Common use of Payment of Debt Service Clause in Contracts

Payment of Debt Service. At or before 12:00 noon, New York City time, on each Payment Date during the term of the Loan, Lender shall transfer from the Debt Service Payment Sub-Account to its account an amount equal to the Required Debt Service Payment for such Payment Date or, if Servicer has been appointed, Servicer shall transfer from the Debt Service Payment Sub-Account an amount equal to the Required Debt Service Payment for such Payment Date to the account of Servicer established under the Interim Servicing Agreement or, if after the Securitization Closing Date, under any pooling and servicing agreement executed in connection with the Securitization. Borrower shall be deemed to have timely made the Required Debt Service Payment pursuant to Section 2.9 (and no Default Rate interest or late payment premium shall be imposed thereon and there shall be no Event of Default under Section 7.1(i)) regardless of the time Servicer makes such transfer as long as sufficient funds are then on deposit in the Debt Service Payment Sub-Account.

Payment of Debt Service. At or before 12:00 noon, New York City time, on each Payment Date during the term of the Loan, Lender shall transfer from the Debt Service Payment Sub-Account to its account an amount equal to the Required Debt Service Payment for such Payment Date or, if Servicer has been appointed, Servicer shall transfer from the Debt Service Payment Sub-Account an amount equal to the Required Debt Service Payment for such Payment Date to the account of Servicer established under the Interim Servicing Agreement or, if after the Securitization Closing Date, under any pooling and servicing agreement executed in connection with the Securitization. Borrower shall be deemed to have timely made the Required Debt Service Payment pursuant to Section 2.9 (and no Default Rate interest or late payment premium shall be imposed thereon and there shall be no Event of Default under Section 7.1(i)thereon) regardless of the time Servicer makes such transfer as long as sufficient funds are then on deposit in the Debt Service Payment Sub-Account.