Receipt of Loan Payments. Amounts received by the Seller Parties from the applicable Obligor, as security for or in payment of any Purchased Commercial Loan from and after the applicable Closing Date on which the related Purchased Commercial Loan was Transferred with respect to which Purchaser Parties are entitled, shall be received by the Seller Parties, as agent, in trust for and on behalf of Purchaser Parties and the Seller Parties shall pay such amounts over to Purchaser Parties promptly, together with such reasonable information, to the extent known, as to the source and classification of such payments, including any invoice relating thereto. Amounts received by the Purchaser Parties from the applicable Obligor, as security for or in payment of any Purchased Commercial Loan from and after the applicable Closing Date on which the related Purchased Commercial Loan was Transferred with respect to which the Seller Parties are entitled, shall be received by the Purchaser Parties, as agent, in trust for and on behalf of the Seller Parties and Purchaser Parties shall pay such amounts over to the Seller Parties promptly, together with such reasonable information, to the extent known, as to the source and classification of such payments, including any invoice relating thereto.
Receipt of Loan Payments. From the related Cut-off Date until the related Servicing Transfer Date, all payments received by Seller on the Mortgage Loans shall be properly applied by Seller to the account of the related Mortgagor and remitted to the Purchaser via wire transfer of immediately available funds on the tenth (10th) Business Day of each month following the related Closing Date. On the fifth (5th) Business Day following the Servicing Transfer Date, Seller shall remit to the Successor Servicer any amounts not previously remitted to the Purchaser and then being held by it in the collection account attributable to collections received from the Mortgage Loans after the Cut-off Date and prior to the Servicing Transfer Date and the escrow accounts attributable to Escrow Payments received from the Mortgage Loans after the Cut-off Date and prior to the Servicing Transfer Date, which amounts shall be reduced by and be net of the Servicing Fees payable to Seller; provided that, notwithstanding the foregoing and if not otherwise set forth in any applicable servicing agreement or subservicing agreement, Purchaser shall reimburse Seller for any Servicing Advances incurred from the related Closing Date until the related Servicing Transfer Date within ten (10) Business Days of receipt of the documentation related to such Servicing Advances; provided further, that such documentation relates to Servicing Advances made by Seller during such period. With respect to each such remittance to Purchaser, Seller also shall prepare and deliver a schedule to Purchaser, at the email address as provided by Purchaser from time to time, that includes information on each such payment received by Seller on such Mortgage Loans for such period and the manner in which each such payment was applied to the account of the related Mortgagor. Following the related Servicing Transfer Date, Seller shall not process and apply payments, but rather shall endorse and forward to the Successor Servicer any payments received by Seller on such Mortgage Loans on a weekly basis following Seller’s receipt of such payments. On a weekly basis, Seller shall deliver such payments to the Successor Servicer via overnight courier for a period of thirty (30) days following the Servicing Transfer Date and thereafter via U.S. mail, first class delivery.
