Consumer Acceptance Corp)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Xxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx Bank of America Mxxxxxx Lxxxx Xxxxxxx Xxxxx Trust 2013-C10C9, Commercial Mortgage Pass-Through Certificates, Series 2013-C10C9” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I. Inc, Commercial Mortgage Pass-Through Certificates, Series 20132000-C10” LIFE2" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I. Inc, Commercial Mortgage Pass-Through Certificates, Series 2000-LIFE2" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Collections. Such Seller Party shall cause (a1) On all proceeds from ----------- all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock-Box and Collection Account to be at all times, subject to a Collection Account Agreement that is in full force and effect; provided, -------- however, that with respect to the Collection Accounts existing on the date of ------- this Agreement and not subject to an Existing Collection Account Agreement, such Collection Account need not be subject to a Collection Account Agreement until the date 90 days after the date of this Agreement; and, provided further, that -------- ------- with respect to each Existing Collection Account Agreement, such agreement shall have been assigned to the Collateral Agent on or prior to the Closing Datedate of the initial Incremental Purchase (in the case of each Existing Collection Account Agreement with Bank of America, the Master Servicer shall openNational Association or Bank One, NA), or shall be replaced by a new Collection Account Agreement on or prior to the date thirty (30) days after the date of this Agreement, and in the case of the Collection Account Agreements assigned to the Collateral Agent on or before the date of the initial Incremental Purchase, shall be replaced by a new Collection Account Agreement on or prior to the date 90 days after the date of this Agreement. In the event any payments relating to Receivables are remitted directly to Seller or any Affiliate of Seller, Seller shall remit (or shall cause all such payments to be openedremitted by any such Affiliate) directly to a Collection Bank and deposited into a Collection Account within two (2) Business Days following receipt thereof and, and at all times prior to such remittance, Seller shall thereafter maintainitself hold or, or if applicable, shall cause such payments to be maintained, a separate account or accounts, which accounts must be Eligible Accountsheld by any such Affiliate, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee trust for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Collateral Agent, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior Managing Agents and the Purchasers to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice extent of the name Purchaser Interests. Seller shall maintain exclusive ownership, dominion and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), control (subject to the Master Servicer’s (or its Subterms of this Agreement) of each Lock-Servicer’s) Box and Collection Account and shall not grant the right to direct payments take dominion and investments and its rights control of withdrawal under any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to the Collateral Agent as contemplated by this Agreement.
(c) On the Closing Date, the Depositor . Only Collections of Receivables shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit be deposited into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Accounts.
Appears in 1 contract
Samples: Receivables Purchase Agreement (Owens & Minor Inc/Va/)
Collections. (a) On or prior to the Closing Date, the each Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association"Capmark Finance Inc., as General Master Servicer on behalf of Wxxxx for Wells Fargo Bank, National AssociationN.A., as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanlex Xxxital I Inc., Commercial Mortgage Pass-Through CertificatesCerxxxxxxtxx, Series 2013Xxxies 2006-C10” IQ12" and "Prudential Asset Resources, Inc., as Prudential Master Servicer for Wells Fargo Bank, N.A., as Trustee for the Holders of Morgan Stanlex Xxxital I Inc., Commercial Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-IQ12" (collectively, or individually, as the case may be, the "Certificate Account"). The General Master Servicer shall maintain the Certificate Account with respect to all of the Mortgage Loans (other than the Prudential Loans) and the Prudential Master Servicer shall maintain the Certificate Account with respect to the Prudential Loans. On or prior to the Closing Date, in respect of the Interest Reserve Loans, the Paying Agent shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "LaSalle Bank National Association, as Paying Agent, in trust for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-IQ12" (the “Collection "Interest Reserve Account”"). The Paying Agent shall maintain the Interest Reserve Accounts with respect to non-Prudential Loans and the Paying Agent shall maintain the Interest Reserve Accounts with respect to the Prudential Loans.
(b) On or prior to the date the a Master Servicer shall first initially deposit funds in a Collection Certificate Account, the such Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer Servicers shall take such actions as are necessary to cause the any depository institution holding the Collection a Certificate Account to hold such account accounts in the name of the applicable Master Servicer as provided in Section 5.1(a), subject to the such Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12)
Collections. The Seller and the Servicer hereby agree: (ai) On or prior (A) to cause all Collections which may be sent by Obligors by mail to be delivered to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” Administrative Servicer; (the “Collection Account”).
(bB) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account Administrative Servicer to hold deposit all such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer Collections into the Initial DepositDepository Account within two Business Days of receipt by the Administrative Servicer; and (C) upon the occurrence of an Early Amortization Event with respect to any Series, and the Master Servicer shall deposit to cause all such payments to be deposited into the Collection Account within two Business Days of deposit of such payment into the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it Depository Account; and (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed dueii) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: to cause all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts Store Payments to be deposited in the Interest Reserve related Store Account; (B) to cause all such Store Payments to be deposited into the Initial Depository Account within two Business Days of deposit of such payments into a Store Account; and (C) upon the occurrence of an Early Amortization Event with respect to any Series, to cause all such Store Payments to be deposited into the Collection Account within two Business Days of deposit of such Store Payments into the Initial Depository Account. Notwithstanding the foregoing, unless the certificates of deposit, short-term deposits or commercial paper or the long-term unsecured debt obligations (other than any obligation whose rating is based on collateral or on the credit of a Person other than the Servicer) of the Servicer shall have a credit rating from Moody's and Standard & Poor's of P-1 and A-1+ (or, from and after the Series Termination Date for all Certificate Series outstanding prior to the Effective Date, A-1), respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody's of at least Aa3 and from Standard & Poor's of at least AA- in the case of the long term unsecured debt obligations, all amounts deposited into the Initial Depository Account on any Business Day shall on the same Business Day be withdrawn from the Initial Depository Account and deposited into the Collection Account. The Servicer hereby agrees not to deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Collection Account or the Initial Depository Account cash or cash proceeds other than Collections of Receivables. The Seller and Servicer agree to clearly and unambiguously identify each Account (including any Additional Account designated pursuant to Section 5.3 below);2.6) in its computer or other records to reflect that an interest in the Receivables arising
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Charming Shoppes Receivables Corp)
Collections. (ai) On or prior The Servicer shall administer Collections in accordance with the provisions of this Section 2.7. Approved Investors shall be instructed to pay proceeds from the sale of Mortgage Loans into the Collection Account, and such amounts may be released in accordance with the procedures set forth in Section 3.3 hereof.
(ii) The Servicer acknowledges that Collections and/or other Collateral Proceeds received by it with respect to any Mortgage Asset belong to the Closing DateBorrower and have been pledged to the Administrative Agent, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bankthe Lenders. From such Collections and/or other Collateral Proceeds, National Associationthe Servicer, on behalf of the Borrower, shall deposit amounts necessary to make payments on the following Settlement Date (or end of the related Interest Period) pursuant to Section 2.7(c)(iii) or (iv), as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be depositedapplicable, into the Collection Account no later than such Settlement Date or at the end of such Interest Period, or, on or after the Drawdown Termination Date or upon the occurrence and during the continuation of an Event of Default, within one Business Day following after receipt of properly identified fundsby the Servicer. Until deposited into the Collection Account, the following amounts received by it Servicer may commingle Collections and other Collateral Proceeds with its own funds and use such funds for its own business purposes.
(including amounts remitted iii) Prior to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Drawdown Termination Date, which the Servicer shall be remitted withdraw funds from the Collection Account (to the related Sellerextent of collected funds therein) and shall make payments from the Collection Account at the following times and in the following order of priority:
(A) Principal: all payments To the extent not previously paid, on account of principal, including Principal Prepaymentseach Settlement Date, the principal component of Scheduled PaymentsServicer shall deposit an amount equal to the costs, fees and any Late Collections in respect thereof, on expenses then due and payable to the Mortgage Loans, any Serviced Companion Loan and any B Note;Collateral Agent to an account designated by the Collateral Agent.
(B) Interest: all payments on account On the last day of each Interest Period for any Advance that bears interest at the Commercial Paper Rate or any Eurodollar Advance, the Servicer shall deposit an amount equal to accrued interest on such Advance, which amount shall be paid to the Mortgage Loansapplicable Managing Agent’s Account for the related Lenders. On each Settlement Date, the Servicer shall deposit an amount equal to accrued interest on each Advance that bears interest at the Alternate Base Rate to the applicable Managing Agent’s Account.
