Common use of REO Account; Collection of REO Proceeds Clause in Contracts

REO Account; Collection of REO Proceeds. (a) The Special Servicer shall establish or cause to be established, and hereby agrees to maintain or cause to be maintained for the duration of this Agreement for each REO Mortgage Loan, an REO Account into which all related REO Proceeds shall be deposited as and when received. The Special Servicer's REO Account shall be an Eligible Account. REO Proceeds shall be remitted within one Business Day of its receipt by the Special Servicer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, the Special Servicer may retain a balance in the REO Account as is reasonably required to manage and maintain the REO Properties. (b) All funds deposited by the Special Servicer in any REO Account maintained hereunder shall be held for the benefit of the Certificateholders until disbursed or withdrawn in accordance herewith. Funds in such REO Account shall not be commingled with any other moneys. The Special Servicer shall, within five (5) Business Days of the establishment thereof, notify the Master Servicer and the Trustee in writing of the location and the account number of the REO Account established by the Special Servicer for the Mortgage Loans and shall give the Trustee and the Master Servicer written notice of any change of such location or account number on or prior to the date of such change. (c) Funds in an REO Account may be invested by, at the risk of, and for the benefit of, the Special Servicer in Permitted Investments which shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Special Servicer (in its capacity as such and for the benefit of the Certificateholders) or its nominee. All income therefrom may be retained by the Special Servicer as additional servicing compensation. In addition, the Special Servicer shall deposit on each Determination Date into such REO Account out of its own funds an amount representing any net losses realized on the Permitted Investments with respect to funds in such REO Account for such Remittance Period. (d) The Special Servicer shall deposit or cause to be deposited any REO Proceeds into the applicable REO Account within one Business Day after receipt. (e) Except as expressly permitted or required hereunder, the Special Servicer shall not sell, transfer or assign to any Person any interest (including any security interest) in amounts credited or to be credited to any REO Account or take any action towards that end, and shall maintain such amounts free of all liens, claims and encumbrances of any nature.

REO Account; Collection of REO Proceeds. (a) The Special Servicer shall establish or cause to be established, and hereby agrees to maintain or cause to be maintained for the duration of this Agreement for each REO Mortgage Loan, an REO Account into which all related REO Proceeds shall be deposited as and when received. The Special Servicer's REO Account shall be an Eligible Account. REO Proceeds shall be remitted within one Business Day of its receipt by the Special Servicer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, the Special Servicer may retain a balance in the REO Account as is reasonably required to manage and maintain the REO Properties. (b) All funds deposited by the Special Servicer in any REO Account maintained hereunder shall be held for the benefit of the Certificateholders until disbursed or withdrawn in accordance herewith. Funds in such REO Account shall not be commingled with any other moneys. The Special Servicer shall, within five (5) Business Days of the establishment thereof, 111 notify the Master Servicer and the Trustee in writing of the location and the account number of the REO Account established by the Special Servicer for the Mortgage Loans and shall give the Trustee and the Master Servicer written notice of any change of such location or account number on or prior to the date of such change. (c) Funds in an REO Account may be invested by, at the risk of, and for the benefit of, the Special Servicer in Permitted Investments which shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Special Servicer (in its capacity as such and for the benefit of the Certificateholders) or its nominee. All income therefrom may be retained by the Special Servicer as additional servicing compensation. In addition, the Special Servicer shall deposit on each Determination Date into such REO Account out of its own funds an amount representing any net losses realized on the Permitted Investments with respect to funds in such REO Account for such Remittance Period. (d) The Special Servicer shall deposit or cause to be deposited any REO Proceeds into the applicable REO Account within one Business Day after receipt. (e) Except as expressly permitted or required hereunder, the Special Servicer shall not sell, transfer or assign to any Person any interest (including any security interest) in amounts credited or to be credited to any REO Account or take any action towards that end, and shall maintain such amounts free of all liens, claims and encumbrances of any nature.

