Common use of The Income Account Clause in Contracts

The Income Account. (a) All payments of interest, dividends and other income in respect to Assets in the Trust Account (it being agreed that with respect to Commercial Mortgage Loans, such amounts shall be deposited in the Income Account after retention by the related servicer of required escrows and reserves to the extent contemplated pursuant to the terms of the applicable loan agreement and the Servicing Agreement) shall be the property of the Grantor and shall be deposited by the Trustee subject to deduction of the Trustee’s compensation and expenses as provided in Section 9 of this Agreement, in a separate income column of custody ledger (the “Income Account”) established and maintained by the Grantor at an office of the Trustee. The Grantor, upon written notice to the Trustee, may withdraw amounts from the Income Account at any time and from time to time. Any interest, dividend or other income automatically posted and credited on the payment date to the Income Account which is not subsequently received by the Trustee shall be reimbursed by the Grantor to the Trustee and the Trustee may debit the Income Account for this purpose. (b) To the extent received from a servicer under any Servicing Agreements the Grantor shall deliver (i) to the Trustee monthly remittance reports that detail the payments of Net Collections, interest and other income received in respect of each of the Commercial Mortgage Loans, and (ii) in accordance with the applicable Servicing Agreement(s) for deposit into the Trust Account, all Net Collections generated by Commercial Mortgage Loans in the Trust Account, it being agreed that Grantor may satisfy such obligations by causing servicer to deliver such reports and amounts directly to the Trustee. To the extent that the Trustee receives in the Trust Account such income together with principal in a single payment, the Trustee shall, in accordance with the information contained in the monthly remittance reports to be delivered by or on behalf of the Grantor as provided below, allocate such income to the Income Account. For the avoidance of doubt, no principal payments on any of the Commercial Mortgage Loans shall be deposited into the Income Account.

The Income Account. (a) All payments of interest, dividends and other income in respect of Assets, including all monies representing tax or other escrow deposits and all other amounts that do not relate to Assets in the Trust Account payment of principal or amortization (it being agreed that with respect to Commercial Mortgage Loanscollectively, such amounts shall be deposited in the Income Account after retention by the related servicer of required escrows and reserves to the extent contemplated pursuant to the terms of the applicable loan agreement and the Servicing Agreement"Income") shall be the property of the Grantor and shall be deposited by the Trustee Trustee, subject to deduction of the Trustee’s 's compensation and expenses as provided in Section 9 of this Agreement8, in a separate income column of custody ledger account (the “"Income Account”") established and maintained by the Trustee on behalf of the Grantor at an office of the Trustee. The GrantorTrustee in New York, upon written notice to the Trustee, may withdraw amounts from the Income Account at any time and from time to timeNY. Any interest, dividend or other income Income automatically posted and credited on the payment date to the Income Account which is not subsequently received by the Trustee shall be reimbursed by the Grantor to the Trustee and the Trustee may debit the Income Account for this purpose. (b) To . Any amounts deposited in the extent Income Account are not part of the Assets in the Reserve Trust Account and as such are not subject to the terms and conditions of this Agreement with respect to the Assets in the Reserve Trust Account; provided, however, notwithstanding anything herein to the contrary, it is understood and agreed that the break-down or allocation of all such monies received from a servicer under any Servicing Agreements or credited as Income shall be provided by the Grantor shall deliver (i) to or its designated agent, and the Trustee monthly remittance reports that detail may conclusively rely on such break-down and information provided to it and shall have no duty to question or otherwise confirm such break-down or allocations as provided by the payments of Net Collections, interest Grantor or its designated agent. The Beneficiary hereby acknowledges and other income received in respect of each of the Commercial Mortgage Loans, and (ii) in accordance with the applicable Servicing Agreement(s) for deposit into the Trust Account, all Net Collections generated by Commercial Mortgage Loans in the Trust Account, it being agreed that Grantor may satisfy such obligations by causing servicer to deliver such reports and amounts directly to the Trustee. To the extent agrees that the Trustee receives may rely on any such break-down and information provided to it by the Grantor, and the Beneficiary shall have no right to dispute the Trustee's reliance on such any such break-down and information; provided, however, nothing in this Section 5 shall constitute a waiver by the Trust Account such income together with principal in a single payment, the Trustee shall, in accordance Beneficiary of its right to dispute with the information contained in the monthly remittance reports to be delivered by Grantor any break-down or on behalf allocation of the Grantor as provided below, allocate any such income to the Income Accountmonies. For the avoidance of doubt, no all amounts paid in respect of Assets that relate to payment of principal payments on any of the Commercial Mortgage Loans or amortization shall be deposited into transferred by the Income Grantor or its agent to the Reserve Trust Account.

The Income Account. (a) All payments of interest, dividends and other income in respect to of Assets (the “Income”) shall be posted and credited by the Trustee in the separate income ledger (the “Income Account”) of the Trust Account (it being agreed that with respect to Commercial Mortgage Loans, such amounts shall be deposited in the Income Account after retention established and maintained by the related servicer of required escrows and reserves to the extent contemplated pursuant to the terms Grantor at any office of the applicable loan agreement and the Servicing Agreement) shall be the property of the Grantor and shall be deposited by the Trustee subject in New York. Subject to deduction of the Trustee’s compensation and expenses as provided in Section 9 of this Agreement9(a), the Trustee shall disburse funds recorded in a separate income column of custody ledger (the “Income Account”) established and maintained by the Grantor at an office of the Trustee. The Grantor, upon written notice to the Trustee, may withdraw amounts from the Income Account at the written direction of the Grantor. To the extent the Trustee in its discretion credits any time and from time to time. Any interest, dividend or other income automatically posted and credited on the payment date Income to the Income Account which is not subsequently received by before its actual receipt of the Trustee same, such crediting shall be reimbursed by the Grantor to the Trustee provisional and revocable and the Trustee may debit the Income Account for this purpose. If there are insufficient funds available in the Income Account to fully reimburse the Trustee, the Grantor, shall upon demand, pay to the Trustee the total amount of any such deficiency. (b) To The Grantor shall deliver to the extent received from a Trustee, or cause the servicer under any Servicing Agreements the Grantor shall to deliver (i) to the Trustee monthly remittance reports that detail the payments of Net Collections, interest and other income received in respect of each of the Commercial Mortgage Loans, and (ii) in accordance with the applicable Servicing Agreement(s) Agreements for deposit into the Trust Account, all Net Collections net Income generated by Commercial Mortgage Loans in Whole Loans, as applicable, and collected by it, after retention by such servicer of all servicing fees and associated costs and required escrows for the Trust Account, it being agreed that Grantor may satisfy such obligations by causing servicer to deliver such reports and amounts directly Assets to the Trusteeextent contemplated pursuant to the terms of the applicable Servicing Agreements. To the extent that the Trustee receives in the Trust Account such income Income together with principal in a single payment, the Trustee shall, at the written direction of the Grantor, in accordance with the information contained in the monthly remittance reports to be delivered by or on behalf of the Grantor as provided below, allocate such income Income to the Income Account. For Except for such Income that is deducted by the avoidance of doubtTrustee pursuant to Section 9(a), no principal payments on any the contents of the Commercial Mortgage Loans Income Account shall from time to time, but on a basis no less frequent than monthly, be deposited into transferred to the general custody ledger of the Trust Account at the written direction of the Grantor (which may be given by standing instruction). The Grantor shall deliver to the Trustee, or cause the servicers under the Servicing Agreements (in the case of the Whole Loans) to deliver to the Trustee, monthly remittance reports that detail the payments of Income Accountreceived in respect of each of the Whole Loans.