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) The Master Servicer shall, as to the Mortgage Loans (other than REO Loans), establish and maintain one or more accounts (the "Servicing Accounts"), into which all Escrow Payments shall be deposited and retained. Each Servicing Account shall be an Eligible Account and, to the extent invested, shall only be invested in Permitted Investments (except as otherwise required by applicable law or the terms of the related Mortgage Loan). Withdrawals of amounts so collected from a Servicing Account may be made only to: (i) effect payment of real estate or personal property taxes, assessments, insurance premiums, ground rents (if applicable) and comparable items (including taxes or other amounts which could constitute liens prior to or on parity with the lien of the related Mortgaged Property); (ii) reimburse the Master Servicer for any unreimbursed Servicing Advances made thereby to cover any of the items described in the immediately preceding clause (i); (iii) refund to Borrowers any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Borrowers on balances in the Servicing Account; (v) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 8.01 or (vi) withdraw any amounts deposited in error. The Master Servicer shall pay or cause to be paid to the Borrowers interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Mortgage Loan. If the Master Servicer shall deposit in a Servicing Account 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.

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) The Master Servicer shall, as to the all Mortgage Loans (other than REO Loans), establish and maintain one or more accounts (the "Servicing Accounts"), into which all Escrow Payments shall be deposited and retained. Each Servicing Account shall be an Eligible Account and, to the extent invested, shall only be invested in Permitted Investments (except as otherwise required by applicable law or the terms of the related Mortgage Loan)Account. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent amounts have been escrowed for such purpose) only to: (i) effect payment of real estate or personal property taxes, assessments, insurance premiums, ground rents (if applicable) and comparable other items (including taxes or other amounts for which could constitute liens prior to or on parity with funds have been escrowed in the lien of the related Mortgaged Property)Servicing Account; (ii) reimburse the Master Servicer, the Trustee or the Special Servicer for any unreimbursed Servicing Advances made thereby to cover any of the items described in the immediately preceding clause (i)Advances; (iii) refund to Borrowers Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Borrowers Mortgagors on balances in the Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account as described in Section 3.06(b), if and to the extent not required by law or the terms of Mortgage Loan to be paid to the Mortgagor; or (vi) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 8.01 9.01. To the extent permitted by law or (vi) withdraw any amounts deposited the applicable Mortgage Loan, funds in errorthe Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The Master Servicer shall pay or cause to be paid to the Borrowers Mortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Mortgage Loan. If the Master Servicer shall deposit in a Servicing Account 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.. The Servicing Accounts shall not be considered part of the segregated pool of assets constituting REMIC I.

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) The Master Servicer shall, as to the all Mortgage Loans (other than REO and Companion Loans), establish and maintain one or more accounts (the "“Servicing Accounts"”), into which all Escrow Payments shall be deposited and retained, and shall administer such accounts in accordance with the terms of the Mortgage Loan documents. Each Servicing Account shall be an Eligible Account and, to the extent invested, shall only be invested in Permitted Investments (except as otherwise required by applicable law or the terms of the related Mortgage Loan)Account. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent amounts have been escrowed for such purpose) only to: (i) effect payment of real estate or personal property taxes, assessments, insurance premiums, ground rents (if applicable) items for which Escrow Payments were collected and comparable items (including taxes or other amounts which could constitute liens prior to or on parity with the lien of the related Mortgaged Property)items; (ii) reimburse the Master Servicer or the Trustee for any unreimbursed Servicing Advances made thereby to cover any of the items described in the immediately preceding clause (i)Advances; (iii) refund to Borrowers Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Borrowers Mortgagors on balances in the Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account as described in Section 3.06(b), if and to the extent not required by law or the terms of the applicable Mortgage Loan to be paid to the Mortgagor; (vi) withdraw amounts deposited in error or (vii) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 8.01 9.01. To the extent permitted by law or (vi) withdraw any amounts deposited the applicable Mortgage Loan, funds in errorthe 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 Master Servicer shall pay or cause to be paid to the Borrowers Mortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Mortgage Loan. If the Master Servicer shall deposit in a Servicing Account 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. The Servicing Accounts shall not be considered part of the segregated pool of assets constituting any ED Loan REMIC, REMIC I, REMIC II or the Grantor Trusts.

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) The Each of the Master Servicer and the Special Servicer shall, as to the those Mortgage Loans (other than REO Loans)it is obligated to service hereunder, establish and maintain one or more accounts (the "Servicing Accounts"), into which all Escrow Payments shall be deposited and retained. Each Servicing Account shall be an Eligible Account and, to the extent invested, shall only be invested in Permitted Investments (except as otherwise required by applicable law or the terms of the related Mortgage Loan)Account. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent amounts have been escrowed for such purpose) only to: (i) effect payment of real estate or personal property taxes, assessments, insurance premiums, ground rents (if applicable) and comparable items (including taxes or other amounts which could constitute liens prior to or on parity with the lien of the related Mortgaged Property)items; (ii) reimburse the Master Servicer or the Special Servicer for any unreimbursed Servicing Advances made thereby to cover any of the items described in the immediately preceding clause (i)plus interest accrued thereon; (iii) refund to Borrowers Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Borrowers Mortgagors on balances in the Servicing Account; or (v) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 8.01 or (vi) withdraw any amounts deposited in error9.01. The Master Servicer and the Special Servicer shall each pay or cause to be paid to the Borrowers Mortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Mortgage Loan. If the Master Servicer or the Special Servicer shall deposit in a Servicing Account 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.

