Common use of Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts Clause in Contracts

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 23 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc18), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C23), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C23)

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Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to such Serviced Loan Combination. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Serviced Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 13 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C7), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C4), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the related Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the a Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Lc20), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C29), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Lc20)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion LoanLoans, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C6), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C6), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C9)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all the Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (includingpremiums, premiums on any Environmental Insurance Policy), [ground rents (if applicable) )] and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such The Special Servicer shall remit such promptly deliver all Escrow Payments received by it to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Account.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc), Pooling and Servicing Agreement (Nationslink Funding Corp)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to such Serviced Loan Combination. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Serviced Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C7), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5), Pooling and Servicing Agreement (Structured Asset Securities Corp Ii)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loanfor which it is the applicable Master Servicer, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Pwr6), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Pwr9)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc16), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2014-Lc16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C17)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2012-Lc5), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion LoanLoans, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C7), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C8), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2012-C7)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (SG Commercial Mortgage Securities, LLC), Pooling and Servicing Agreement (RBS Commercial Funding Inc.)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans and Companion Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Pass THR Cer Ser 2001-C3), Pooling and Servicing Agreement (Wachovia Commercial Mort Pass Thru Cert Ser 2002-C2), Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2004-C15)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loanfor which it is the applicable Master Servicer, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the applicable Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Pwr8), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Pwr3), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Pwr4)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all the Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such The Special Servicer shall remit such promptly deliver all Escrow Payments received by it to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Account.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-1), Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-2), Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-2)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.017.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers Mortgagors interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanMortgagor, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Servicing Account or Servicing Accounts specified by the Master Servicer for deposit in the applicable Servicing Account(s)Servicer.

Appears in 3 contracts

Samples: Servicing and Administration Agreement (Criimi Mae CMBS Corp), Servicing and Administration Agreement (Criimi Mae CMBS Corp), Servicing and Administration Agreement (Structured Asset Securities Corp Series 1997 Ll I)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loanfor which it is the applicable Master Servicer, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the applicable Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr18), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr14), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the Non-Serviced Mortgage Loans) and Companion Loans (other than the Non-Serviced Companion Loans), establish and maintain one or more segregated accounts (the “Servicing Accounts”), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trusts.

Appears in 2 contracts

Samples: Distribution Instructions (Wachovia Bank Commercial Mortgage Trust Series 2007-C31), Intercreditor Agreement (Wachovia Bank Commercial Mortgage Trust Series 2007-C31)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all of the Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Each Servicing Account shall be an Eligible Account. As The Special Servicer shall promptly remit any Escrow Payments that it receives to the Master Servicer for deposit into the applicable Servicing Account. With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such checks, without recourse, to the order of the Master Servicer and shall promptly remit any such check to the Master Servicer. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)plus interest accrued thereon; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest Account; or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).segregated pool of assets constituting REMIC I.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans and Companion Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Additional Interest Grantor Trust.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wachovia Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2005-C22)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Mortgage Loan Documents that specify or, in the nature case of the account in which Escrow Payments shall be heldclauses (iv) and (v) below, each Servicing Account shall be an Eligible Account. As and to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documentsdocuments, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for any such Servicing Advance (provided that any interest thereon may only be withdrawn from the Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan segregated pool of assets constituting, REMIC I, REMIC II, Grantor Trust A-2FL, Grantor Trust A-4FL, Grantor Trust Z, Grantor Trust E or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust B.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Cki1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Cki1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all the Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such The Special Servicer shall remit such promptly deliver all Escrow Payments received by it to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Account.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc), Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by applicable the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C13), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C13)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans and Companion Loans, establish and maintain one or more segregated accounts (the “Servicing Accounts”), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Additional Interest Grantor Trust.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2006-C24), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans Loans, the Trust Subordinate Companion Loan or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan, the Trust Subordinate Companion Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan, the Trust Subordinate Companion Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan, the Trust Subordinate Companion Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan, the Trust Subordinate Companion Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C24), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2014-C25)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan Documents; provided that, in the case of the Great Mall Loan Pair, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to the Great Mall Loan Pair. Each Servicing Account with respect to a Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan Documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Mortgage Loan Documents that specify or, in the nature case of the account in which Escrow Payments shall be heldclauses (iv) and (v) below, each Servicing Account shall be an Eligible Account. As and to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover Advance (provided that any of interest thereon may only be withdrawn from the items described in the immediately preceding clause (iCollection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan Documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion LoanDocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan Documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan Documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan Documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan segregated pool of assets constituting REMIC I, REMIC II, Grantor Trust Z, Grantor Trust E or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust B.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Loans, establish and maintain one or more segregated accounts (“Servicing Accounts”)accounts, in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own fundsretained (each a "Servicing Account"). Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related Mortgage Loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, Loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C3), Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C2)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the Windsor Capital Portfolio Trust Loan, which is being serviced under the 2003-C1 PSA), establish and maintain one or more segregated accounts (“Servicing Accounts”)accounts, in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own fundsretained (each a "Servicing Account"). Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenwich Capital Comm Mort Pass THR Certs Ser 2003-C2), Pooling and Servicing Agreement (Greenwich Capital Comm Mort Pass THR Certs Ser 2003-C2)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Loans, establish and maintain one or more segregated accounts (“Servicing Accounts”)accounts, in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own fundsretained (each a "Servicing Account"). Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related Loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, Loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp), Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2006-Gg7)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II, REMIC III or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Certiticates Series 1999 C2), Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to such Serviced Loan Combination. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the -129- Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Serviced Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C8), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C8)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by applicable the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16), Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to such Loan Combination. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C1), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C3)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers Mortgagors interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanMortgagor, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Servicing Account or Servicing Accounts specified by the Master Servicer for deposit in the applicable Servicing Account(s)Servicer.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Criimi Mae CMBS Corp), Pooling and Servicing Agreement (Criimi Mae CMBS Corp)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to such Serviced Loan Combination. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Serviced Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C7), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C6)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the Non-Serviced Mortgage Loans) and Companion Loans (other than the Non-Serviced Companion Loans), establish and maintain one or more segregated accounts (the “Servicing Accounts”), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting the Borrower under any Serviced Mortgage Four Seasons Resort and Club - Dallas, TX Loan REMIC, REMIC I, REMIC II or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trusts.

