Common use of Investment of Funds in Accounts Clause in Contracts

Investment of Funds in Accounts. All funds from time to time credited to and contained in each of the Construction Disbursement Account (other than those to be disbursed pursuant to the Initial Disbursement Request, which shall be so disbursed on the Issue Date) and the Interest Reserve Account shall be invested only in Cash Equivalents from time to time by written instructions by the Issuers delivered to the Disbursement Agent, pending disbursement of such funds pursuant to this Agreement; provided, however, that the Disbursement Agent shall have concluded that such investments conform with the requirements of the Indenture and each Pledge Agreement and that appropriate steps have been taken with respect to each such investment so as to assure the continuing perfection of the Trustee’s first priority security interest in such investment. For purposes of determining the steps to be taken in order to achieve and maintain such perfection, the Disbursement Agent shall have the right to require the delivery of, and to rely upon, an opinion of counsel to the Issuers or the Disbursement Agent (the reasonable expense of which shall be paid by the Issuers) specifying (A) that the counsel is familiar with the legal requirements applicable to the perfection of security interests in said investments and (B) the steps required to perfect and maintain a first priority security interest in favor of the Trustee in such investments. If no such investment instructions are received by the Disbursement Agent, after the occurrence and during a continuance of a Default or Event of Default, such funds shall be invested in Cash Equivalents selected by the Disbursement Agent in conformity with the requirements of the Indenture and the Pledge Agreement. The Disbursement Agent shall not be liable for any investment, reinvestment or similar losses, fees, taxes or charges or for the availability or liquidity of funds in the Accounts as a result of any investments made or reduced to cash in accordance with this Agreement, and the Disbursement Agent is hereby authorized to direct the Securities Intermediary (as defined in the Pledge Agreement) in writing (i) to purchase Cash Equivalents in accordance herewith and (ii) to reduce to cash any Cash Equivalents (without regard to maturity) in any Account in order to make any application or disbursement required hereunder.

Investment of Funds in Accounts. All funds from time to time credited to and contained in each of the Construction Disbursement Account (other than those to be disbursed pursuant a) The Master Servicer with respect to the Initial Disbursement RequestCollection Account, which shall be so disbursed on the Issue Date) and Grantor Trust Collection Account, the Interest Reserve Account shall be invested only in Cash Equivalents from time and any Reserve Accounts, the Special Servicer with respect to time by written instructions by any REO Account and the Issuers delivered Trustee with respect to the Disbursement AgentDistribution Account, pending disbursement the Excess Liquidation Proceeds Account and the Grantor Trust Distribution Account may direct any depository institution maintaining such account (subject, in the case of Reserve Accounts, to applicable laws and the related Mortgage Loan Documents) (each, for purposes of this Section 3.7, an "Investment Account") to invest the funds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to this Agreement; provided, however, that all investments in the Disbursement Agent Distribution Account and Grantor Trust Distribution Account, including those payable on demand, shall have concluded mature no later than the Business Day prior to the next Distribution Date. Any direction by the Master Servicer, the Special Servicer or the Trustee, as applicable, to invest funds on deposit in an Investment Account shall be in writing and shall certify that the requested investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the case of any Reserve Account, the Master Servicer shall act upon the written request of the related Borrower or Manager to the extent the Master Servicer is required to do so under the terms of the related Mortgage Loan, provided that in the absence of appropriate written instructions from such investments conform with Borrower or Manager meeting the requirements of this Section 3.7, the Indenture and each Pledge Agreement and that appropriate steps Master Servicer shall have been taken no obligation to, but will be entitled to, direct the investment of funds in such Reserve Accounts. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Trustee shall have sole control (except with respect to investment direction which shall be in the sole control of the Person specified above (subject, in the case of Reserve Accounts, to the rights of the related Borrower or Manager under the related Mortgage Loan Documents) as an independent contractor to the Trust Fund) over each such investment so as and any certificate or other instrument evidencing any such investment shall be delivered directly to assure the continuing perfection Trustee or its nominee (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment to the Trustee or its nominee. The Trustee shall have no responsibility or liability with respect to the investment directions of the Trustee’s first priority security interest Master Servicer or the Special Servicer or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in such investment. For purposes of determining the steps to be taken an Investment Account are at any time invested in order to achieve and maintain such perfectiona Permitted Investment payable on demand, the Disbursement Agent shall have the right to require the delivery ofTrustee, and to rely upon, an opinion of counsel to the Issuers Master Servicer or the Disbursement Agent (the reasonable expense of which shall be paid by the Issuers) specifying (A) that the counsel is familiar with the legal requirements applicable to the perfection of security interests in said investments and (B) the steps required to perfect and maintain a first priority security interest in favor of the Trustee in such investments. If no such investment instructions are received by the Disbursement AgentSpecial Servicer, after the occurrence and during a continuance of a Default or Event of Defaultas applicable, such funds shall be invested in Cash Equivalents selected by the Disbursement Agent in conformity with the requirements of the Indenture and the Pledge Agreement. The Disbursement Agent shall not be liable for any investment, reinvestment or similar losses, fees, taxes or charges or for the availability or liquidity of funds in the Accounts as a result of any investments made or reduced to cash in accordance with this Agreement, and the Disbursement Agent is hereby authorized to direct the Securities Intermediary (as defined in the Pledge Agreement) in writing (i) to purchase Cash Equivalents in accordance herewith and (ii) to reduce to cash any Cash Equivalents (without regard to maturity) in any Account in order to make any application or disbursement required hereunder.shall:

Investment of Funds in Accounts. All funds from time to time credited to and contained in each of the Construction Disbursement Account (other than those to be disbursed pursuant a) The Master Servicer with respect to the Initial Disbursement RequestCollection Account, which shall be so disbursed on the Issue Date) Grantor Trust Collection Account and any Reserve Accounts, the Special Servicer with respect to any REO Account and the Trustee with respect to the Distribution Account, the Excess Liquidation Proceeds Account, the Grantor Trust Distribution Account and the Interest Reserve Account shall be invested only may direct any depository institution maintaining such account (subject, in Cash Equivalents from time the case of Reserve Accounts, to time by written instructions by applicable laws and the Issuers delivered related Mortgage Loan Documents) (each, for purposes of this Section 3.7, an "Investment Account") to invest the Disbursement Agentfunds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, pending disbursement of and that mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to this Agreement; provided, however, that all investments in the Disbursement Agent Distribution Account and the Grantor Trust Distribution Account, shall have concluded be payable on demand or shall mature no later than the Business Day prior to the next Distribution Date. Any direction by the Master Servicer, the Special Servicer or the Trustee, as applicable, to invest funds on deposit in an Investment Account shall be in writing and shall certify that the requested investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the case of any Reserve Account, the Master Servicer shall act upon the written request of the related Borrower or Manager to the extent the Master Servicer is required to do so under the terms of the related Mortgage Loan, provided that in the absence of appropriate written instructions from such investments conform with Borrower or Manager meeting the requirements of this Section 3.7, the Indenture and each Pledge Agreement and that appropriate steps Master Servicer shall have been taken no obligation to, but will be entitled to, direct the investment of funds in such Reserve Accounts. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Trustee shall have sole control (except with respect to investment direction which shall be in the sole control of the Person specified above (subject, in the case of Reserve Accounts, to the rights of the related Borrower or Manager under the related Mortgage Loan Documents) as an independent contractor to the Trust Fund) over each such investment so as and any certificate or other instrument evidencing any such investment shall be delivered directly to assure the continuing perfection Trustee or its nominee (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment to the Trustee or its nominee. The Trustee shall have no responsibility or liability with respect to the investment directions of the Trustee’s first priority security interest Master Servicer or the Special Servicer or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in such investment. For purposes of determining the steps to be taken an Investment Account are at any time invested in order to achieve and maintain such perfectiona Permitted Investment payable on demand, the Disbursement Agent shall have Trustee, the right to require the delivery of, and to rely upon, an opinion of counsel to the Issuers Master Servicer or the Disbursement Agent (the reasonable expense of which shall be paid by the Issuers) specifying (A) that the counsel is familiar with the legal requirements applicable to the perfection of security interests in said investments and (B) the steps required to perfect and maintain a first priority security interest in favor of the Trustee in such investments. If no such investment instructions are received by the Disbursement AgentSpecial Servicer, after the occurrence and during a continuance of a Default or Event of Defaultas applicable, such funds shall be invested in Cash Equivalents selected by the Disbursement Agent in conformity with the requirements of the Indenture and the Pledge Agreement. The Disbursement Agent shall not be liable for any investment, reinvestment or similar losses, fees, taxes or charges or for the availability or liquidity of funds in the Accounts as a result of any investments made or reduced to cash in accordance with this Agreement, and the Disbursement Agent is hereby authorized to direct the Securities Intermediary (as defined in the Pledge Agreement) in writing (i) to purchase Cash Equivalents in accordance herewith and (ii) to reduce to cash any Cash Equivalents (without regard to maturity) in any Account in order to make any application or disbursement required hereunder.shall:

Investment of Funds in Accounts. All funds from time to time credited to and contained in each of the Construction Disbursement Account (other than those to be disbursed pursuant to the Initial Disbursement Request, which shall be so disbursed on the Issue Date) ), the Completion Reserve Account and the Interest Reserve Account shall be invested only in Cash Equivalents Government Securities from time to time by written instructions by the Issuers Company delivered to the Disbursement Agent, pending disbursement of such funds pursuant to this Agreement; provided, however, that the Disbursement Agent shall have concluded that such investments conform with the requirements of the Indenture and each Pledge Agreement and that appropriate steps have been taken with respect to each such investment so as to assure the continuing perfection of the Trustee’s 's first priority security interest in such investment. For purposes of determining the steps to be taken in order to achieve and maintain such perfection, the Disbursement Agent shall have the right to require the delivery of, and to rely upon, an opinion of counsel to the Issuers Company or the Disbursement Agent (the reasonable expense of which shall be paid by the IssuersCompany) specifying (A) that the counsel is familiar with the legal requirements laws applicable to the perfection of security interests in said investments and (B) the steps required to perfect and maintain a first priority security interest in favor of the Trustee in such investments. If no such investment instructions are received by the Disbursement Agent, Agent after request or after the occurrence and during a continuance of a Default or Event of Default, such funds shall be invested in Cash Equivalents Government Securities selected by the Disbursement Agent in conformity with the requirements of the Indenture and the Pledge Agreement. The Subject to Section 4.2(a) hereof, the Disbursement Agent shall not be liable for any investment, reinvestment investment or similar losses, fees, taxes or charges losses or for the availability or liquidity of funds in the Accounts as a result of any investments made or reduced to cash in accordance with this Agreement, and the Disbursement Agent is hereby authorized to direct the Securities Intermediary (as defined in the Pledge and Assignment Agreement) in writing (i) to purchase Cash Equivalents Government Securities in accordance herewith and (ii) to reduce to cash any Cash Equivalents Government Securities (without regard to maturity) in any Account in order to make any application or disbursement required hereunder.