(C) To the extent not previously paid, on each Settlement Date, an amount equal to the fees, costs and expenses then due and payable pursuant to the related Fee Letter, on a pro rata basis, (i) to JPMorgan Chase, as a Managing Agent, to JPMorgan Chase’s Managing Agent’s Account, (ii) to Lloyds, as a Managing Agent, to Lloyds’ Managing Agent’s Account, (iii) to Calyon New York, as a Managing Agent, to Calyon New York’s Managing Agent’s Account and (iv) to the Administrative Agent, to the Administrative Agent’s Account.
(D) On each Settlement Date on which the Required Reserve Account Amount exceeds the amount then on deposit in the Reserve Account, the Servicer shall deposit an amount equal to such excess to the Reserve Account.
(E) On each Settlement Date, if the Group Banks in any Group have not consented to an extension of the Drawdown Termination Date, but the Group Banks in the other Groups have so consented and such non-extending Lenders have not assigned their respective Advances and Bank Commitments to one or more other Lenders in accordance with Section 2.1(b) and Section 13.9, the Servicer shall deposit an amount equal to the unpaid balance of all Principal Debt owing to the non- extending Lenders to the related Managing Agent’s Account.
(F) To the extent not previously paid, on each Settlement Date, the Servicer shall deposit any amounts, other than those listed in clauses (A), (B) and (C) above and other than principal on the Advances, that are then due and payable and of which the Servicer has received prior written notice, including without limitation additional costs under Section 2.16, any Serviced Companion Loan additional interest under Section 2.17, Consequential Losses under Section 2.18, indemnities under Section 10.1 and costs, expenses and taxes under Section 13.19, to the applicable Managing Agent’s Account.
(G) On each Settlement Date, the Servicer shall withdraw from the Collection Account for its own account an amount equal to accrued Servicing Fee then due and payable.
(iv) On the Drawdown Termination Date and thereafter, the Administrative Agent shall make payments from the Collection Account (to the extent of collected funds therein) at the following times and in the following order of priority:
(A) On each Settlement Date, if the Servicer is not one of the Originators or an Affiliate of one of the Originators, an amount equal to accrued Servicing Fee then due and payable shall be paid to the Servicer.
(B) To the extent not previously paid, on each Settlement Date, an amount equal to the costs, fees and expenses then due and payable to the Collateral Agent shall be paid to an account designated by the Collateral Agent.
(C) On the last day of each Interest Period for any Advance that bears interest at the Commercial Paper Rate or for any Eurodollar Advance, an amount equal to accrued interest on each such Advance shall be paid to the applicable Managing Agent’s Account. On each Settlement Date, an amount equal to accrued interest on Advances that bear interest at the Alternate Base Rate shall be paid to the applicable Managing Agent’s Account.
(D) On each Settlement Date, an amount equal to the unpaid principal balance of all Advances made by Lenders shall be paid to the applicable Managing Agent’s Account.
(E) To the extent not previously paid, on each Settlement Date, an amount equal to the fees, costs and expenses then due and payable pursuant to the related Fee Letter, on a pro rata basis, (i) to JPMorgan Chase, as a Managing Agent, to JPMorgan Chase’s Managing Agent’s Account, (ii) to Lloyds, as a Managing Agent, to Lloyds’ Managing Agent’s Account, (iii) to Calyon New York, as a Managing Agent, to Calyon New York’s Managing Agent’s Account and (iv) to the Administrative Agent, to the Administrative Agent’s Account.
(F) To the extent not previously paid, on each Settlement Date, any amounts of the type described in Section 2.7(c)(iii)(F) are then due and payable and any B Note (minus any portion of any such payment that is allocable other unpaid Obligations shall be paid to the period prior applicable Managing Agent’s Account.
(G) On the Settlement Date on which all Obligations are paid in full, if the Servicer is one of the Originators or an Affiliate of one of the Originators, an amount equal to accrued Servicing Fee then due and payable shall be paid to the Cut-Off Date which Servicer.
(v) Upon receipt of funds deposited into its Managing Agent’s Account, each Managing Agent shall be remitted distribute such funds to the Depositor and excluding Interest Reserve Amounts Lenders in its Group or to be deposited itself for application to the Obligations in accordance with the Interest Reserve Account pursuant to order of priority set forth in Section 5.3 below2.7(c)(iii) or (iv);, as applicable.
Appears in 1 contract
Samples: Securitization Agreement
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 20132001-C10” TOP4" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2001-TOP4" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan Loans or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2001-Top4)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132006-C10” TOP21" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2006-TOP21" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer shall deposit the Initial Deposit, and Deposit delivered to it by the Depositor on that date into the Certificate Account; provided that the Master Servicer shall deposit an amount equal to one day's interest for each Interest Reserve Loan (which additional amount is equal to $152,938.33 in the aggregate) into the Collection Account the Initial Deposit on that dateInterest Reserve Account. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Top21)
Collections. The Seller and the Servicer hereby agree: (ai) On or prior (A) to cause all Collections which may be sent by Obligors by mail to be delivered to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” Administrative Servicer; (the “Collection Account”).
(bB) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account Administrative Servicer to hold deposit all such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer Collections into the Initial DepositDepository Account within two Business Days of receipt by the Administrative Servicer; and (C) upon the occurrence of an Early Amortization Event with respect to any Series, and the Master Servicer shall deposit to cause all such payments to be deposited into the Collection Account within two Business Days of deposit of such payment into the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it Depository Account; and (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed dueii) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: to cause all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts Store Payments to be deposited in the Interest Reserve related Store Account; (B) to cause all such Store Payments to be deposited into the Initial Depository Account within two Business Days of deposit of such payments into a Store Account; and (C) upon the occurrence of an Early Amortization Event with respect to any Series, to cause all such Store Payments to be deposited into the Collection Account within two Business Days of deposit of such Store Payments into the Initial Depository Account. Notwithstanding the foregoing, unless the certificates of deposit, short-term deposits or commercial paper or the long-term unsecured debt obligations (other than any obligation whose rating is based on collateral or on the credit of a Person other than the Servicer) of the Servicer shall have a credit rating from Moody’s and Standard & Poor’s of P-1 and A-1+ (or, from and after the Series Termination Date for all Certificate Series outstanding prior to the Effective Date, A-1), respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody’s of at least Aa3 and from Standard & Poor’s of at least AA- in the case of the long term unsecured debt obligations, all amounts deposited into the Initial Depository Account on any Business Day shall on the same Business Day be withdrawn from the Initial Depository Account and deposited into the Collection Account. The Servicer hereby agrees not to deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Collection Account or the Initial Depository Account cash or cash proceeds other than Collections of Receivables. The Seller and Servicer agree to clearly and unambiguously identify each Account (including any Additional Account designated pursuant to Section 5.3 below);2.6) in its computer or other records to reflect that an interest in the Receivables arising in such Account has been sold pursuant to this Agreement and any Receivables Purchase Agreements and shall, prior to the sale or transfer to a third party of any Receivable held in its custody, examine its computer and other records to determine that an interest in such Receivable has not been sold.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alliance Data Systems Corp)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10C9, Commercial Mortgage Pass-Through Certificates, Series 2013-C10C9” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related SellerDepositor:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9)
Collections. The Seller and the Servicer hereby agree: (ai) On or prior (A) to cause all Collections which may be sent by Obligors by mail to be delivered to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” Administrative Servicer; (the “Collection Account”).