Appears in 1 contract

Samples: Intercreditor and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2006-C28)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the 2005-C17 Serviced Mortgage Loans) and Companion Loans (other than the One & Two International Place Companion Loan or the 450 West 33rd Street Companion Loan), establish and maintain one or more segregated accounts mxxx xxxxxxxx (“Servicing xxx "Xervicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Trustee or the Trustee, as applicable, Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2005-C18)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall shall, as to all Serviced Mortgage Loans as to which it is the Master Servicer, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related loan documents; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then such Master Servicer shall clearly reflect any interest therein of the related Serviced Non-Trust Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Noteholder. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by terms of applicable Trust Mortgage Loan documents. As and Withdrawals of amounts so collected from a Servicing Account may be made in each case, to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held of amounts on deposit therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged PropertyServiced Mortgage Loan (or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trustee, as applicable, any Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Serviced Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after following an event of defaultdefault under the related Serviced Mortgage Loan, to pay for such other purposes as are consistent with the principal of, accrued interest on and any other amounts payable with respect to such related Trust Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The To the extent permitted by law or the applicable Serviced Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Serviced Mortgage Loan documents. Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).contrary

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CD 2007-Cd4 Commercial Mortgage Trust)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Mortgage Loan Documents that specify or, in the nature case of the account in which Escrow Payments shall be heldclauses (iv) and (v) below, each Servicing Account shall be an Eligible Account. As and to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documentsdocuments, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable, for any such Servicing Advance (provided that any interest thereon may only be withdrawn from the Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan segregated pool of assets constituting, REMIC I, REMIC II, Grantor Trust A-3FL, Grantor Trust AN-FL or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust Z.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MLCFC Commercial Mortgage Trust Series 2006-1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Mortgage Loan Documents that specify or, in the nature case of the account in which Escrow Payments shall be heldclauses (iv) and (v) below, each Servicing Account shall be an Eligible Account. As and to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documentsdocuments, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable, for any such Servicing Advance (provided that any interest thereon may only be withdrawn from the Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan segregated pool of assets constituting, REMIC I, REMIC II, Grantor Trust Z or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust E.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-McP1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the Non-Serviced Mortgage Loans) and Companion Loans (other than the Non-Serviced Companion Loans), establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Additional Interest Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2007-C33)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, without limitation, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the 2004-C10 Serviced Mortgage Loan) and Companion Loans (other than the 00 Xxxxxxx Xxxxxx Companion Loans), establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Fiscal Agent or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such -109- amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting the Borrower under any Serviced Mortgage Loan REMIC, REMIC I, REMIC II or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loanas to which it is the applicable Master Servicer, shall be deposited and retained. The General Master Servicer shall maintain the Servicing Accounts with respect to the non-Co-op Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans), separate and apart from its own fundsthe Co-op -109- Master Servicer shall maintain the Servicing Accounts with respect to the Co-op Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans). Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, either Special Servicer, the applicable Special Servicer Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivi) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related relevant Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable a Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass THR Cert Ser 2001-Ckn5)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each of the Master Servicer shall and the Special Servicer shall, as to those Mortgage Loans it is obligated to service hereunder, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Section

