Common use of Section 303 Clause in Contracts

Section 303. The Primary Servicer may not waive late payment charges or Default Interest that the Master Servicer is permitted to waive under Section 3.03 of the Pooling and Servicing Agreement without the consent of the Master Servicer. The Primary Servicer shall forward to the Master Servicer a copy of all operating statements, income statements, budgets and rent rolls collected by the Primary Servicer within the timeframe set forth in Section 3.01(c)(27)

Section 303. The Primary Servicer may not waive any late payment charges charges, Default Interest or Default Excess Interest that the Master Servicer is permitted to waive under Section 3.03 of the Pooling and Servicing Agreement without the consent of the Master Servicer. The Primary Servicer shall forward to the Master Servicer a copy of all operating statements, income statements, budgets and rent rolls collected by the Primary Servicer within the timeframe set forth in Section 3.01(c)(27)3.01(c)(26) of this Agreement. The Primary Servicer shall promptly notify the Master Servicer of any defaults under the Serviced Loan Combination.

Section 303. The Primary Servicer may not waive late payment any charges or Default Interest that the Master Servicer is permitted to waive under Section 3.03 of the Pooling and Servicing Agreement without the consent of the Master Servicer, except that the Primary Servicer may, without the consent of the Master Servicer, waive that portion of such charges that would constitute Additional Primary Servicing Compensation. The Primary Servicer shall forward to the Master Servicer a copy of all operating statements, income statements, budgets and rent rolls collected by the Primary Servicer within the timeframe set forth in Section 3.01(c)(27)3.01(c)(26) of this Agreement. The Primary Servicer shall promptly notify the Master Servicer of any defaults under the Mortgage Loans.