(bB) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account Administrative Servicer to hold deposit all such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer Collections into the Initial DepositDepository Account within two Business Days of receipt by the Administrative Servicer; and (C) upon the occurrence of an Early Amortization Event with respect to any Series, and the Master Servicer shall deposit to cause all such payments to be deposited into the Collection Account within two Business Days of deposit of such payment into the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it Depository Account; and (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed dueii) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: to cause all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts Store Payments to be deposited in the Interest Reserve related Store Account; (B) to cause all such Store Payments to be deposited into the Initial Depository Account within two Business Days of deposit of such payments into a Store Account; and (C) upon the occurrence of an Early Amortization Event with respect to any Series, to cause all such Store Payments to be deposited into the Collection Account within two Business Days of deposit of such Store Payments into the Initial Depository Account. Notwithstanding the foregoing, unless the certificates of deposit, short-term deposits or commercial paper or the long-term unsecured debt obligations (other than any obligation whose rating is based on collateral or on the credit of a Person other than the Servicer) of the Servicer shall have a credit rating from Moody's and Standard & Poor's of P-1 and A-1+ (or, from and after the Series Termination Date for all Certificate Series outstanding prior to the Effective Date, A-1), respectively, in the case of the certificates of deposit, short-term deposits or commercial paper, or a rating from Moody's of at least Aa3 and from Standard & Poor's of at least AA- in the case of the long term unsecured debt obligations, all amounts deposited into the Initial Depository Account on any Business Day shall on the same Business Day be withdrawn from the Initial Depository Account and deposited into the Collection Account. The Servicer hereby agrees not to deposit or otherwise credit, or cause or permit to be so deposited or credited, to the Collection Account or the Initial Depository Account cash or cash proceeds other than Collections of Receivables. The Seller and Servicer agree to clearly and unambiguously identify each Account (including any Additional Account designated pursuant to Section 5.3 below);2.6) in its computer or other records to reflect that an interest in the Receivables arising in such Account has been sold pursuant to this Agreement and any Receivables Purchase Agreements and shall, prior to the sale or transfer to a third party of any Receivable held in its custody, examine its computer and other records to determine that an interest in such Receivable has not been sold.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Charming Shoppes Master Trust)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National Association, as Master Servicer on behalf for LaSalle Xxxx National Association, as Trustee for the Holders of Wxxxx Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Txxxxxx Certificates, Series 2006-TOP24" (the "Certificate Account"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Association, as Master Servicer for LaSalle Xxxx National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Txxxxxx Certificates, Series 20132006-C10” TOP24" (the “Collection "Interest Reserve Account”").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit delivered to it by the Depositor on that datedate into the Certificate Account. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Top24)
Collections. Obligors shall make payments on the Receivables to the Servicer who shall deposit all such payments in the Collection Account no later than the second Business Day following the Date of Processing thereof. The Servicer shall allocate such amounts to each Series of Investor Securities and to the Holder of the Exchangeable Transferor Security in accordance with this Article IV and the related Supplement and shall cause the Trustee to withdraw the required amounts from the Collection Account or pay such amounts to the Holder of the Exchangeable Transferor Security in accordance with this Article IV and the related Supplement. The Servicer shall make such deposits or payments on the date indicated herein by wire transfer or as otherwise provided in the Supplement for any Series of Securities with respect to such Series. Notwithstanding anything in this Agreement to the contrary, but subject to the terms of any Supplement, for so long as, and only so long as, DMCCB (aor any successors to DMCCB pursuant to Section 8.2) On or an Affiliate of DMCCB shall remain the Servicer hereunder, and (a)(i) DMCCB (or any successors to DMCCB pursuant to Section 8.2) or an Affiliate of DMCCB provides to the Trustee a letter of credit or other form of Enhancement rated at least A-1 by Standard & Poor's and P-1 by Moody's (as certified to the Trustee by the Servicer), and (ii) after notifying each Rating Agency of the proposed use of such letter of credit or other form of Enhancement the Transferor shall have received a notice from each Rating Agency that making payments monthly rather than daily would not result in a downgrading or withdrawal of any of such Rating Agency's then-existing ratings of the Investor Securities, or (b) DMCCB (or any successors to DMCCB pursuant to Section 8.2) shall have and maintain a short-term credit rating of at least A-1 by Standard & Poor's and P-1 by Moody's (as certified to the Trustee by the Servicer), the Servicer need not deposit Collections from the Collection Account into the Principal Account or the Interest Funding Account or any Series Account, or make payments to the Holder of the Exchangeable Transferor Security, prior to the Closing Date, close of business on the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, day any Collections are deposited in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as otherwise provided in Section 5.1(a)this Article IV and the related Supplement, subject but may instead make such deposits, payments and withdrawals on each Transfer Date in an amount equal to the Master Servicer’s (or its Sub-Servicer’s) right to direct net amount of such deposits, payments and investments and its rights withdrawals which would have been made but for the provisions of withdrawal under this Agreementparagraph.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Metris Receivables Inc)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National Association, as Master Servicer on behalf for LaSalle Xxxx National Association, as Trustee for the Holders of Wxxxx Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certifixxxxx, Xxxxxx 2004-IQ8, and the holder of the Serviced Companion Loan, as its interest may appear" (collectively, or individually, as the case may be the "Certificate Account"). The Master Servicer shall maintain the Certificate Account with respect to all of the Mortgage Loans. On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Association, as Master Servicer for LaSalle Xxxx National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through CertificatesCertifixxxxx, Series 2013Xxxxxx 2004-C10” IQ8, and the holder of the Serviced Companion Loan, as its interest may appear" (collectively, or individually, as the “Collection case may be, the "Interest Reserve Account”"). The Master Servicer shall maintain the Interest Reserve Account with respect to all of the Mortgage Loans.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection the Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the any depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account accounts in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, -104- National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132002-C10” TOP7" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2002-TOP7" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan Loans or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicer the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Series 2002 Top7)
Collections. (a) On or prior The Servicer shall remit daily within forty-eight hours of receipt to the Closing Collection Account all Collections collected during the Collection Period. JPMorgan Chase has requested that, so long as it is acting as the Servicer, the Servicer be permitted to make remittances of Collections on a less frequent basis than that specified in the immediately preceding sentence. It is understood that such less frequent remittances may be made only on the specific terms and conditions set forth below in this Section 5.2 and only for so long as such terms and conditions are fulfilled. Accordingly, notwithstanding the provisions of the first sentence of this Section 5.2, the Servicer shall remit such collections to the Collection Account in Automated Clearinghouse Corporation next-day funds or immediately available funds no later than 11:00 a.m., New York City time, on the Deposit Date, but only for so long as (i) the Master short-term certificate of deposit ratings of the Servicer are at least P-1 by Moody’s, “F1” by Fitch (if rated by Fitch) and “A-1” by Standard & Poor’s, or the Rating Agency Condition is satisfied as a result of Collections being remitted on a monthly, rather than daily, basis and (ii) the Servicer shall openbe JPMorgan Chase. Upon remittance by the Servicer of Collections to the Collection Account pursuant to the preceding sentence, or cause the Paying Agent shall provide written notice to be openedthe Indenture Trustee and the Owner Trustee no later than 11 a.m., New York City time, on each Deposit Date, setting forth the amounts remitted by the Servicer on such date and, if the Paying Agent fails to provide the Indenture Trustee and the Owner Trustee with such written notice by 12 noon, New York City time, on such Deposit Date, then the Indenture Trustee and the Owner Trustee shall thereafter maintain, or cause assume that no deposits were made to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name Collection Account pursuant to this Section 5.2. For purposes of this Section 5.2 the phrase “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer payments made on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of Obligors” shall mean payments made by Persons other than the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (Depositor or the “Collection Account”)Servicer.
(b) On or Notwithstanding anything in this Agreement to the contrary, if the Servicer deposits amounts that it mistakenly believes are Collections resulting in the payment in full of a Receivable, and (i) the Servicer discovers its error prior to the date Payment Date following such deposit, the Master Indenture Trustee, at the written direction of the Servicer, shall withdraw such amounts and pay them to the Servicer or (ii) the Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give be deemed to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which have purchased such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account Receivable pursuant to Section 9.14), other than in respect 4.6 as of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before last day of the Cut-Off Date, Collection Period during which such error shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);have occurred.
Appears in 1 contract
Samples: Sale and Servicing Agreement (JPMorgan Chase Bank, National Association)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20131999-C10” LIFE1" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 1999-LIFE1" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.149.14 or as Compensating Interest pursuant to Section 9.11), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)
Collections. (a) On or prior to the Closing Date, the each Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association"GMAC Commercial Mortgage Corporation, as General Master Servicer on behalf of Wxxxx for Wells Fargo Bank, National AssociationN.A., as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Xxxxxal I Inc., Commercial Mortgage Pass-Through CertificatesCertixxxxxxs, Series 2013Xxxxxs 2005-C10” IQ10" and "NCB, FSB, as NCB Master Servicer for Wells Fargo Bank, N.A. as Trustee for the Holders of Morgan Stanley Cxxxxxl I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2005-IQ10" (collectively, or individually, as the “Collection case may be the "Certificate Account”").