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish shall, as to all Mortgage Loans (other than the 2004-C15 Serviced Mortgage Loans) and Companion Loans (other than the 175 West Jackson Companion Loans and the 180 Maiden Lane Companion Loans), estxxxxxx and maintain one or more segregated accounts xxxxxxxx (xxx "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2005-C16)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse Fr Bs Mor Sec Cp Com Mor Ps Th Ce Ser 2001-Ck1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union National Bank Com Mort Pas THR Cert Ser 2002 C1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the related Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the a Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-Nxs1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loanfor which it is the applicable Master Servicer, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Pwr11)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (except the UBS Warburg Building Mortgage Loan), establish and maintain one or more segregated accounts (the "Pool Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained. The Master Servicer shall, separate at all times, establish and apart from its own fundsmaintain, with respect to the UBS Warburg Building Loan Pair, one or more accounts (the "UBS Warburg Building Servicing Account"), in which all related Escrow Payments shall be deposited and retained. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related Loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, Loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest and other income earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivi) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained. The General Master Servicer shall maintain the Servicing Accounts with respect to the General Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans), separate and apart from its own fundsthe NCBFSB Master Servicer shall maintain the Servicing Accounts with respect to the NCBFSB Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans). Subject to any terms of the related Mortgage Loan Documents and the terms of any related A/B Intercreditor Agreement that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, such Special Servicer, the applicable Special Servicer Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivi) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the applicable Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable a Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mor Sec Corp Com Cer Ser 2003-C3)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained. The General Master Servicer shall maintain the Servicing Accounts with respect to the General Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans), separate and apart from its own fundsthe Co-op Master Servicer shall maintain the Servicing Accounts with respect to the Co-op Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans). Subject to any terms of the related Mortgage Loan Documents and the terms of any related A/B Intercreditor Agreement that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, such Special Servicer, the applicable Special Servicer Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivi) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the applicable Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Comm Mort Pass THR Cert Ser 2003-Cnp1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Mortgage Loan Documents that specify or, in the nature case of the account in which Escrow Payments shall be heldclauses (iv) and (v) below, each Servicing Account shall be an Eligible Account. As and to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documentsdocuments, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable, for any such Servicing Advance (provided that any interest thereon may only be withdrawn from the Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).contrary

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-McP1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Special Servicer for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)plus interest accrued thereon; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of Mortgage Loan to be paid to the related Borrower to pay such interest Mortgagor; or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).segregated pool of assets constituting REMIC I.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then the Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Serviced Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for any such Servicing Advance (provided that any interest thereon may only be withdrawn from the Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Serviced Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan segregated pool of assets constituting, REMIC I, REMIC II, Grantor Trust Z or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust E.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the Non-Serviced Mortgage Loans) and Companion Loans (other than the Non-Serviced Companion Loans), establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Trustee or the Trustee, as applicable, Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trusts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2005-C20)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, case of clauses (iv) and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereonv), to the extent of interest or other income earned on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related respective Mortgaged Property; Properties, (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in be paid to the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass-Through Certificates Series 2000-C4)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loanfor which it is the applicable Master Servicer, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the applicable Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2007-Pwr16)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (TIAA Seasoned Commercial Mortgage Trust 2007-C4)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”"SERVICING ACCOUNTS"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loanas to which it is the applicable Master Servicer, shall be deposited and retained. The General Master Servicer shall maintain the Servicing Accounts with respect to the non-Co-op Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans), separate and apart from its own fundsthe Co-op Master Servicer shall maintain the Servicing Accounts with respect to the Co-op Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans). Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause CLAUSE (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivi) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section SECTION 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it -116- any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable a Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

