Common use of Withdrawals From the Collection Account, Release Account and Liquidity Reserve Account Clause in Contracts

Withdrawals From the Collection Account, Release Account and Liquidity Reserve Account. (a) The applicable Account Control Agreement shall provide that on each Remittance Date the Collection Account Bank shall deliver the Available Amount by wire transfer of immediately available funds for deposit into the Payment Account for application by the Indenture Trustee to make payments in accordance with the priorities set forth pursuant to Section 2.11(b) of the Indenture. On or prior to each Remittance Date, the Property Manager may withdraw funds from the Collection Account to pay the Property Management Fee, Back-Up Fee, Workout Fees, Liquidation Fees, Additional Servicing Compensation, any applicable Special Servicing Fee due and payable to the Property Manager, Back-Up Manager and Special Servicer, and to pay any Emergency Property Expenses (pursuant to Section 3.03(e)) and Advances (including Nonrecoverable Advances) plus interest thereon (including to reimburse the Indenture Trustee therefor); provided, however, that no other amounts may be withdrawn from the Collection Account by the Property Manager, except as otherwise provided in this Agreement. Funds withdrawn by the Property Manager for the payment of the Property Management Fee, Back-Up Fee, Workout Fees, Liquidation Fees, Additional Servicing Compensation, any reimbursements of Advances (including Nonrecoverable Advances) plus interest thereon, and any applicable Special Servicing Fee shall not constitute part of the Available Amount on any Payment Date. (b) In addition, on any Payment Date after the Triple A Notes have been repaid in full, the Property Manager may direct the Indenture Trustee to release all (but not less than all) amounts held in the Liquidity Reserve Account to or at the direction of the Issuers in accordance with the terms of the Indenture. Pursuant to the Indenture, upon such direction of the Property Manager, the Indenture Trustee shall release any and all amounts held in the Liquidity Reserve Account free and clear of the lien of the Indenture, and such funds shall no longer constitute Collateral.

Withdrawals From the Collection Account, Release Account and Liquidity Reserve Account. (a) The applicable Account Control Agreement shall provide that on each Remittance Date the Collection Account Bank shall deliver the Available Amount by wire transfer of immediately available funds for deposit into the Payment Account for application by the Indenture Trustee to make payments in accordance with the priorities set forth pursuant to Section 2.11(b) of the Indenture. On or prior to each Remittance Date, the Property Manager may withdraw funds from the Collection Account (other than any Prefunding Deposit) to pay the Property Management Fee, Back-Up Fee, Workout Fees, Liquidation Fees, Additional Servicing Compensation, any applicable Special Servicing Fee due and payable to the Property Manager, Back-Up Manager and Special Servicer, and to pay any Emergency Property Expenses (pursuant to Section 3.03(e)) and Advances (including Nonrecoverable Advances) plus interest thereon (including to reimburse the Indenture Trustee therefor); provided, however, that no other amounts may be withdrawn from the Collection Account by the Property Manager, except as otherwise provided in this Agreement. Funds withdrawn by the Property Manager for the payment of the Property Management Fee, Back-Up Fee, Workout Fees, Liquidation Fees, Additional Servicing Compensation, any reimbursements of Advances (including Nonrecoverable Advances) plus interest thereon, and any applicable Special Servicing Fee shall not constitute part of the Available Amount on any Payment Date. (b) In addition, on any Payment Date after the Triple A Notes have been repaid in full, the Property Manager may direct the Indenture Trustee to release all (but not less than all) amounts held in the Liquidity Reserve Account to or at the direction of the Issuers in accordance with the terms of the Indenture. Pursuant to the Indenture, upon such direction of the Property Manager, the Indenture Trustee shall release any and all amounts held in the Liquidity Reserve Account free and clear of the lien of the Indenture, and such funds shall no longer constitute Collateral.