. The General Master Servicer shall maintain the Certificate Account with respect to all of the Mortgage Loans (bother than the NCB, FSB Loans) and the NCB Master Servicer shall maintain the Certificate Account with respect to the NCB, FSB Loans. On or prior to the date the Closing Date, each Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall depositopen, or cause to be depositedopened, into and shall maintain, or cause to be maintained an additional separate account or accounts in the Collection Account on name of "GMAC Commercial Mortgage Corporation, as General Master Servicer for Wells Fargo Bank, N.A., as Trustee for the Business Day following receipt Holders of properly identified fundsMorgan Stanley Xxxxxal I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2005-IQ10" and "NCB, FSB, as NCB Master Servicer for Wells Fargo Bank, N.A. as Trustee for the Holders of Morgan Stanley Cxxxxxl I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2005-IQ10" (collectively, or individually, as the case may be, the following amounts received by it (including amounts remitted to the "Interest Reserve Account"). The General Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in maintain the Interest Reserve Account pursuant Accounts with respect to Section 5.3 below);non-NCB, FSB Loans and the NCB Master Servicer shall maintain the Interest Reserve Accounts with respect to the NCB, FSB Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ10)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National Association, as Master Servicer on behalf for LxXxxxe Bank National Association, as Trustee for the Holders of Wxxxx Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Xxxxxxixxxxx, Series 2006-HQ10" (the "Certificate Account"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Association, as Master Servicer for LxXxxxe Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through CertificatesXxxxxxixxxxx, Series 20132006-C10” HQ10" (the “Collection "Interest Reserve Account”").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its applicable Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit delivered to it by the Depositor on that datedate into the Certificate Account. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than amounts in respect of interest and principal on the Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the applicable Primary Servicer the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)): cxxiv
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Hq10)
Collections. (a) On or prior The Master Servicer and its designees shall instruct all Obligors to make all payments in respect of the Closing DateReceivables to one of the Collection Accounts. Each of the Company and the Master Servicer represents, warrants and agrees that all Collections shall be collected, processed and deposited by it pursuant to, and in accordance with the terms of, the Pooling and Servicing Agreements. Without limiting the generality of the foregoing, the Master Servicer shall open, comply with the provisions of Section 3.01(f) of the Pooling Agreement as to remittance of funds available in any Collection Account or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, Master Collection Account. All Collections in the name Collection Accounts or Master Collection Accounts shall be transferred to the applicable Company Concentration Accounts by no later than 12:30 p.m. London time on the next Business Day following the day of “Midland Loan Services, a Division receipt of PNC Bank, National Association, as Collections in the Collection Accounts. In the event that any payments in respect of any Receivable are made directly to the Master Servicer or any Local Servicer, the Master Servicer or such Local Servicer shall, within one (1) Business Day of receipt thereof, deliver or deposit such amounts to the appropriate currency Company Concentration Account and, prior to forwarding such amounts, the Master Servicer or the Local Servicer shall hold such payments on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”)Company.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding administer amounts on deposit in the Collection Account to hold such account Accounts and the Master Collection Accounts in accordance with the name terms of the Pooling and Servicing Agreements. The Trustee (at the direction of the Master Servicer) shall administer amounts on deposit in the Company Concentration Accounts in accordance with the terms of the Pooling and Servicing Agreements. Each of the Company and the Master Servicer as provided acknowledges and agrees that (i) it shall not have any right to withdraw any funds on deposit in Section 5.1(aany Collection Account and the Master Collection Account except pursuant to the terms of the Pooling and Servicing Agreements and (ii) all amounts deposited in any Company Concentration Account shall be under the sole dominion and control of the Trustee (in each case pursuant to the security interest granted by the Company under the Pooling Agreement), subject to the Master Servicer’s (or its Sub-Servicer’s) right rights to direct payments the applications and investments transfers of any such amounts as provided by the terms of any Pooling and its rights of withdrawal under this AgreementServicing Agreements, such directions to be included in the Daily Report.
(c) On If the Closing Date, the Depositor shall deliver to Collections received in respect of a Receivable that is not set forth in a Daily Report can be identified by the Master Servicer within five (5) Local Business Days of receipt, the Initial DepositMaster Servicer shall send written notice to the Trustee identifying such Receivable and setting forth the amount of Collections attributable to such Receivable. If the Trustee shall have received such written notice within five (5) Local Business Days of the Local Business Day on which such Collections have been deposited into a Collection Account, such Collections shall be transferred to the relevant Company Receipts Account by the Trustee.
(d) The Master Servicer hereby agrees that if the Master Servicer can attribute a Collection to a specific Obligor and a specific Receivable, then such Collection shall be applied to pay such Receivable of such Obligor; provided, however, that if the Master Servicer cannot attribute a Collection to a specific Receivable, then such Collection shall be applied to pay the Receivables of such Obligor in the order of maturity of such Receivables, beginning with the Receivable that has been outstanding the longest period of time and ending with the Receivable that has been outstanding the shortest period of time.
(e) The Master Servicer shall procure the Forward Rates from the FX Counterparty in order to prepare the Daily Report and the Monthly Settlement Report and the Master Servicer shall deposit into procure the Collection Account Spot Rates from the Initial Deposit on that date. The Master Servicer shall deposit, or cause FX Counterparty in order to be deposited, into make the Collection Account on distributions from the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14Series Concentration Accounts set forth in Sections 3.01(f), other than in respect (g), (h) and (i) of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Pooling Agreement.
Appears in 1 contract
Samples: Receivables Financing Agreement (Huntsman International LLC)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 20132003-C10” TOP10" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-TOP10" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced the Federal Center Plaza Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2003-Top10)
Collections. (ai) On or prior to the Closing Date, the Borrower and Master Servicer shall open, or cause to be opened, have established and shall maintain thereafter maintainthe following system of collecting and processing Collections of Receivables. The Obligors shall be instructed to make payments of Receivables by wire transfer to the Collection Account or by check mailed to a post office box listed on Schedule I (each a “LockBox” and collectively, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection AccountLockBoxes”) (such payments, upon receipt in a LockBox being referred to herein as “Mail Payments”).
(bii) On or prior to the date Closing Date, Administrator shall have received a consent to assignment of the assignment of each LockBox to Administrator. Master Servicer’s right of access thereto shall be revocable at the option of Administrator upon the occurrence of Unmatured Significant Event or Significant Event. In addition, after the occurrence of any Unmatured Significant Event or any Significant Event, Master Servicer agrees that it shall, upon the written request of Administrator, notify all Obligors under Receivables to make payment thereof to (A) one or more bank accounts and/or post-office boxes designated by Administrator and specified in such notice or (B) any successor Master Servicer appointed hereunder.
(iii) Master Servicer shall first deposit funds in remove all Mail Payments, or cause all Mail Payments to be removed, from each LockBox by the close of business on each Business Day and deposited into a Collection LockBox Account, the . Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The cause all payments received in a LockBox or LockBox Account, directly by Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts otherwise to be deposited in the Interest Reserve Collection Account pursuant within three (3) Business Days after receipt thereof. Master Servicer shall process all such Mail Payments, and all wire transfers, ACH payments and other payments on the date received by recording the amount of the payment received from the Obligor and the applicable account or invoice number.
(iv) All Collections received by an Originator or Master Servicer in respect of Receivables will, pending remittance to the Collection Account as provided herein, be held by such Originator or Master Servicer in trust for the exclusive benefit of Administrator, as assignee of Borrower, and shall not be commingled with any other funds or property of such Originator or Master Servicer.
(v) Borrower and Master Servicer hereby irrevocably waive any right to set off against, or otherwise deduct from, any Collections.
(vi) In performing its duties and obligations hereunder, Master Servicer (A) shall not impair the rights of Borrower or Administrator in any Receivable, (B) shall not amend the terms of any Receivable other than in accordance with the Collection Policy and this Agreement, (C) shall not release any Merchandise securing a Receivable from the lien created by such Receivable except as specifically provided for herein, and (D) shall be entitled to commence or settle any legal action to enforce collection of any Receivable or to foreclose upon or repossess any Merchandise securing such Receivable. In the event that Servicer shall breach any of its covenants set forth in clause (A), (B) or (C) of this Section 5.3 below11.2(c)(vi);, Master Servicer shall pay the Unpaid Balance of each Receivable affected thereby on the Distribution Date following the Due Period in which such event occurs. For the purposes of Section 11.7 hereof, Master Servicer shall not be deemed to have breached its obligations under this Section 11.2(c)(vi) unless it shall fail to make such payment with respect to any Receivable affected by Master Servicer’s noncompliance with clause (A), (B) or (C) of this Section 11.2(c)(vi).
