Application of Funds in XX XXXX Downgrade Collateral Account Sample Clauses

Application of Funds in XX XXXX Downgrade Collateral Account. If any XX XXXX Institutional Lender shall be required pursuant to Section 1.2(a) of this Annex C to fund a XX XXXX Downgrade Draw, then the XX XXXX Lender Agent shall apply the monies in the XX XXXX Downgrade Collateral Account applicable to such XX XXXX Institutional Lender’s Special Pro Rata Share of Advances required to be made by the XX XXXX Institutional Lenders, to any XX XXXX Assignment Amount payable by such XX XXXX Institutional Lender pursuant to Section 1.1 of this Annex C and to any purchase price payable by such XX XXXX Institutional Lender pursuant to Section 1.3(b) of this Annex C at the times, in the manner and subject to the conditions precedent set forth in this Annex C. The deposit of monies in such XX XXXX Downgrade Collateral Account by any XX XXXX Institutional Lender shall not constitute an Advance or the payment of any XX XXXX Assignment Amount (and such XX XXXX Institutional Lender shall not be entitled to interest on such monies except as provided below in this Section 1.2(b) of this Annex C, unless and until (and then only to the extent that) such monies are used to fund Advances or to pay any XX XXXX Assignment Amount or purchase price pursuant to Section 1.3(b) of this Annex C pursuant to the first sentence of this Section 1.2(b) of this Annex C. The amount on deposit in such XX XXXX Downgrade Collateral Account shall be invested by the XX XXXX Lender Agent in XX XXXX Eligible Investments and such XX XXXX Eligible Investments shall be selected by the XX XXXX Lender Agent in its sole discretion. The XX XXXX Lender Agent shall remit to such XX XXXX Institutional Lender, on the last Business Day of each month, the income actually received thereon. Unless required to be released as provided below in this subsection, Collections received by the XX XXXX Lender Agent in respect of such XX XXXX Institutional Lender’s portion of the Advances shall be deposited in the XX XXXX Downgrade Collateral Account for such XX XXXX Institutional Lender. Amounts on deposit in such XX XXXX Downgrade Collateral Account shall be released to such XX XXXX Institutional Lender (or the stated amount of the letter of credit delivered by such XX XXXX Institutional Lender pursuant to Section 1.2(a) of this Annex C may be reduced) within one Business Day after each Payment Date following the Termination Date to the extent that, after giving effect to the distributions made and received by the Lenders on such Payment Date, the amount on deposit in such XX XXXX ...
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Related to Application of Funds in XX XXXX Downgrade Collateral Account

  • Application of Proceeds from Collateral All proceeds from each sale of, or other realization upon, all or any part of the Collateral by any Secured Party after an Event of Default arises shall be applied as follows:

  • Application of Funds in the Collection Account The Master Servicer may, from time to time, make, or cause to be made, withdrawals from the Collection Account for the following purposes:

  • Application of Funds Received It is anticipated that the Master Servicer will be collecting all payments with respect to the Mortgage Loans, any Serviced Companion Mortgage Loan and any B Note (other than payments with respect to REO Income). If, however, the Special Servicer should receive any payments with respect to any Mortgage Loan (other than REO Income) it shall, within one Business Day of receipt from the Mortgagor or otherwise of any amounts attributable to payments with respect to or the sale of any Mortgage Loan or any Specially Serviced Mortgage Loan, if any, (but not including REO Income, which shall be deposited in the applicable REO Account as provided in Section 9.14 hereof), either, (i) forward such payment (endorsed, if applicable, to the order of the Master Servicer), to the Master Servicer, or (ii) deposit such amounts, or cause such amounts to be deposited, in the Certificate Account. The Special Servicer shall notify the Master Servicer of each such amount received on or before the date required for the making of such deposit or transfer, as the case may be, indicating the Mortgage Loan or Specially Serviced Mortgage Loan to which the amount is to be applied and the type of payment made by or on behalf of the related Mortgagor.

  • Application of Collateral Proceeds The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows:

  • Investment of Funds in the Collection Account The Servicer may direct any depository institution which holds the Collection Account to invest the funds in the Collection Account in one or more Permitted Investments bearing interest. All such Permitted Investments shall be held to maturity, unless payable on demand. In the event amounts on deposit in the Collection Account are at any time invested in a Permitted Investment payable on demand, the Servicer shall:

  • Collection Efforts, Modification of Collateral (a) The Servicer will use commercially reasonable efforts to collect, or cause to be collected, all payments called for under the terms and provisions of the Collateral Loans included in the Collateral as and when the same become due, all in accordance with the Servicing Standard.

  • Special Collateral Account After an Event of Default has occurred -------------------------- and is continuing, all cash proceeds of the Collateral received by the Agent shall be deposited in a special deposit account with the Agent and held there as security for the Secured Obligations. The Agent shall invest any and all available funds deposited in such special deposit account, within five (5) business days after the date the relevant funds become available, in securities issued as fully guaranteed or insured by the United States Government or any agency thereof backed by the full faith and credit of the United States having maturities of three (3) months from the date of acquisition thereof (collectively, "Government Obligations"). The Assignor hereby acknowledges and agrees that the Agent shall not have any liability with respect to, and the Assignor hereby indemnifies the Agent against, any loss resulting from the acquisition of the Government Obligation and the Agent shall not have any obligation to monitor the trading activity of any such Governmental Obligations on and after the acquisition thereof for the purpose of obtaining the highest possible return with respect thereto, the Agent's responsibility being limited to acquiring such Governmental Obligations.

  • Distribution of Collateral Proceeds In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the Collateral or other assets of the Borrower or the Guarantors, such monies shall be distributed for application as follows:

  • Application of Collateral The proceeds of any sale, or other realization (other than that received from a sale or other realization permitted by the Credit Agreement) upon all or any part of the Collateral pledged by any Grantor shall be applied by the Administrative Agent as set forth in Section 7.6 of the Credit Agreement.

  • LC Collateral Account (i) The Administrative Agent is hereby authorized to establish and maintain at the Notice Office, in the name of the Administrative Agent and pursuant to a dominion and control agreement, a restricted deposit account designated “The Lead Borrower LC Collateral Account.” Each Credit Party shall deposit into the LC Collateral Account from time to time the Cash Collateral required to be deposited under Section 2.13(j) hereof.

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