Common use of Reserve Funds, Generally Clause in Contracts

Reserve Funds, Generally. (a) Reserve Funds shall not be invested except in such Permitted Investments as determined and directed by Lender or its loan servicer. Except for Interest-Bearing Reserve Funds, all income and interest earned on the investment of Reserve Funds shall be for the account of and be retained by Lender or such loan servicer. All income and interest earned on the investment of Interest-Bearing Reserve Funds shall be for the account of Borrower. In no event shall Lender or its loan servicer be required to invest Reserve Funds in any particular type of Permitted Investment or select any particular account or credit funds therein at any particular rate of interest, provided that selection of the account and the rate of interest credited to Borrower on funds deposited therein shall be consistent with the general standards at the time being utilized by Lender or its loan servicer, as applicable, in establishing similar accounts for loans of comparable type. Any income or interest credited to Borrower hereunder shall be part of the applicable Reserve Account and shall be disbursed in accordance with Section 9.7 above; provided, however, that Lender may, at its election, retain any such interest for its own account during the occurrence and continuance of an Event of Default. Borrower agrees that it shall include all interest to which it is entitled under the terms hereof as the income of Borrower and shall be the owner of the Reserve Funds for federal and applicable state and local tax purposes, except to the extent that Lender retains any interest for its own account during the occurrence and continuance of an Event of Default as provided herein.

Reserve Funds, Generally. (a) Reserve Funds shall not be invested except in such Permitted Investments as determined and directed by Lender or its loan servicer. Except for Interest-Bearing Reserve Funds, all income and interest earned on the investment of Reserve Funds shall be for the account of and be retained by Lender or such loan servicer. All income and interest earned on the investment of Interest-Bearing Reserve Funds shall be for the account of Borrower. In no event shall Lender or its loan servicer be required to invest Reserve Funds in any particular type of Permitted Investment or select any particular account or credit funds therein at any particular rate of interest, provided that selection of the account and the rate of interest credited to Borrower on funds deposited therein shall be consistent with the general standards at the time being utilized by Lender or its loan servicer, as applicable, in establishing similar accounts for loans of comparable type. Any income or interest credited to Borrower hereunder shall be part of the applicable Reserve Account and shall be disbursed in accordance with Section 9.7 9.9 above; provided, however, that Lender may, at its election, retain any such interest for its own account during the occurrence and continuance of an Event of Default. Borrower agrees that it shall include all interest to which it is entitled under the terms hereof as the income of Borrower and shall be the owner of the Reserve Funds for federal and applicable state and local tax purposes, except to the extent that Lender retains any interest for its own account during the occurrence and continuance of an Event of Default as provided herein.

Reserve Funds, Generally. (a) Reserve Funds shall not be invested except in such Permitted Investments as determined and directed by Lender or its loan servicer. Except for Interest-Bearing Reserve Funds, all income and interest earned on the investment of Reserve Funds shall be for the account of and be retained by Lender or such loan servicer. All income and interest earned on the investment of Interest-Bearing Reserve Funds shall be for the account of Borrower. In no event shall Lender or its loan servicer be required to invest Reserve Funds in any particular type of Permitted Investment or select any particular account or credit funds therein at any particular rate of interest, provided that selection of the account and the rate of interest credited to Borrower on funds deposited therein shall be consistent with the general standards at the time being utilized by Lender or its loan servicer, as applicable, in establishing similar accounts for loans of comparable type. Any income or interest credited to Borrower hereunder shall be part of the applicable Reserve Account and shall be disbursed in accordance with Section 9.7 above; 106 provided, however, that Lender may, at its election, retain any such interest for its own account during the occurrence and continuance of an Event of Default. Borrower agrees that it shall include all interest to which it is entitled under the terms hereof as the income of Borrower and shall be the owner of the Reserve Funds for federal and applicable state and local tax purposes, except to the extent that Lender retains any interest for its own account during the occurrence and continuance of an Event of Default as provided herein.

Reserve Funds, Generally. (a) Reserve Funds shall not be invested except in such Permitted Investments as determined and directed by Lender or its loan servicer. Except for Interest-Bearing Reserve Funds, all income and interest earned on the investment of Reserve Funds shall be for the account of and be retained by Lender or such loan servicer. All income and interest earned on the investment of Interest-Bearing Reserve Funds shall be for the account of Borrower. In no event shall Lender or its loan servicer be required to invest Reserve Funds in any particular type of Permitted Investment or select any particular account or credit funds therein at any particular rate of interest, provided that selection of the account and the rate of interest credited to Borrower on funds deposited therein shall be consistent with the general standards at the time being utilized by Lender or its loan servicer, as applicable, in establishing similar accounts for loans of comparable type. Any income or interest credited to Borrower hereunder shall be part of the applicable Reserve Account and shall be disbursed in accordance with Section 9.7 abovethe applicable provisions of this Article 9 related to such Reserve Account; provided, however, that Lender may, at its election, retain any such interest for its own account during the occurrence and continuance of an Event of Default. Borrower agrees that it shall include all interest to which it is entitled under the terms hereof as the income of Borrower and shall be the owner of the Reserve Funds for federal and applicable state and local tax purposes, except to the extent that Lender retains any interest for its own account during the occurrence and continuance of an Event of Default as provided herein.the

Reserve Funds, Generally. (a) All earnings or interest on the Reserve Funds Accounts shall be payable to Borrower. Lender or its servicer shall maintain the Reserve Accounts and any funds deposited therein in interest-bearing accounts, which in all instances shall be an Eligible Account(s) and (A) such funds shall not be invested except in such Permitted Investments as determined Investments, and directed by Lender or its loan servicer. Except for Interest-Bearing Reserve Funds, (B) all income and interest earned on the investment of Reserve Funds or accrued thereon shall be for the account of and be retained by Lender or such loan servicer. All income and interest earned on the investment of Interest-Bearing Reserve Funds shall be for the account of Borrower. In no event shall Lender or its any loan servicer that at any time holds or maintains any Reserve Account be required to invest Reserve Funds in any particular type of Permitted Investment or select any particular interest-bearing account or credit funds therein at any particular the account that yields the highest rate of interest, provided that selection of the account and the rate of interest credited to Borrower on funds deposited therein shall be consistent with the general standards at the time being utilized by Lender or its the loan servicer, as applicable, in establishing similar accounts for loans of comparable type. Any income or All such interest credited to Borrower hereunder shall be and become part of the applicable Reserve Account and shall be disbursed in accordance with Section 9.7 abovethe applicable provisions of this Article 9; provided, however, that Lender may, at its election, retain any such interest for its own account during the occurrence and continuance of an a monetary Event of Default. Borrower agrees that it shall include all interest to which it is entitled under the terms hereof on Reserve Funds as the income of Borrower (and, if Borrower is a partnership or other pass-through entity, the partners, members or beneficiaries of Borrower, as the case may be), and Borrower shall be shall be the owner of the applicable Reserve Funds for federal and applicable state and local tax purposes, except to the extent that Lender retains any interest for its own account during the occurrence and continuance of an a monetary Event of Default as provided herein.