REO Account; Collection of REO Proceeds. (a) The Special Servicer shall establish or cause to be established, and hereby agrees to maintain or cause to be maintained for the duration of this Agreement for each REO Mortgage Loan, an REO Account into which all related REO Proceeds shall be deposited as and when received. The Special Servicer's REO Account shall be an Eligible Account. REO Proceeds shall be remitted within one Business Day of its receipt by the Special Servicer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, the Special Servicer may retain a balance in the REO Account as is reasonably required to manage and maintain the REO Properties. (b) All funds deposited by the Special Servicer in any REO Account maintained hereunder shall be held for the benefit of the Certificateholders until disbursed or withdrawn in accordance herewith. Funds in such REO Account shall not be commingled with any other moneys. The Special Servicer shall, within five (5) Business Days of the establishment thereof, notify the Master Servicer Servicer, and the Trustee in writing of the location and the account number of the REO Account established by the Special Servicer for the Mortgage Loans and shall give the Trustee and the Master Servicer written notice of any change of such location or account number on or prior to the date of such change. (c) Funds in an REO Account may be invested by, at the risk of, and for the benefit of, the Special Servicer in Permitted Investments which shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Special Servicer (in its capacity as such and for the benefit of the Certificateholders) or its nominee. All income therefrom may shall be retained by the property of the Special Servicer as additional servicing compensationServicer. In addition, if the amounts in any REO Account are invested for the benefit of the Special Servicer, the Special Servicer shall deposit on each Determination Date into such REO Account out of its own funds an amount representing any net losses realized on the Permitted Investments with respect to funds in such REO Account for such Remittance Collection Period. (d) The Special Servicer shall deposit or cause to be deposited any REO Proceeds into the applicable REO Account within one on each Business Day after receiptDay. (e) Except as expressly permitted or required hereunder, the Special Servicer shall not sell, transfer or assign to any Person any interest (including any security interest) in amounts credited or to be credited to any REO Account or take any action towards that end, and shall maintain such amounts free of all liens, claims and encumbrances of any nature.

REO Account; Collection of REO Proceeds. (a) The Special Servicer shall establish or cause to be established, and hereby agrees to maintain or cause to be maintained for the duration of this Agreement for each REO Mortgage Loan, an REO Account into which all related REO Proceeds shall be deposited as and when received. The Special Servicer's REO Account shall be an Eligible Account. REO Proceeds shall be remitted within one Business Day of its receipt by the Special Servicer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, the Special Servicer may retain a balance in the REO Account as is reasonably required to manage and maintain the REO Properties. (b) All funds deposited by the Special Servicer in any REO Account maintained hereunder shall be held for the benefit of the Certificateholders until disbursed or withdrawn in accordance herewith. Funds in such REO Account shall not be commingled with any other moneys. The Special Servicer shall, within five (5) Business Days of the establishment thereof, notify the Master Servicer, the related Primary Servicer and the Trustee in writing of the location and the account number of the REO Account established by the Special Servicer for the Mortgage Loans and shall give the Trustee and the Master Servicer written notice of any change of such location or account number on or prior to the date of such change. (c) Funds in an REO Account may be invested by, at the risk of, and for the benefit of, the Special Servicer in Permitted Investments which shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Special Servicer (in its capacity as such and for the benefit of the Certificateholders) or its nominee. All income therefrom may shall be retained by the property of the Special Servicer as additional servicing compensationServicer. In addition, if the amounts in any REO Account are invested for the benefit of the Special Servicer, the Special Servicer shall deposit on each Determination Date into such REO Account out of its own funds an amount representing any net losses realized on the Permitted Investments with respect to funds in such REO Account for such Remittance Collection Period. (d) The Special Servicer shall deposit or cause to be deposited any REO Proceeds into the applicable REO Account within one on each Business Day after receiptDay. (e) Except as expressly permitted or required hereunder, the Special Servicer shall not sell, transfer or assign to any Person any interest (including any security interest) in amounts credited or to be credited to any REO Account or take any action towards that end, and shall maintain such amounts free of all liens, claims and encumbrances of any nature.