(vii) All payments or other amounts collected or received by Master Servicer in respect of a Receivable shall be applied to the Unpaid Balance of such Receivable.
Appears in 1 contract
Samples: Loan Agreement (Baldor Electric Co)
Collections. (a) On or prior The Servicer shall remit to the Closing Date, the Master Servicer shall open, Collection Account all payments by or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bankthe Obligors on the Receivables and all Liquidation Proceeds, National Associationboth as collected during the Collection Period net of Monthly Servicing Fees and administrative fees allowed to be retained by the Servicer pursuant to Section 8.08 and net of charge backs (attributable to errors in posting, returned checks, or rights of offset for amounts that should not have been paid or that must be refunded as Trustee the result of a successful claim or defense under bankruptcy or similar laws) not later than the second Business Day following the Business Day on which such amounts are received by the Servicer. Notwithstanding the foregoing, for so long as (a) United Fidelity remains the benefit Servicer, (b) no Event of Servicer Default shall have occurred and be continuing and (c)
(1) United Fidelity maintains a short-term rating of at least _____ by __________ and _____ by __________ (and for five Business Days following a reduction in either such rating) or (2) prior to ceasing daily remittances, the Rating Agency Condition shall have been satisfied (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with) and the prior written consent of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Insurer (not to be unreasonably withheld) shall have been obtained, Commercial Mortgage Pass-Through Certificatesthe Servicer may remit all such payments and Liquidation Proceeds with respect to any Collection Period to the Collection Account on a less frequent basis, Series 2013-C10” (but in no event later than the “Determination Date immediately preceding each Payment Date. The Servicer shall remit any Advances with respect to a Collection Account”)Period to the Collection Account on or before the Determination Date.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection AccountThe Servicer, the Master Servicer Owner Trustee and/or Indenture Trustee shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding deposit in the Collection Account to hold any funds received by such account parties in respect of funds drawn under the name of Policy from the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this AgreementInsurer.
(c) On If the Closing DateAvailable Funds for a Payment Date are insufficient to pay current and past due Insurance Premiums, or any amounts owing to the Insurer pursuant to the Insurance Agreement including, without limitation, reimbursements, indemnities, fees and expenses, plus accrued interest thereon, to the Insurer, the Depositor Servicer shall deliver to notify the Master Servicer Owner Trustee and the Initial DepositIndenture Trustee of such deficiency, and the Master Servicer shall Available Spread Amount, if any, then on deposit into in the Collection Spread Account the Initial Deposit on that date. The Master Servicer shall deposit, (after giving effect to any withdrawal to satisfy a deficiency in Monthly Interest or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed dueMonthly Principal) on or before the Cut-Off Date, which shall be remitted available to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any cover such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);deficiency.
Appears in 1 contract
Samples: Trust and Servicing Agreement (United Fidelity Finance LLC)
Collections. The Master Servicer shall (aor shall cause the applicable Sub-Servicers to) On remit within two Business Days of receipt thereof to the Group I Collection Account (with respect to the Group I Student Loans) or the Group II Collection Account (with respect to the Group II Student Loans) all payments by or on behalf of the Obligors with respect to the Group I and Group II Student Loans, respectively (other than Purchased Student Loans), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) KBNA (or its Affiliate) is the Administrator, (ii) no Administrator Default shall have occurred and be continuing, (iii) the Administrator’s long-term debt is rated at least “A-” by S&P and its short-term debt is rated at least “P-1” by Xxxxx’x and (iv) prior to ceasing daily remittances to the applicable Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall open, (or shall cause the applicable Sub-Servicers to) remit such collections within two Business Days of receipt thereof to be openedthe Administrator, and shall thereafter maintain, the Administrator need not deposit such collections into the Group I Collection Account or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National AssociationGroup II Collection Account, as Master Servicer on behalf of Wxxxx Fargo Bankapplicable, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or until one Business Day immediately prior to the date next following Distribution Date or Redemption Date or Special Redemption Date; provided, however, that, notwithstanding the Master Servicer shall first deposit funds in foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Distribution Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer Administrator shall deposit into the Group I Collection Account or the Initial Deposit on Group II Collection Account, as applicable, that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt portion of properly identified funds, the following such amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted that is equal to the related Seller:
(A) Principal: Master Servicing Fee payable on such date. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Administrator shall deposit all payments on account collections held by it into the Group I Collection Account or the Group II Collection Account, as applicable, within two Business Days of principal, including Principal Prepaymentsreceipt thereof. For purposes of this Article V, the principal component phrase “payments by or on behalf of Scheduled PaymentsObligors” shall mean payments (other than administrative fees, late fees and any Late Collections in similar charges) made with respect thereof, on to the Mortgage Group I or Group II Student Loans, any Serviced Companion Loan as applicable, by or on behalf of borrowers thereof and any B Note;
the Guarantors (B) Interest: all payments on account of interest on but excluding the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 belowDepartment);.
Appears in 1 contract
Samples: Sale and Servicing Agreement (KeyCorp Student Loan Trust 2005-A)
Collections. The Master Servicer shall (aor shall cause the applicable Subservicers to) On remit within two Business Days of receipt thereof to the Group I Collection Account (with respect to the Group I Student Loans) or the Group II Collection Account (with respect to the Group II Student Loans) all payments by or on behalf of the Obligors with respect to the Group I and Group II Student Loans, respectively (other than Purchased Student Loans and subject to the definition of Group I and Group II Available Funds), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) KBNA (or its Affiliate) is the Master Servicer, (ii) no Master Servicer Default shall have occurred and be continuing, (iii) the Master Servicer’s long-term debt is rated at least “A-” by S&P and its short-term debt is rated at least “P-1” by Xxxxx’x and at least “F-1” by Fitch and (iv) prior to ceasing daily remittances to the applicable Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall open, (or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold applicable Subservicers to) remit such account in the name collections within two Business Days of the Master Servicer as provided in Section 5.1(a), subject receipt thereof to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments , and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer need not deposit such collections into the Initial DepositGroup I Collection Account or the Group II Collection Account, and as applicable, until one Business Day immediately prior to the next following Distribution Date or Redemption Date; provided, however, that, notwithstanding the foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Distribution Date, the Master Servicer shall deposit into the Group I Collection Account or the Initial Deposit on Group II Collection Account, as applicable, that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt portion of properly identified funds, the following such amounts received by it (including that is equal to the related Master Servicing Fee payable on such date; provided further however, that for so long as KBNA is the Master Servicer, for administrative convenience, Master Servicing Fees and Administration Fees due and payable to KBNA need not be deposited into the Collection Accounts, but rather may be retained by KBNA and all such amounts remitted shall be deemed to have been paid out of the Collection Accounts and shall be accounted as such. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Master Servicer shall deposit all collections held by it into the Special Servicer from an REO Group I Collection Account pursuant to Section 9.14)or the Group II Collection Account, as applicable, within two Business Days of receipt thereof. For purposes of this Article V, the phrase “payments by or on behalf of Obligors” shall mean payments (other than in administrative fees, late fees and similar charges and subject to the definition of Group I and Group II Available Funds) made with respect of interest and principal on to the Mortgage Group I or Group II Student Loans, any Serviced Companion Loan as applicable, by or any B Note due on behalf of borrowers thereof and the Guarantors (or deemed due) on or before but excluding the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 belowDepartment);.