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Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) Escrow Payments and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Special Servicer for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of Mortgage Loan to be paid to the related Borrower to pay such interest Mortgagor; or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).segregated pool of assets constituting REMIC I.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to such Serviced Loan Combination. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Serviced Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Ii Lb-Ubs Comm Mort Trust 2004-C4)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage loan documents; provided that, in the case of a Loan Documents that specify Combination, if the nature related Servicing Account includes funds with respect to any other Serviced Loan, then the Master Servicer shall clearly reflect any interest therein of the account in which Escrow Payments shall be held, each related Non-Trust Loan Noteholder. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by terms of applicable Mortgage Loan documents. As and Withdrawals of amounts so collected from a Servicing Account may be made in each case, to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held of amounts on deposit therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged PropertyServiced Loan (or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trustee, as applicable, any Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Serviced Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after following an event of defaultdefault under the related Serviced Loan, to pay for such other purposes as are consistent with the principal of, accrued interest on and any other amounts payable with respect to such related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Serviced Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Serviced Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).91

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2006-C4)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the applicable Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Mortgage Loan Documents that specify or, in the nature case of the account in which Escrow Payments shall be heldclauses (iv) and (v) below, each Servicing Account shall be an Eligible Account. As and to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documentsdocuments, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover Advance (provided that any of interest thereon may only be withdrawn from the items described in the immediately preceding clause (iapplicable Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the applicable Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. The To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeapplicable Mortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a either Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after The Servicing Accounts shall not be considered part of the segregated pool of assets constituting, REMIC I, REMIC II, Grantor Trust Z or Grantor Trust E. If for any reason any Escrow Payments or Reserve Funds are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanServicer, then promptly after such receipt, and in any event within one Business Day after any of such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2006-C1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (each, a "Servicing Accounts”Account"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of Unless otherwise required by the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Withdrawals of amounts so collected from a Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer Account may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as followsbe made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of (to the related Mortgaged Propertyextent amounts have been escrowed for such purpose); (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with in respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)related Mortgage Loan; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in the Servicing Account (orAccount, if and to the extent not payable to the related Borrower or otherwise to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied for application to the restoration or repair or restoration of the related Mortgaged Property, Property in accordance with the related Mortgage Loan documents and the Servicing Standard; (vi) after an event as otherwise permitted by the terms of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such related Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers Mortgagors interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such the Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Brothers Mortgage Securities Vii Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans and Companion Loans, establish and maintain one or more segregated accounts (the “Servicing Accounts”), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Intercreditor and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2005-C17)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall shall, as to all Serviced Mortgage Loans as to which it is the Master Servicer, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related loan documents; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then such Master Servicer shall clearly reflect any interest therein of the related Serviced Non-Trust Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Noteholder. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by terms of applicable Trust Mortgage Loan documents. As and Withdrawals of amounts so collected from a Servicing Account may be made in each case, to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held of amounts on deposit therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged PropertyServiced Mortgage Loan (or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trustee, as applicable, any Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Serviced Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after following an event of defaultdefault under the related Serviced Mortgage Loan, to pay for such other purposes as are consistent with the principal of, accrued interest on and any other amounts payable with respect to such related Trust Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The To the extent permitted by law or the applicable Serviced Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Serviced Mortgage Loan documents. Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after The Servicing Accounts shall not be considered part of the segregated pool of assets constituting any Escrow Payments are received by the applicable Special Servicer from the Borrower under REMIC Pool or any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Transaction-Specific Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2007-C6)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans and the Crowne Plaza Companion Loan, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II, REMIC III, REMIC IV or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the applicable Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Mortgage Loan Documents that specify or, in the nature case of the account in which Escrow Payments shall be heldclauses (iv) and (v) below, each Servicing Account shall be an Eligible Account. As and to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documentsdocuments, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicablethe case may be, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover Advance (provided that any of the items described in the immediately preceding clause (iinterest thereon may only be withdrawn from its Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the applicable Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. The To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeapplicable Mortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a either Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan segregated pool of assets constituting, REMIC I, REMIC II, Grantor Trust E or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust B.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-2)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, case of clauses (iv) and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereonv), to the extent of interest or other income earned on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CDC Commercial Mortgage Trust 2002-Fx1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. The Master Servicer shall maintain the Servicing Accounts with respect to the Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans). Subject to any terms of the related Mortgage Loan Documents and the terms of any related A/B Intercreditor Agreement that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable such Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivi) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse Commercial Mortgage Trust Series 2006-C3)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then the Master Servicer shall maintain a separate sub-account of such Servicing Account that relates solely to such Loan Combination. Each Servicing Account with respect to a Serviced Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover Advance (provided that any of interest thereon may only be withdrawn from the items described in the immediately preceding clause (iCollection Account); (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Serviced Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan segregated pool of assets constituting, REMIC I, REMIC II, Grantor Trust A-3FL, Grantor Trust A-4FC or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust Z.