REO Account; Collection of REO Proceeds. (a) The Special Servicer shall establish or cause to be established, and hereby agrees to maintain or cause to be maintained for the duration of this Agreement for each REO Mortgage Loan, an REO Account into which all related REO Proceeds shall be deposited as and when received. The Each of the Special Servicer's REO Account shall be an Eligible Account. REO Proceeds shall be remitted within one Business Day of its receipt by the Special Servicer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, the Special Servicer may retain a balance in the REO Account as is reasonably required to manage and maintain the REO Properties. (b) All funds deposited by the Special Servicer in any REO Account maintained hereunder shall be held for the benefit of the Certificateholders Bondholders until disbursed or withdrawn in accordance herewith. Funds in such REO Account shall not be commingled with any other moneys. The Special Servicer shall, within five (5) Business Days of the establishment thereof, notify the Master Servicer and the Trustee in writing of the location and the account number of the REO Account established by the Special Servicer for the Mortgage Loans and shall give the Trustee and the Master Servicer written notice of any change of such location or account number on or prior to the date of such change. (c) Funds in an REO Account may be invested by, at the risk of, and for the benefit of, the Special Servicer in Permitted Investments which shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Special Servicer (in its capacity as such and for the benefit of the CertificateholdersBondholders) or its nominee. All income therefrom may shall be retained by the property of the Special Servicer as additional servicing compensationServicer. In addition, if the amounts in any REO Account are invested for the benefit of the Special Servicer, the Special Servicer shall deposit on each Determination Date into such REO Account out of its own funds an amount representing any net losses realized on the Permitted Investments with respect to funds in such REO Account for such Remittance Period. (d) The Special Servicer shall deposit or cause to be deposited any REO Proceeds into the applicable REO Account within one Business Day after receipt. The Special Servicer shall withdraw therefrom funds necessary for the proper operation, management, and maintenance of any REO Property, including any Property Protection Expenses. To the extent such REO Proceeds are insufficient for the purposes set forth in the preceding sentence, the Master Servicer shall make a Servicing Advance for the amount of such shortfall. The Special Servicer shall remit to the Master Servicer for deposit into the Collection Account on a monthly basis prior to the related Remittance Date the REO Proceeds collected with respect to the related REO Property, net of withdrawals made by the Special Servicer pursuant to this Section 6.06(d); provided, that for the purpose of determining the amount of any such remittance, the Special Servicer may retain in such REO Account reasonable reserves for Property Protection Expenses. (e) Except as expressly permitted or required hereunder, the Special Servicer shall not sell, transfer or assign to any Person any interest (including any security interest) in amounts credited or to be credited to any REO Account or take any action towards that end, and shall maintain such amounts free of all liens, claims and encumbrances of any nature.