Appears in 1 contract
Samples: Sale and Servicing Agreement (KeyCorp Student Loan Trust 2006-A)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132001-C10” TOP5" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2001-TOP5" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan Loans or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts (provided that the Master Servicer (I) may retain amounts otherwise payable to be deposited the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account, (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit to the Primary Servicers the applicable Primary Servicing Fees payable as provided in Section 5.3 below5.2(a)(iv)(unless already retained by the applicable Primary Servicer);, and (III) shall, rather than deposit them in the Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights)):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Series 2001-Top)
Collections. The Master Servicer shall (aor shall cause the applicable Sub-Servicers to) On remit within two Business Days of receipt thereof to the [Group I] Collection Account (with respect to the [Group I] Student Loans) or the [Group II] Collection Account (with respect to the [Group II] Student Loans) all payments by or on behalf of the Obligors with respect to the [Group I] and [Group II] Student Loans, respectively (other than Purchased Student Loans), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) KBNA (or its Affiliate) is the Master Servicer, (ii) no Master Servicer Default shall have occurred and be continuing, (iii) the Master Servicer’s long-term debt is rated at least “A-” by S&P and its short-term debt is rated at least “P-1” by Xxxxx’x and (iv) prior to ceasing daily remittances to the applicable Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall open, (or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold applicable Sub-Servicers to) remit such account in the name collections within two Business Days of the Master Servicer as provided in Section 5.1(a), subject receipt thereof to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments , and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer need not deposit such collections into the Initial Deposit[Group I] Collection Account or the [Group II] Collection Account, and as applicable, until one Business Day immediately prior to the next following Distribution Date or Redemption Date or Special Redemption Date; provided, however, that, notwithstanding the foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Distribution Date, the Master Servicer shall deposit into the [Group I] Collection Account or the Initial Deposit on [Group II] Collection Account, as applicable, that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt portion of properly identified funds, the following such amounts received by it (including amounts remitted that is equal to the related Master Servicing Fee payable on such date. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Master Servicer shall deposit all collections held by it into the Special Servicer from an REO [Group I] Collection Account pursuant to Section 9.14)or the [Group II] Collection Account, as applicable, within two Business Days of receipt thereof. For purposes of this Article V, the phrase “payments by or on behalf of Obligors” shall mean payments (other than in administrative fees, late fees and similar charges) made with respect of interest and principal on to the Mortgage [Group I] or [Group II] Student Loans, any Serviced Companion Loan as applicable, by or any B Note due on behalf of borrowers thereof and the Guarantors (or deemed due) on or before but excluding the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 belowDepartment);.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Key Consumer Receivables LLC)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Wxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National AssociationDeutsche Bank Trust Company Americas, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 20132014-C10C15, Commercial Mortgage Pass-Through Certificates, Series 20132014-C10C15” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
Collections. The Master Servicer shall (aor shall cause the applicable Subservicers to) On remit within two Business Days of receipt thereof to the Group I Collection Account (with respect to the Group I Student Loans) or the Group II Collection Account (with respect to the Group II Student Loans) all payments by or on behalf of the Obligors with respect to the Group I and Group II Student Loans, respectively (other than Purchased Student Loans and subject to the definition of Group I and Group II Available Funds), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) KBNA (or its Affiliate) is the Master Servicer, (ii) no Master Servicer Default shall have occurred and be continuing, (iii) the Master Servicer’s long-term debt is rated at least “A-” by S&P and its short-term debt is rated at least “P-1” by Moody’s and at least “F-1” by Fitch and (iv) prior to ceasing daily remittances to the applicable Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall open, (or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold applicable Subservicers to) remit such account in the name collections within two Business Days of the Master Servicer as provided in Section 5.1(a), subject receipt thereof to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments , and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer need not deposit such collections into the Initial DepositGroup I Collection Account or the Group II Collection Account, and as applicable, until one Business Day immediately prior to the next following Distribution Date or Redemption Date; provided, however, that, notwithstanding the foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Distribution Date, the Master Servicer shall deposit into the Group I Collection Account or the Initial Deposit on Group II Collection Account, as applicable, that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt portion of properly identified funds, the following such amounts received by it (including that is equal to the related Master Servicing Fee payable on such date; provided further however, that for so long as KBNA is the Master Servicer, for administrative convenience, Master Servicing Fees and Administration Fees due and payable to KBNA need not be deposited into the Collection Accounts, but rather may be retained by KBNA and all such amounts remitted shall be deemed to have been paid out of the Collection Accounts and shall be accounted as such. In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Master Servicer shall deposit all collections held by it into the Special Servicer from an REO Group I Collection Account pursuant to Section 9.14)or the Group II Collection Account, as applicable, within two Business Days of receipt thereof. For purposes of this Article V, the phrase “payments by or on behalf of Obligors” shall mean payments (other than in administrative fees, late fees and similar charges and subject to the definition of Group I and Group II Available Funds) made with respect of interest and principal on to the Mortgage Group I or Group II Student Loans, any Serviced Companion Loan as applicable, by or any B Note due on behalf of borrowers thereof and the Guarantors (or deemed due) on or before but excluding the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 belowDepartment);.
Appears in 1 contract
Samples: Sale and Servicing Agreement
Collections. (a) On or prior to the Closing Date, the each Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Wells Fargo Bank, National N.A., as General Master Servicer for LaSalle Bank Nxxxxxal Association, as Trustee for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2006-IQ11" and "NCB, FSB, as NCB Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through CertificatesCertixxxxxxs, Series 2013Xxxxxs 2006-C10” IQ11" (collectively, or individually, as the “Collection case may be the "Certificate Account”").
. The General Master Servicer shall maintain the Certificate Account with respect to all of the Mortgage Loans (bother than the NCB, FSB Loans and the NCCB Loan) and the NCB Master Servicer shall maintain the Certificate Account with respect to the NCB, FSB Loans and the NCCB Loan. On or prior to the date the Closing Date, each Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall depositopen, or cause to be depositedopened, into and shall maintain, or cause to be maintained an additional separate account or accounts in the Collection Account on name of "Wells Fargo Bank, N.A., as General Master Servicer for LaSalle Bank Nxxxxxal Association, as Trustee for the Business Day following receipt Holders of properly identified fundsMorgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2006-IQ11" and "NCB, FSB, as NCB Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Morgan Stanley Capital I Inc., Commercial Mortgage Pass-Through Certixxxxxxs, Xxxxxs 2006-IQ11" (collectively, or individually, as the case may be, the following amounts received by it (including amounts remitted to the "Interest Reserve Account"). The General Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in maintain the Interest Reserve Account pursuant Accounts with respect to Section 5.3 below);non-NCB, FSB Loans and non-NCCB Loans and the NCB Master Servicer shall maintain the Interest Reserve Accounts with respect to the NCB, FSB Loans and the NCCB Loan.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq11)
Collections. (a) On or prior to the Closing Date, the Master The Servicer shall open, remit all payments by or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of Obligors received by the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior Servicer with respect to the date Receivables (other than Purchased Receivables) and all Liquidation Proceeds directly into the Master Servicer shall first deposit funds in a Local Collection AccountAccounts on the Business Day of receipt, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of Local Banks shall deposit all such payments on the name and address of Receivables into the depository institution at which such account is maintained and [____________] Collection Accounts no later than the account number Business Day following receipt of such accountpayments. The Master Servicer [____________] Collection Banks shall take deposit all such actions as are necessary to cause payments on the depository institution holding Receivables into the Collection Account to hold one Business Day following receipt of such account in the name payments. Within one Business Day of the Master Servicer as provided in Section 5.1(a)initial issuance of the Certificates, subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct Local Banks shall deposit into the [____________] Collection Accounts the foregoing amounts received during the current Collection Period through such date of issuance and the [____________] Banks shall deposit the foregoing amounts no later than the Business Day after receipt of such payments and investments and its rights of withdrawal under this Agreement.
(c) into the Collection Account. On the Closing Date, the Servicer, the Originators, the Seller or the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Local Collection Account Accounts all payments by or on behalf of the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account Obligors on the Business Day following receipt of properly identified fundsReceivables and any Liquidation Proceeds received by the Originators, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on Depositor or the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to Servicer after the Cut-Off Date which shall be remitted and any Compensating Interest on or prior to the Depositor second Business Day immediately preceding the Closing Date. The Local Banks shall deposit all such payments on the Receivables and excluding any Compensating Interest Reserve Amounts into the [____________] Collection Accounts no later than the Business Day after receipt of such payments and the [____________] Banks shall deposit all such payments into the Collection Account no later than the Business Day after receipt of such payments.