Appears in 1 contract

Samples: Sub Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Lc1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (except the _______________ Mortgage Loan and the _______________ Mortgage Loan), establish and maintain one or more segregated accounts (the "Pool Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained. The Master Servicer shall, separate as to the _______________ Loan Pair, establish and apart from its own fundsmaintain one or more accounts (the "_______________ Servicing Accounts"), in which all related Escrow Payments shall be deposited and retained. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp Ii)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall shall, as to all Serviced Mortgage Loans as to which it is the Master Servicer, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related loan documents; provided that, in the case of an A/B Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan Documents that specify the nature Loan, then such Master Servicer shall clearly reflect any interest therein of the account in which Escrow Payments shall be held, each related B-Noteholder. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by terms of applicable Trust Mortgage Loan documents. As and Withdrawals of amounts so collected from a Servicing Account may be made in each case, to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held of amounts on deposit therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged PropertyServiced Mortgage Loan (or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trustee, as applicable, any Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable 109 Serviced Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after following an event of defaultdefault under the related Serviced Mortgage Loan, to pay for such other purposes as are consistent with the principal of, accrued interest on and any other amounts payable with respect to such related Trust Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The To the extent permitted by law or the applicable Serviced Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Serviced Mortgage Loan documents. Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after The Servicing Accounts shall not be considered part of the segregated pool of assets constituting any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan REMIC Pool or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust Y.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2006-C5)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master The Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, and subject to Section 3.06, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers Mortgagors interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a Master the Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanMortgagor, and in any event within one two Business Day Days after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (DLJ Commercial Mort Corp Comm Mort Pass THR Cer Ser 1998-Cg1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall shall, as to all Serviced Mortgage Loans as to which it is the Master Servicer, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related loan documents; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Serviced Mortgage Loan, then such Master Servicer shall clearly reflect any interest therein of the related Serviced Non-Trust Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Noteholder. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by terms of applicable Trust Mortgage Loan documents. As and Withdrawals of amounts so collected from a Servicing Account may be made in each case, to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held of amounts on deposit therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged PropertyServiced Mortgage Loan (or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trustee, as applicable, any Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Serviced Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after following an event of defaultdefault under the related Serviced Mortgage Loan, to pay for such other purposes as are consistent with the principal of, accrued interest on and any other amounts payable with respect to such related Trust Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The To the extent permitted by law or the applicable Serviced Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Serviced Mortgage Loan documents. Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after The Servicing Accounts shall not be considered part of the segregated pool of assets constituting any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan REMIC Pool or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).Grantor Trust Y.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2008-C7)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than the 2006-C23 Serviced Mortgage Loan) and Companion Loans (other than the Prime Outlets Pool Pari Passu Companion Loan), establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Additional Interest Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2006-C25)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (other than 311 South Wacker Dxxxx Xxxxx Xxxx), establish and maintain one or more segregated accounts (“Servicing Accounts”)accounts, in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own fundsretained (each a "Servicing Account"). Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenwich Capital Commercial Fund Corp Comm Mort Tr 2003-C1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II, REMIC III, REMIC IV or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (“Servicing Accounts”)accounts, in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own fundsretained (each a "Servicing Account"). Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from case of clauses (iv) and (v) below, to the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related Mortgage Loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, Loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CWCapital Commercial Funding Corp.)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans and Companion Loans, establish and maintain one or more segregated accounts (the “Servicing Accounts”), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Trustee for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after The Servicing Accounts shall not be considered part of the segregated pool of assets constituting any Escrow Payments are received by ED Loan REMIC, REMIC I, REMIC II or the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trusts.

