Common use of Deposit Into Collection Account; Netting Clause in Contracts

Deposit Into Collection Account; Netting. The Manager will cause all Asset Proceeds to be deposited into the Collection Account within two Business Days of receipt (by or on behalf of the Company, the Manager, the Servicer, any Subservicer or any JDC Contractor), without reduction or setoff; provided, that, (i) the Manager may permit monthly deposits and netting of Asset Proceeds for payment of Servicing Expenses to the extent expressly allowed pursuant to Section 12.7(b) below, and (ii) the Manager, the Servicer and each Subservicer acting in accordance with the Servicing Standard may use Asset Proceeds (or permit such Asset Proceeds to be so used) prior to (or without, as applicable) the deposit of such amounts to the Collection Account (A) in the case of insurance or disposition proceeds relating to specific Collateral for a Loan, for the repair, restoration or replacement of such Collateral by the applicable Borrower or Obligor in accordance with the Asset Documents with respect to such Loan, and (B) in connection with a sale or other disposition of an Asset or an Ownership Entity, for payment of broker fees, escrow fees and other similar closing costs which are Servicing Expenses or Interim Servicing Expenses and appear on the HUD-1 settlement statement (or equivalent closing statement) for such specific sale or other disposition.

Deposit Into Collection Account; Netting. The Manager will cause all Asset Proceeds to be deposited into the Collection Account within two Business Days of receipt (by or on behalf of the Company, the Manager, the Servicer, any Subservicer or any JDC Contractor), without reduction or setoff; provided, that, (i) the Manager may permit monthly deposits and netting of Asset Proceeds for payment of Servicing Expenses to the extent expressly allowed pursuant to Section 12.7(b) below, and (ii) the Manager, the Servicer and each Subservicer acting in accordance with the Servicing Standard may use Asset Proceeds (or permit such Asset Proceeds to be so used) prior to (or without, as applicable) the deposit of such amounts to the Collection Account (A) in the case of insurance or disposition proceeds relating to specific Collateral for a Loan, for the repair, restoration or replacement of such Collateral by the applicable Borrower or Obligor in accordance with the Asset Documents with respect to such Loan, and (B) in connection with a sale or other disposition of an Asset or an Ownership Entity, for payment of broker fees, escrow fees and other similar closing costs which are Servicing Expenses or Interim Servicing Expenses and appear on the HUD-1 settlement statement (or equivalent closing statement) for such specific sale or other disposition.disposition.‌