(b) The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Interest Reserve Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.3 belowSECTION 5.5(B)(I) upon certification by the Servicer of such amounts and the provision of such information to the Trustee and the Certificate Insurer as may be necessary in the opinion of the Trustee and the Certificate Insurer to verify the accuracy of such certification. In the event that the Certificate Insurer has not received evidence satisfactory to it of the Servicer's entitlement to reimbursement pursuant to this SECTION 5.2(B);, the Certificate Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trustee written notice to such effect, following receipt of which the Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to SECTION 5.5, or if the Servicer prior thereto has been reimbursed pursuant to SECTION 5.5 or SECTION 5.6, the Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Painewebber Asset Acceptance Corp)
Collections. (a) On or prior to the Closing Date, the Master The Servicer shall open, remit all payments by or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of Obligors received by the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”).
(b) On or prior Servicer with respect to the date Receivables (other than Purchased Receivables) and all Liquidation Proceeds directly into the Master Servicer shall first deposit funds in a Local Collection AccountAccounts on the Business Day of receipt, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of Local Banks shall deposit all such payments on the name and address of Receivables into the depository institution at which such account is maintained and [____________] Collection Accounts no later than the account number Business Day following receipt of such accountpayments. The Master Servicer [____________] Collection Banks shall take deposit all such actions as are necessary to cause payments on the depository institution holding Receivables into the Collection Account to hold one Business Day following receipt of such account in the name payments. Within one Business Day of the Master Servicer as provided in Section 5.1(a)initial issuance of the Certificates, subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct Local Banks shall deposit into the [____________] Collection Accounts the foregoing amounts received during the current Collection Period through such date of issuance and the [____________] Banks shall deposit the foregoing amounts no later than the Business Day after receipt of such payments and investments and its rights of withdrawal under this Agreement.
(c) into the Collection Account. On the Closing Date, the Servicer, the Originators, the Seller or the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Local Collection Account Accounts all payments by or on behalf of the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account Obligors on the Business Day following receipt of properly identified fundsReceivables and any Liquidation Proceeds received by the Originators, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on Depositor or the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to Servicer after the Cut-Off Date which shall be remitted and any Compensating Interest on or prior to the Depositor second Business Day immediately preceding the Closing Date. The Local Banks shall deposit all such payments on the Receivables and excluding any Compensating Interest Reserve Amounts into the [____________] Collection Accounts no later than the Business Day after receipt of such payments and the [____________] Banks shall deposit all such payments into the Collection Account no later than the Business Day after receipt of such payments.
(b) The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Interest Reserve Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.3 below5.5(b)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trustee and the Certificate Insurer as may be necessary in the opinion of the Trustee and the Certificate Insurer to verify the accuracy of such certification. In the event that the Certificate Insurer has not received evidence satisfactory to it of the Servicer's entitlement to reimbursement pursuant to this Section 5.2(b);, the Certificate Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trustee written notice to such effect, following receipt of which the Trustee shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.5, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.5 or Section 5.6, the Trustee shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC)
Collections. (a) On Pursuant to Sections 9.02(b) and 9.10(b) of the 1997-B Servicing Supplement, the Servicer shall deposit all proceeds of claims made under the Residual Value Insurance Policy into the Distribution Account within one (1) Business Day after receipt. Pursuant to Section 12.01(c) of the 1997-B SUBI Supplement and Section 9.02(f) of the 1997-B Servicing Supplement, on each Deposit Date the Servicer shall cause the transfer from the 1997-B SUBI Collection Account to the Distribution Account of 99.8% of all Interest Collections and, on each Deposit Date related to the Collection Period in which the Amortization Date or any Early Amortization Event occurs, and each subsequent Collection Period, 99.8% of all Principal Collections, in each case for the preceding Collection Period (including, on the Deposit Date related to the Collection Period in which an Early Amortization Event occurs, 99.8% of all Principal Collections with respect to such Collection Period prior to the Closing DateEarly Amortization Event). Further, on the Deposit Date related to the Collection Period in which the Amortization Date or any Early Amortization Event occurs, the Master Servicer also shall open, or cause the transfer from the 1997-B SUBI Collection Account to the Distribution Account 99.8% of all Reallocation Deposit Amounts and Uninvested Principal Collections on deposit in the 1997-B SUBI Collection Account at the time the Amortization Period commences. Such deposit may be opened, made in the form of a single deposit and shall thereafter maintainbe made in immediately available funds, or cause to be maintainedno later than 3:00 p.m., a separate account or accountsNew York City time, which accounts must be Eligible Accounts, in on the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”)relevant Deposit Date.
(b) On or prior to the date the Master Servicer The Indenture Trustee shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a)retain, subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights provisions of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, Agreement and the Master Servicer shall deposit into the Collection Account the Initial Deposit other Transaction Documents, all collections on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal the 99.8% 1997-B SUBI Interest transferred to the Indenture Trustee, on behalf of the Mortgage LoansSecurityholders, any Serviced Companion Loan in accordance with such provisions, in the Distribution Account or any B Note due (or deemed due) on or before the Cut-Off DateReserve Fund, which as the case may be. The Indenture Trustee shall be remitted deemed to have possession of such monies and collections for purposes of Section 9-305 of the related Seller:
(A) Principal: all payments on account UCC of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections jurisdiction in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any which such payment that property is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);located.
Appears in 1 contract
Samples: Securitization Trust Agreement (World Omni Lease Securitization L P /De/)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx "Xxxxx Fargo Bank, National Association, as Servicer for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 20132000-C10” WF2" (the “Collection "Certificate Account”"). The Servicer shall inform the Trustee within five (5) Business Days after the Certificate Account is moved to another location.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsunscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of (x) interest and principal on the Mortgage Loans, any Serviced Loans or Companion Loan or any B Note Loans due (or deemed due) on or before the Cut-Off Date or (y) that portion of the Scheduled Payment due on the Semiannual Pay Loan in February 2001 that represents interest accrued on or before the Cut-off Date, each of which amounts described in the preceding clause (x) or clause (y) shall be remitted to or at the related Seller:
direction of the Depositor (A) Principal: all payments on account of principalprovided that, including Principal Prepaymentsin any event, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable Servicer may retain amounts otherwise payable to the period prior to Servicer as provided in Section 5.2(a) rather than deposit them into the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);Certificate Account):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Collections. (a) On or prior to the Closing Date, the each Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, (i) in the case of the Capmark Master Servicer, in the name of “Midland Loan Services, a Division of PNC Bank, National Association"Capmark Finance Inc., as Capmark Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Morgan Stanley Capital I Inc., Commercial Mortgage Comxxxxxxl Xxxxxxge Pass-Through Certificates, Series 20132007-C10” IQ16," (ii) in the case of the Wells Fargo Master Servicer, in thx xxxe "Wells Fargo Bank, National Associaxxxx, as Wells Fargo Master Servicer for LaXxxxx Bank National Association, as Trustee for the Holders of Morgan Stanley Capital I Inc., Comxxxxxxl Xxxxxxge Pass-Through Certificates, Series 2007-IQ16," and (iii) in the case of the NCB Master Servicer, in the name "NCB, FSB, as NCB Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Morgan Stanley Capital I Inc., Comxxxxxxl Xxxxxxge Pass-Through Certificates, Series 2007-IQ16" (collectively, or individually, as the case may be, the "Certificate Account"). The Capmark Master Servicer shall maintain the Certificate Account with respect to the MSMCH Loans, the GECC Loans, the PCFII Loans and the NatCity Loans other than the Non-Trust Serviced Pari Passu Loans, the Wells Fargo Master Servicer shall xxxxxain the Certificate Account with respect to the RBC Loans and the Nationwide Loans, and the NCB Master Servicer shall maintain the Certificate Account with respect to the NCB, FSB Loans. On or prior to the Closing Date, in respect of the Interest Reserve Loans, the Paying Agent shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Wells Fargo Bank, National Associaxxxx as Paying Agent on behalf of LaSalle Bank National Association, as Trustee, in trust for the Holders of Morgan Stanley Capital I Inc., Comxxxxxxl Xxxxxxge Pass-Through Certificates, Series 2007-IQ16" (the “Collection "Interest Reserve Account”").
(b) On or prior to the date the a Master Servicer shall first initially deposit funds in a Collection Certificate Account, the such Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer Servicers shall take such actions as are necessary to cause the any depository institution holding the Collection a Certificate Account to hold such account accounts in the name of the applicable Master Servicer as provided in Section 5.1(a), subject to the such Master Servicer’s 's (or its Primary Servicer's or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq16)
Collections. (a) On or prior The Servicer shall cause all Collections to be remitted directly to the Closing Collection Account. If, notwithstanding the foregoing, the Servicer receives any Collections directly, it shall promptly (but in no event later than two Business Days after receipt) remit such Collections to the Collection Account. Upon receipt of Collections into the Collection Account, the Collateral Administrator shall cause such Collections to be segregated and deposited into the Interest Collection Account in the case of Interest Collections and the Principal Collection Account in the case of Principal Collections within two Business Days following receipt in such Collection Account.
