Primary Certificate Account Sample Clauses
The Primary Certificate Account clause establishes a designated account where principal and interest payments related to certificates are collected and managed. Typically, this account is maintained by a trustee or servicer, and all funds received from the underlying assets, such as mortgage payments, are deposited into it before being distributed to certificate holders. By centralizing the collection and disbursement of funds, this clause ensures transparency, proper allocation of payments, and reduces the risk of mismanagement or commingling of assets.
Primary Certificate Account. (a) On or prior to the Closing Date, the Primary Servicer shall open, or cause to be opened, and shall thereafter maintain, or cause to be maintained, a separate account or accounts (such account or accounts, collectively, the "Primary Certificate Account"), which accounts must be Eligible Accounts, in the name of "Nationwide Life Insurance Company, as Primary Servicer for W▇▇▇▇ Fargo Bank, National Association, as Master Servicer for LaSalle Bank National Association, as Trustee for the Holders of Bear S▇▇▇▇▇▇ Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2006-PWR13".
(b) On or prior to the date the Primary Servicer shall first deposit funds in a Primary Certificate Account, the Primary Servicer shall give to the Master Servicer prior written notice of the name and address of the depository institution(s) at which such accounts are maintained and the account number of such accounts. The Primary Servicer shall take such actions as are necessary to cause the depository institution holding the Primary Certificate Account to hold such account in the name of the Primary Servicer as provided in Section 3.04(a), subject to the Primary Servicer's right to direct payments and investments and its rights of withdrawal under this Agreement.
(c) The Primary Servicer shall deposit or cause to be deposited in the Primary Certificate Account, within one Business Day of receipt by or on its behalf (in the case of payments by Borrowers or other collections on the Mortgage Loans) or as otherwise required hereunder, the following payments and collections received or made by or on behalf of the Primary Servicer subsequent to the Closing Date (other than in respect of scheduled payments of principal and interest due and payable on such Mortgage Loans on or before their respective Cut-off Dates, which payments shall be retained by the Primary Servicer, in its capacity as the related Pooled Mortgage Loan Seller):