Common use of Collateral Proceeds Account Clause in Contracts

Collateral Proceeds Account. The Master Servicer shall establish and maintain, or cause to be established and maintained, one or more Eligible Accounts that in the aggregate are the Collateral Proceeds Account. At the Master Servicer's option, amounts held in the Collateral Proceeds Account shall be invested by the depository institution or trust company then maintaining the account at the written direction of the Master Servicer in Eligible Investments that mature not later than the Deposit Date next succeeding the date of investment. The Master Servicer shall not retain any cash or investment in the Collateral Proceeds Account for a period in excess of 12 months and cash therein shall be considered transferred on a first-in, first-out basis to the Trustee for inclusion in the Bond Account, as described in Section 2.02(d). All net income and gain realized from any such investment shall be for the benefit of the Master Servicer as additional servicing compensation and shall be subject to its withdrawal or order from time to time. Any losses realized in connection with any such investment shall be for the account of the Master Servicer and the Master Servicer shall deposit or cause to be deposited the amount of such loss (to the extent not offset by income from other investments) in the Collateral Proceeds Account immediately upon the realization of such loss and shall have no right to reimbursement therefor. Any benefit resulting from deposits, maintenance or investment of funds in the Collateral Proceeds Account shall be for the Master Servicer's benefit.

Collateral Proceeds Account. The Master Servicer shall establish and maintain, or cause to be established and maintained, one or more Eligible Accounts that in the aggregate are the Collateral Proceeds Account. At the Master Servicer's option, amounts held in the Collateral Proceeds Account shall be invested by the depository institution or trust company then maintaining the account at the written direction of the Master Servicer in Eligible Investments that mature not later than the Deposit Date next succeeding the date of investment. The Master Servicer shall not retain any cash or investment in the Collateral Proceeds Account for a period in excess of 12 [12] months and cash therein shall be considered transferred on a first-in, first-out basis to the Trustee for inclusion in the Bond Account, as described in Section 2.02(d2.2(d). All net income and gain realized from any such investment shall be for the benefit of the Master Servicer as additional servicing compensation and shall be subject to its withdrawal or order from time to time. Any losses realized in connection with any such investment shall be for the account of the Master Servicer and the Master Servicer shall deposit or cause to be deposited the amount of such loss (to the extent not offset by income from other investments) in the Collateral Proceeds Account immediately upon the realization of such loss and shall have no right to reimbursement therefor. Any benefit resulting from deposits, maintenance or investment of funds in the Collateral Proceeds Account shall be for the Master Servicer's benefit.