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) The Master Servicer shall, as to the all Mortgage Loans (other than REO and Companion Loans), establish and maintain one or more accounts (the "“Servicing Accounts"”), into which all Escrow Payments shall be deposited and retained, and shall administer such accounts in accordance with the terms of the Mortgage Loan documents. Each Servicing Account shall be an Eligible Account and, to the extent invested, shall only be invested in Permitted Investments (except as otherwise required by applicable law or the terms of the related Mortgage Loan)Account. Withdrawals of amounts so collected from a Servicing Account may be made (to the extent amounts have been escrowed for such purpose) only to: (i) effect payment of real estate or personal property taxes, assessments, insurance premiums, ground rents (if applicable) items for which Escrow Payments were collected and comparable items (including taxes or other amounts which could constitute liens prior to or on parity with the lien of the related Mortgaged Property)items; (ii) reimburse the Master Servicer or the Trustee for any unreimbursed Servicing Advances made thereby to cover any of the items described in the immediately preceding clause (i)Advances; (iii) refund to Borrowers Mortgagors any sums as may be determined to be overages; (iv) pay interest, if required and as described below, to Borrowers Mortgagors on balances in the Servicing Account; (v) pay itself interest and investment income on balances in the Servicing Account as described in Section 3.06(b), if and to the extent not required by law or the terms of the applicable Mortgage Loan to be paid to the Mortgagor; (vi) withdraw amounts deposited in error or (vii) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 8.01 9.01. To the extent permitted by law or (vi) withdraw any amounts deposited the applicable Mortgage Loan, funds in errorthe 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 Master Servicer shall pay or cause to be paid to the Borrowers Mortgagors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Mortgage Loan. If the Master Servicer shall deposit in a Servicing Account 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. The Servicing Accounts shall not be considered part of the segregated pool of assets constituting REMIC I, REMIC II or the Grantor Trust.

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) The Master Servicer shall, as to the all Mortgage Loans (other than REO Loans311 South Wacker Dxxxx Xxxxx Xxxx), establish and maintain one or more accounts (the "Servicing Accounts")accounts, into in which all related Escrow Payments shall be deposited and retainedretained (each a "Servicing Account"). Each Subject to the terms of the related loan documents, each Servicing Account shall be an Eligible Account and, to the extent invested, shall only be invested in Permitted Investments (except as otherwise required by applicable law or the terms of the related Mortgage Loan)Account. 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 Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only tofor the following purposes: (i) consistent with the related loan documents, to effect the payment of real estate or personal property taxes, assessments, insurance premiumspremiums (including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items (including taxes or other amounts which could constitute liens prior to or on parity with the lien in respect of the related respective Mortgaged Property)Properties; (ii) reimburse insofar as the Master Servicer for any unreimbursed Servicing Advances made thereby 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 Borrowers Mortgagors any sums as may be determined to be overages; (iv) to pay interest, if required and as described below, to Borrowers Mortgagors on balances in the such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account as described in Section 3.06(b), if and to the extent not required by law or the terms of the related loan documents to be paid to the Mortgagor; or (vi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 8.01 9.01. To the extent permitted by law or (vi) withdraw any amounts deposited the applicable loan documents, funds in errorthe Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The Master Servicer shall pay or cause to be paid to the Borrowers Mortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if required by law or the terms of the related Mortgage Loan. If the Master Servicer shall deposit in a Servicing Account 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.

Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts. (a) The Master Servicer shall, as to the Mortgage Loans (other than REO all Serviced Loans), establish and maintain one or more accounts (the "Servicing Accounts")accounts, into in which all related Escrow Payments shall be deposited and retainedretained (each a "Servicing Account"). Each Subject to the terms of the related Loan documents, each Servicing Account shall be an Eligible Account and, to the extent invested, shall only be invested in Permitted Investments (except as otherwise required by applicable law or the terms of the related Mortgage Loan)Account. 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 Loan or, in the case of clauses (iv) and (v) below, to the extent of interest or other income earned on such amounts) only tofor the following purposes: (i) consistent with the related Loan documents, to effect the payment of real estate or personal property taxes, assessments, insurance premiumspremiums (including premiums on any Environmental Insurance Policy), ground rents (if applicable) and comparable items (including taxes or other amounts which could constitute liens prior to or on parity with the lien in respect of the related respective Mortgaged Property)Properties; (ii) reimburse insofar as the Master Servicer for any unreimbursed Servicing Advances made thereby 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 Borrowers Mortgagors any sums as may be determined to be overages; (iv) to pay interest, if required and as described below, to Borrowers Mortgagors on balances in the such Servicing Account; (v) to pay the Master Servicer interest and investment income on balances in such Servicing Account as described in Section 3.06(b), if and to the extent not required by law or the terms of the related Loan documents to be paid to the Mortgagor; or (vi) to clear and terminate the such Servicing Account at the termination of this Agreement in accordance with Section 8.01 9.01. To the extent permitted by law or (vi) withdraw any amounts deposited the applicable Loan documents, funds in errorthe Servicing Accounts may be invested only in Permitted Investments in accordance with the provisions of Section 3.06. The Master Servicer shall pay or cause to be paid to the Borrowers Mortgagors interest, if any, earned on the investment of funds in the related Servicing Accounts maintained therebyAccounts, if required by law or the terms of the related Mortgage Loan. If the Master Servicer shall deposit in a Servicing Account 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.