(b) The Servicer shall prevent the deposit of any funds other than Collections into the Collection Account (including, without limitation, any Retained Interest or Released Amounts, which funds the Servicer shall be entitled to receive and retain), and if, notwithstanding the foregoing, in the event that the Collateral Administrator receives actual knowledge that any funds other than Collections have been deposited into the Collection Account, the Collateral Administrator shall segregate and remit any such funds to the owner thereof within two Business Days following such deposit.
(c) Notwithstanding Section 7.03(a), if the Servicer or Indenture Trustee, as applicable, is required to return to any Person any funds previously remitted to the Collection Account in respect of a Collection of a Loan in the Loan Pool as a result of a dishonored check, the Servicer shall be reimbursed for such loss by withholding an amount equal to such funds from future Collections; provided that, if the Servicer or Indenture Trustee, as applicable, is required to return any such funds after the termination of this Agreement, any such previously remitted funds shall be returned by the recipient thereof to the Servicer. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(d) The Servicer may, at any time upon one Business Day’s written notice to the Indenture Trustee and the Deal Agent, make withdrawals from the Collection Account (and, in the case of clause (iii) and (vi) below, the Commitment Reserve Account, and, in the case of clause (vi) below, the Note Distribution Account) for the following purposes and at the following times:
(i) on any Business Day, to withdraw solely from Collections on deposit in the Collection Account any amount received from an Obligor that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(ii) on any Business Day, to withdraw any funds deposited in the Collection Account that were not required or permitted to be deposited therein or were deposited therein in error;
(iii) on any Business Day during the Revolving Period, in the Servicer’s reasonable discretion, and subject to the delivery to the Indenture Trustee and the Deal Agent of a Borrowing Base Certificate dated as of such date and reflecting the application of Principal Collections as described in this clause (iii), to remit solely from Principal Collections on deposit in the Principal Collection Account and from amounts on deposit in the Commitment Reserve Account, on behalf of the Issuer and in accordance with the applicable Underlying Loan Agreement, to any Obligor of a Committed Revolving Loan or Committed Delayed Draw Term Loan that is included in the Loan Pool at such time, funds constituting an additional advance made by the Issuer in respect of its Loan Commitment under such Loan;
(iv) on any Transfer Date during the Revolving Period, if no Servicer Default or Event of Default then exists, to remit solely from Principal Collections on deposit in the Principal Collection Account, on behalf of the Issuer, to the Originator cash consideration for any purchase of Additional Loans to be made on such Transfer Date pursuant to the terms of Section 2.02;
(v) on any Business Day following the satisfaction and discharge of the Indenture, and the payment in full of the principal of and interest on the Notes and all other amounts owing to the Secured Parties or any other Persons under the Transaction Documents, to remit to or at the written direction of the Issuer all funds remaining on deposit in the Collection Account, the Note Distribution Account and the Commitment Reserve Account; and
(vi) on any Business Day during the Revolving Period, provided that no Servicer Default or Event of Default then exists, to withdraw Principal Collections arising from the sale of Agented Loans from the Principal Collection Account.
(e) On any Business Day from and after the occurrence of an Event of Default or any failure of any Noteholder to make advances to the Issuer under the terms of the Transaction Documents, the Servicer shall remit solely from Principal Collections on deposit in the Principal Collection Account and from amounts on deposit in the Commitment Reserve Account, on behalf of the Issuer and in accordance with the applicable Underlying Loan Agreement, to any Obligor of a Committed Revolving Loan or Committed Delayed Draw Term Loan included in the Loan Pool at such time, funds constituting an additional advance made by the Issuer in respect of its Loan Commitment under such Loan; provided that the Deal Agent shall have the right (but not the obligation) in its reasonable discretion to direct the Servicer to make such advances only to such Obligors and in respect of such Loans as are selected by the Deal Agent in its sole discretion.
(f) On the Business Day preceding each Payment Date, the Master Servicer shall openshall, or shall cause the Indenture Trustee to, withdraw from the Collection Account and the Commitment Reserve Account, as applicable, and remit to the Indenture Trustee for deposit in the Note Distribution Account, (i) the Collections received during the related Collection Period and remaining on deposit in the Collection Account as of the related Calculation Date and (ii) if such Payment Date occurs during the Revolving Period, all amounts on deposit in the Commitment Reserve Account, such sum to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, held in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, National Association, as Trustee trust for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10, Commercial Mortgage Pass-Through Certificates, Series 2013-C10” (the “Collection Account”)Persons entitled thereto.
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Account, the Master Servicer shall give to the Certificate Administrator and the Trustee prior written notice of the name and address of the depository institution at which such account is maintained and the account number of such account. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s (or its Sub-Servicer’s) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Account on the Business Day following receipt of properly identified funds, the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor and excluding Interest Reserve Amounts to be deposited in the Interest Reserve Account pursuant to Section 5.3 below);
Appears in 1 contract
Samples: Sale and Servicing Agreement (Golub Capital BDC LLC)
Collections. (a) On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts, which accounts must be Eligible Accounts, in the name of “Midland Loan Services, a Division of PNC "Xxxxx Fargo Bank, National Association, as Master Servicer on behalf of Wxxxx Fargo Bank, for LaSalle Bank National Association, as Trustee for the benefit of the Holders of Mxxxxx Sxxxxxx Bank of America Mxxxxxx Lxxxx Trust 2013-C10Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 20132003-C10” HQ2" (the “Collection "Certificate Account”"). On or prior to the Closing Date, the Master Servicer shall open, or cause to be opened, and shall maintain, or cause to be maintained an additional separate account or accounts in the name of "Xxxxx Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-HQ2" (the "Interest Reserve Account").
(b) On or prior to the date the Master Servicer shall first deposit funds in a Collection Certificate Account or the Interest Reserve Account, as the case may be, the Master Servicer shall give to the Certificate Administrator Paying Agent and the Trustee prior written notice of the name and address of the depository institution institution(s) at which such account is accounts are maintained and the account number of such accountaccounts. The Master Servicer shall take such actions as are necessary to cause the depository institution holding the Collection Certificate Account and the Interest Reserve Account to hold such account in the name of the Master Servicer as provided in Section 5.1(a), subject to the Master Servicer’s 's (or its Sub-Servicer’s's) right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) On the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Deposit, and the Master Servicer shall deposit into the Collection Account the Initial Deposit on that date. The Master Servicer shall deposit, or cause to be deposited, into the Collection Certificate Account on the Business Day following receipt (or, in the case of properly identified fundsan inadvertent failure to make such deposit on the Business Day following receipt, within 3 Business Days of discovery of such failure and in the case of unscheduled remittances of principal or interest, on the Business Day following identification of the proper application of such amounts), the following amounts received by it (including amounts remitted to the Master Servicer by the Special Servicer from an REO Account pursuant to Section 9.14), other than in respect of interest and principal on the Mortgage Loans, any Serviced the Xxxx Xxxxx Companion Loan or any B Note due (or deemed due) on or before the Cut-Off Date, which shall be remitted to the related Seller:
(A) Principal: all payments on account of principal, including Principal Prepayments, the principal component of Scheduled Payments, and any Late Collections in respect thereof, on the Mortgage Loans, any Serviced Companion Loan and any B Note;
(B) Interest: all payments on account of interest on the Mortgage Loans, any Serviced Companion Loan and any B Note (minus any portion of any such payment that is allocable to the period prior to the Cut-Off Date which shall be remitted to the Depositor (provided that the Master Servicer (I) may retain amounts otherwise payable to the Master Servicer as provided in Section 5.2(a) rather than deposit them into the Certificate Account and excluding Interest Reserve Amounts to be deposited (II) shall, rather than deposit them in the Interest Reserve Account pursuant Certificate Account, directly remit the Excess Servicing Fees to the holders thereof as provided in Section 5.3 below5.2(a)(iv))(unless already retained by the applicable holder of the excess servicing rights);):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2003 Hq2)