Appears in 1 contract

Samples: Distribution Instructions (Wachovia Bank Commercial Mortgage Trust Series 2007-C34)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the related Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2015-C27)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each of the Master Servicer shall and the Special Servicer shall, as to those Mortgage Loans it is obligated to service hereunder, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer and Special Servicer shall each pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer or Special Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by the terms of the Mortgage Loan Documents. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Trustee or the Trustee, as applicable, Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other withdraw amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loandeposited in error; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01; or (viii) only as, when and to the extent required under the terms of the related Intercreditor Agreement with respect to each Loan Pair, and for all other Mortgage Loans, to the extent permitted under the Mortgage Loan Documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc Com MRT Pas THR Cert Ser 2002 Mw1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all the Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower Mortgagor any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagor on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Mortgagor, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such The Special Servicer shall remit such promptly deliver all Escrow Payments received by it to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to such Loan Combination. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Serviced Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Lb-Ubs Comm Mort Trust 2004-C2)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) Escrow Payments and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Trustee or the Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of Mortgage Loan to be paid to the related Borrower to pay such interest Mortgagor; or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).segregated pool of assets constituting REMIC I.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall shall, as to all Serviced Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject shall administer such accounts in accordance with the terms of the Mortgage Loan documents; provided that, in the case of a Serviced Loan Combination, if the related Servicing Account includes funds with respect to any Non-Trust Loan, then the applicable Master Servicer shall transfer such funds to the applicable Loan Combination Custodial Account. Each Servicing Account with respect to a Serviced Mortgage Loan shall be an Eligible Account unless not permitted by the terms of the applicable Mortgage Loan documents. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent of amounts on deposit therein in respect of the related Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only for the following purposes: (i) consistent with the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be helddocuments, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policyenvironmental insurance policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) insofar as the particular Escrow Payment represents a late payment that was intended to cover an item described in the immediately preceding clause (i) for which a Servicing Advance was made, to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trusteeany Fiscal Agent, as applicable, for any unreimbursed such Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover Advance (provided that any of interest thereon may only be withdrawn from the items described in the immediately preceding clause (iapplicable Collection Account); , (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required by law or the related Mortgage Loan documents and as described below, to Mortgagors on balances in the related Borrower respective Servicing Accounts; (v) to pay the applicable Master Servicer interest and investment income on balances in the Servicing Account (orAccounts as described in Section 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan documents to be paid to the Mortgagor; (vi) after during an event of defaultdefault under the related Serviced Mortgage Loan, to pay the principal of, accrued interest on and for any other amounts payable with respect to such purpose permitted by the related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account Accounts at the termination of this Agreement in accordance with Section 9.01; or (ix) only as, when and to the extent permitted under the Mortgage Loan documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. The To the extent permitted by law or the applicable Mortgage Loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeapplicable Mortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a either Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after The Servicing Accounts shall not be considered part of the segregated pool of assets constituting REMIC I, REMIC II or any Grantor Trust. If for any reason any Escrow Payments or Reserve Funds are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanServicer, then promptly after such receipt, and in any event within one Business Day after any of such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-8)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts (“Servicing Accounts”), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion LoanLoans, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by applicable the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (WFRBS Commercial Mortgage Trust 2013-C16)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans (except the Cherry Creek Mall Mortgage Loan, the Annapolis Mall Mortgage Loan, the Westfield Portfolio Mortgage Loan and the Sangertown Square Mortgage Loan), establish and maintain one or more segregated accounts (“Servicing Accounts”the "POOL SERVICING ACCOUNTS"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained. The Master Servicer shall, separate at all times, establish and apart from its own fundsmaintain, with respect to each of the Cherry Creek Mall Loan Pair, the Annapolis Mall Loan Pair, the Westfield Portfolio Loan Pair and the Sangertown Square Loan Pair, one or more accounts (the "CHERRY CREEK MALL SERVICING ACCOUNT", the "ANNAPOLIS MALL SERVICING ACCOUNT", the "WESTFIELD PORTFOLIO SERVICING ACCOUNT" and the "SANGERTOWN SQUARE SERVICING ACCOUNT", respectively), in which all related Escrow Payments shall be deposited and retained. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documentsor, in the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, case of CLAUSES (IV) and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereonV), to the extent of interest or other income earned on such amounts) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trustee, as applicable, Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause CLAUSE (iI); (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (v) pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in SECTION 3.06(b), if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, Mortgage Loan or Companion Loan to be paid to the Mortgagor; or (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section SECTION 9.01. To the extent permitted by law or the applicable Mortgage Loan and/or Companion Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of SECTION 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Com Mort Pas THR Certs Ser 2000-C3)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all related Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained; provided that, in the case of the XX Xxxx Loan Group, if the related Servicing Account includes funds with respect to any other Mortgage Loan, then the Master Servicer shall maintain a separate and apart from its own fundssub-account of such Servicing Account that relates solely to the XX Xxxx Loan Group. Subject to any the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be heldloan documents, each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (in each case, to the extent consistent with the Servicing Standard, applicable law and of amounts on deposit therein in respect of the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or