Common use of Servicer Account Clause in Contracts

Servicer Account. (a) On or before the Initial Transfer Date, the Servicer shall establish, and hereby agrees to maintain for the duration of this Agreement, the Servicer Account. The Servicer Account shall relate solely to the Loans and shall not be commingled with any other moneys and shall be held in the name of the Servicer for the sole benefit of the Buyer. The Servicer shall give the Seller and the Buyer written notice of any change of the location or account number of the Servicer Account promptly after the date of such change. (b) Funds in the Servicer Account may be invested by, at the risk of, and for the benefit of, the Servicer in Permitted Investments. All such Permitted Investments shall be registered in the name of the Servicer or its nominee. All income therefrom shall be the property of the Servicer as additional servicing compensation and may be withdrawn therefrom from time to time. Any losses realized in connection with any such investment shall be for the account of the Servicer, and the Servicer shall deposit the amount of such loss in the Servicer Account immediately upon the realization of such loss; provided that the Servicer shall not be required to deposit any loss on an investment of funds in the Servicer Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Servicer Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time such investment was made. (c) The Servicer shall deposit into the Servicer Account daily, within two (2) Business Days of receipt of properly identified funds, the following collections received by the Servicer after the related Transfer Date: (i) all payments on account of principal, including Principal Prepayments, on the Loans; (ii) all payments on account of interest on the Loans; (iii) all Liquidation Proceeds with respect to the Mortgaged Properties or a Defaulted Loan, net of any unpaid Servicing Fees with respect thereto; (iv) all Condemnation Proceeds with respect to the Mortgaged Properties that are applied or required to be applied to Principal in accordance with the terms of the related Loan documents; (v) all Insurance Proceeds with respect to the Mortgaged Properties or the Loans that are applied or required to be applied to Principal in accordance with the terms of the related Loan documents; (vi) out of the Servicer’s own funds, net losses on Permitted Investments as required pursuant to Section 3.05(b); (vii) any other amounts collected or received in respect of a Loan or a Mortgaged Property which are due to Seller; (viii) any amounts representing Prepayment Premiums and/or extension fees paid by Borrowers; (ix) any amounts representing assumption fees, modification fees and related processing fees, to the extent the Servicer is not entitled to such amounts pursuant to Section 3.03(c); and (x) any other amounts received from a Senior Interest Servicer.

Servicer Account. (a) On or before the Initial Transfer Date, the Servicer shall establish, and hereby agrees to maintain for the duration of this Agreement, the Servicer Account. The Servicer Account shall relate solely to the Loans and shall not be commingled with any other moneys and shall be held in the name or accounts of the Servicer for the sole benefit of the BuyerServicer. The Servicer shall give the Seller and the Buyer Owner written notice of any change of the location or account number of the Servicer Account promptly after the date of such change. (b) Funds in the Servicer Account may be invested by, at the risk of, and for the benefit of, the Servicer in Permitted Investments. All such Permitted Investments shall be registered in the name of the Servicer or its nominee. All income therefrom shall be the property of the Servicer as additional servicing compensation and may be withdrawn therefrom from time to time. Any losses realized in connection with any such investment shall be for the account of the Servicer, and the Servicer shall deposit the amount of such loss in the Servicer Account immediately upon the realization of such loss; provided that the Servicer shall not be required to deposit any loss on an investment of funds in the Servicer Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Servicer Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time such investment was made. (c) The Servicer shall deposit into the Servicer Account daily, within two one (21) Business Days Day of receipt of properly identified funds, the following collections received by the Servicer after the related Transfer Date: (i) all payments on account of principal, including Principal Prepayments, on the Loans; (ii) all payments on account of interest on the Loans; (iii) all Liquidation Proceeds with respect to the Mortgaged Properties or a Defaulted Loan, net of any unpaid Servicing Fees with respect thereto; (iv) all Condemnation Proceeds with respect to the Mortgaged Properties that are applied or required to be applied to Principal in accordance with the terms of the related Loan documentsProperties; (v) all Insurance Proceeds with respect to the Mortgaged Properties or the Loans that are applied or required to be applied to Principal in accordance with the terms of the related Loan documentsLoans; (vi) out of the Servicer’s own funds, net losses on Permitted Investments as required pursuant to Section 3.05(b); (vii) any other amounts collected or received in respect of a Loan or a Mortgaged Property which are due to SellerProperty; (viii) any amounts representing Prepayment Premiums and/or extension fees paid by Borrowers;; and (ix) any amounts representing assumption fees, modification fees and related processing fees, to the extent the Servicer is not entitled to such amounts pursuant to Section 3.03(c); and (x) any other amounts received from a Senior Interest Servicer.

Servicer Account. (a) On or before the Initial Transfer Date, the Servicer shall establish, and hereby agrees to maintain for the duration of this Agreement, the Servicer Account. The Servicer Account shall relate solely to the Loans and shall not be commingled with any other moneys and shall be held in the name of the Servicer for the sole benefit of the Buyer. The Servicer shall give the Seller and the Buyer written notice of any change of the location or account number of the Servicer Account promptly after the date of such change. (b) Funds in the Servicer Account may be invested by, at the risk of, and for the benefit of, the Servicer in Permitted Investments. All such Permitted Investments shall be registered in the name of the Servicer or its nominee. All income therefrom shall be the property of the Servicer as additional servicing compensation and may be withdrawn therefrom from time to time. Any losses realized in connection with any such investment shall be for the account of the Servicer, and the Servicer shall deposit the amount of such loss in the Servicer Account immediately upon the realization of such loss; provided that the Servicer shall not be required to deposit any loss on an investment of funds in the Servicer Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Servicer Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time such investment was made. (c) The Servicer shall deposit into the Servicer Account daily, within two (2) Business Days of receipt of properly identified funds, the following collections received by the Servicer after the related Transfer Date: (i) all payments on account of principal, including Principal Prepayments, on the Loans; (ii) all payments on account of interest on the Loans; (iii) all Liquidation Proceeds with respect to the Mortgaged Properties or a Defaulted Loan, net of any unpaid Servicing Fees with respect thereto; (iv) all Condemnation Proceeds with respect to the Mortgaged Properties that are applied or required to be applied to Principal in accordance with the terms of the related Loan documents; (v) all Insurance Proceeds with respect to the Mortgaged Properties or the Loans that are applied or required to be applied to Principal in accordance with the terms of the related Loan documents; (vi) out of the Servicer’s own funds, net losses on Permitted Investments as required pursuant to Section 3.05(b); (vii) any other amounts collected or received in respect of a Loan or a Mortgaged Property which are due to Seller; (viii) any amounts representing Prepayment Premiums and/or extension fees paid by Borrowers; (ix) any amounts representing assumption fees, modification fees and related processing fees, to the extent the Servicer is not entitled to such amounts pursuant to Section 3.03(c); and (x) any other amounts received from a Senior Interest Servicer.