REO Account; Collection of REO Proceeds. (a) The Special Servicer shall establish or cause to be established, and hereby agrees to maintain or cause to be maintained for the duration of this Servicing Agreement for each REO Mortgage Loan, an REO Account into which all related REO Proceeds shall be deposited as and when received. The Each of the Special Servicer's REO Account Accounts shall be an Eligible Account. REO Proceeds shall be remitted within one Business Day of its receipt by the The Special Servicer to shall keep and maintain separate records, on an REO Property-by-REO Property basis, for the Master Servicer purpose of accounting for deposit into the Collection Account. Notwithstanding the foregoingall deposits to, the Special Servicer may retain a balance in and withdrawals from, the REO Account as is reasonably required pursuant to manage and maintain the REO PropertiesSection 6.08(c). (b) All funds deposited by the Special Servicer in any REO Account maintained hereunder shall be held for the benefit of the Certificateholders Bondholders until disbursed or withdrawn in accordance herewith. Funds in such REO Account shall not be commingled with any other moneys. The Special Servicer shall, within five (5) Business Days of the establishment thereof, notify the Master Servicer and the Indenture Trustee in writing of the location and the account number of the REO Account established by the Special Servicer for the Mortgage Loans and shall give the Indenture Trustee and the Master Servicer written notice of any change of such location or account number on or prior to the date of such change. (c) Funds in an REO Account may be invested by, at the risk of, and for the benefit of, the Special Servicer in Permitted Investments which shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Special Servicer (in its capacity as such and for the benefit of the CertificateholdersBondholders) or its nominee. All income therefrom may shall be retained by the property of the Special Servicer as additional servicing compensationServicer. In addition, if the amounts in any REO Account are invested for the benefit of the Special Servicer, the Special Servicer shall deposit on each Determination Date into such REO Account out of its own funds an amount representing any net losses realized on the Permitted Investments with respect to funds in such REO Account for such Remittance Collection Period. (d) The Special Servicer shall deposit or cause to be deposited any REO Proceeds into the applicable REO Account within one (1) Business Day after receipt. The Special Servicer shall withdraw therefrom funds necessary for the proper operation, management, leasing, maintenance and disposition of any REO Property. By 1:00 p.m. New York time, one (1) Business Day after each Determination Date, the Special Servicer shall remit to the Master Servicer for deposit into the Collection Account on a monthly basis prior to the related Remittance Date the REO Proceeds collected with respect to the related REO Property, net of withdrawals made by the Special Servicer pursuant to this Section 6.06(d); provided, that for the purpose of determining the amount of any such remittance, the Special Servicer may retain in such REO Account, in accordance with Accepted Special Servicing Practices, such portion of such balance as may be necessary to maintain a reasonable reserve for Property Protection Expenses. (e) Except as expressly permitted or required hereunder, the Special Servicer shall not sell, transfer or assign to any Person any interest (including any security interest) in amounts credited or to be credited to any REO Account or take any action towards that end, and shall maintain such amounts free of all liens, claims and encumbrances of any nature.

REO Account; Collection of REO Proceeds. (a) The Special Servicer shall establish or cause to be established, and hereby agrees to maintain or cause to be maintained for the duration of this Agreement for each REO Mortgage Loan, an REO Account into which all related REO Proceeds shall be deposited as and when received. The Special Servicer's REO Account shall be an Eligible Account. REO Proceeds shall be remitted within one Business Day of its receipt by the Special Servicer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, the Special Servicer may retain a balance in the REO Account as is reasonably required to manage and maintain the REO Properties. (b) All funds deposited by the Special Servicer in any REO Account maintained hereunder shall be held for the benefit of the Certificateholders until disbursed or withdrawn in accordance herewith. Funds in such REO Account shall not be commingled with any other moneys. The Special Servicer shall, within five (5) Business Days of the establishment thereof, notify the Master Servicer Servicer, and the Trustee in writing of the location and the account number of the REO Account established by the Special Servicer for the Mortgage Loans and shall give the Trustee and the Master Servicer written notice of any change of such location or account number on or prior to the date of such change. (c) Funds in an REO Account may be invested by, at the risk of, and for the benefit of, the Special Servicer in Permitted Investments which shall not be sold or disposed of prior to maturity. All such Permitted Investments shall be registered in the name of the Special Servicer (in its capacity as such and for the benefit of the Certificateholders) or its nominee. All income therefrom may shall be retained by the property of the Special Servicer as additional servicing compensationServicer. In addition, the Special Servicer shall deposit on each Determination Date into such REO Account out of its own funds an amount representing any net losses realized on the Permitted Investments with respect to funds in such REO Account for such Remittance Collection Period. (d) The Special Servicer shall deposit or cause to be deposited any REO Proceeds into the applicable REO Account within one on each Business Day after receiptDay. (e) Except as expressly permitted or required hereunder, the Special Servicer shall not sell, transfer or assign to any Person any interest (including any security interest) in amounts credited or to be credited to any REO Account or take any action towards that end, and shall maintain such amounts free of all liens, claims and encumbrances of any nature.