Serviced Pari Passu Companion Loan (together with interest other income earned thereon), on such amounts) only as followsfor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate taxes, assessments, insurance premiums (including, including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related respective Mortgaged PropertyProperties; (ii) to reimburse insofar as the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan particular Escrow Payment represents a late payment that was intended to cover any of the items an item described in the immediately preceding clause (i)) for which a Servicing Advance was made, to reimburse the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such Servicing Advance; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) following an event of default under the related Serviced Trust Mortgage Loan, for such other purposes as are consistent with the related loan documents, applicable law and the Servicing Standard; (v) to pay interest or other incomeinterest, if required and as described below, to the related Borrower Mortgagors on balances in such Servicing Account; (vi) to pay the Master Servicer interest and investment income on balances in such Servicing Account (oras described in Section 3.06, if and to the extent not payable to required by law or the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration terms of the related Mortgaged Property, (vi) after an event of default, loan documents to pay be paid to the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in errorMortgagor; or (viiivii) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable loan documents, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if and to the extent required by law or the terms of the related Serviced Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Lb Ubs Com Mort Tr 2003-C8)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by the terms of the Mortgage Loan Documents. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Trustee or the Trustee, as applicable, Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01; and for all other Mortgage Loans, to the extent permitted under the Mortgage Loan Documents, to effect payment of accrued and unpaid late charges, default interest and other reasonable fees. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all the Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy)premiums, ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower Borrower, to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); or (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeinterest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such The Special Servicer shall remit such promptly deliver all Escrow Payments received by it to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loanfor which it is the applicable Master Servicer, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such the applicable Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Sec Tr 2002-Pbw1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish and maintain one or more segregated accounts (the "Servicing Accounts"), in which all Escrow Payments received by it with respect to any Serviced the Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. The Master Servicer shall maintain the Servicing Accounts with respect to the Mortgage Loans (including any such Mortgage Loans that are Specially Serviced Mortgage Loans). Subject to any terms of the related Mortgage Loan Documents and the terms of any related A/B Intercreditor Agreement that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Withdrawals of amounts so collected in respect of any Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, (and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows) from a Servicing Account may be made only: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable such Special Servicer or the Trustee, as applicable, for any unreimbursed Servicing Advances (together with Advance Interest Accrued thereon) made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master ServicerServicer as Additional Master Servicer Servicing Compensation); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, withdraw amounts deposited in error; (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viiivi) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion LoanBorrower, and in any event within one two Business Day Days after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Mortgage Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) Escrow Payments and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer or the Trustee, as applicable, Special Servicer for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of Mortgage Loan to be paid to the related Borrower to pay such interest Mortgagor; or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested in Permitted Investments in accordance with the provisions of Section 3.06. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).segregated pool of assets constituting REMIC I.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each Master Servicer shall establish and maintain one or more segregated accounts ("Servicing Accounts"), in which all Escrow Payments received by it with respect to any the Serviced Mortgage Loans or Serviced Pari Passu Companion Loanfor which it is the applicable Master Servicer, shall be deposited and retained, separate and apart from its own funds. Subject to any terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each Servicing Account shall be an Eligible Account. As and to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable each Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged Property; (ii) to reimburse the applicable such Master Servicer, the applicable Special Servicer Servicer, the Trustee or the TrusteeFiscal Agent, as applicable, for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i); (iii) to refund to the related Borrower any sums as may be determined to be overages; (iv) to pay interest or other income, if required and as described below, to the related Borrower on balances in the Servicing Account (or, if and to the extent not payable to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable such Master Servicer); (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. The applicable Each Master Servicer shall pay or cause to be paid to the related Borrowers interest and other income, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan Documents. If a Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one (1) Business Day after any such receipt, such the Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Sec Fin Corp Com Mort Tr 2003 Pwr1)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall establish shall, as to all Mortgage Loans (other than the 2004-C10 Serviced Mortgage Loan) and maintain Companion Loans (other than the 11 Madison Avenue Companion Loans), xxxxxxxxx xxx xxxntain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage Loan Documents that specify the nature of the account in which Escrow Payments shall be held, each documents. Each Servicing Account shall be an Eligible Account. As and Withdrawals of amounts so collected from a Servicing Account may be made (to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), amounts have been escrowed for such purpose) only as followsto: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) items for which Escrow Payments were collected and comparable items in respect of the related Mortgaged Propertyitems; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Trustee or the Trustee, as applicable, Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Mortgage Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after an event of default, to pay the principal of, accrued interest on and any other amounts payable with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan; (vii) to withdraw amounts deposited in the Servicing Account in error; error or (viiivii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Mortgage Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Mortgage Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsLoan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after any Escrow Payments are received by The Servicing Accounts shall not be considered part of the applicable Special Servicer from segregated pool of assets constituting REMIC I, REMIC II or the Borrower under any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2004-C12)

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) Each The Master Servicer shall shall, as to all Serviced Loans, establish and maintain one or more segregated accounts (the "Servicing Accounts"), in into which all Escrow Payments received by it with respect to any Serviced Mortgage Loans or Serviced Pari Passu Companion Loan, shall be deposited and retained, separate and apart from its own funds. Subject to any shall administer such accounts in accordance with the terms of the related Mortgage loan documents; provided that, in the case of an A/B Loan Documents that specify Combination, if the nature related Servicing Account includes funds with respect to any other Serviced Loan, then the Master Servicer shall clearly reflect any interest therein of the account in which Escrow Payments shall be held, each related B-Noteholder. Each Servicing Account shall be an Eligible AccountAccount unless not permitted by terms of applicable Mortgage Loan documents. As and Withdrawals of amounts so collected from a Servicing Account may be made in each case, to the extent consistent with the Servicing Standard, applicable law and the related Mortgage Loan Documents, the applicable Master Servicer may make withdrawals from the Servicing Accounts maintained by it, and may apply Escrow Payments held of amounts on deposit therein with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan (together with interest earned thereon), only as follows: (i) to effect the payment of real estate taxes, assessments, insurance premiums (including, premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items in respect of the related Mortgaged PropertyServiced Loan (or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only to: (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) to reimburse the applicable Master Servicer, the applicable Special Servicer Servicer, the Trustee or the Trustee, as applicable, Fiscal Agent for any unreimbursed Servicing Advances made thereby with respect to such Mortgage Loan or Serviced Pari Passu Companion Loan to cover any of the items described in the immediately preceding clause (i)Advances; (iii) to refund to the related Borrower Mortgagors any sums as may be determined to be overages; (iv) to pay interest or other incomeinterest, if required and as described below, to Mortgagors on balances in the related Borrower Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account (oras described in Section 3.06(b), if and to the extent not payable required by law or the terms of the applicable Serviced Loan to be paid to the related Borrower to pay such interest or other income (up to the amount of any Net Investment Earnings in respect of such Servicing Account for each Collection Period) to the applicable Master Servicer)Mortgagor; (v) disburse Insurance Proceeds if required to be applied to the repair or restoration of the related Mortgaged Property, (vi) after following an event of defaultdefault under the related Serviced Loan, to pay for such other purposes as are consistent with the principal of, accrued interest on and any other amounts payable with respect to such related Mortgage Loan or Serviced Pari Passu Companion Loandocuments, applicable law and the Servicing Standard; (vii) to withdraw amounts deposited in the Servicing Account in error; or (viii) to clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01. To the extent permitted by law or the applicable Serviced Loan, funds in the Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06 and in accordance with the terms of the related Serviced Loan documents. The applicable Master Servicer shall pay or cause to be paid to the related Borrowers interest and other incomeMortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if and to the extent required by law or the terms of the related Mortgage Loan DocumentsServiced Loan. If a the Master Servicer shall deposit in a Servicing Account maintained by it any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding. Promptly after The Servicing Accounts shall not be considered part of the segregated pool of assets constituting any Escrow Payments are received by the applicable Special Servicer from the Borrower under any Serviced Mortgage Loan REMIC Pool or Serviced Pari Passu Companion Loan, and in any event within one Business Day after any such receipt, such Special Servicer shall remit such Escrow Payments to the applicable Master Servicer for deposit in the applicable Servicing Account(s)Grantor Trust.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc)

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