Collection Accounts and Escrow Accounts. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets. The Servicer shall create and maintain Collection Accounts and Escrow Accounts for the deposit of all funds, except as otherwise provided herein, received by the Servicer on the Mortgage Loans. The Servicer shall be responsible for reviewing and reconciling all collection accounts in accordance with industry standards. The Servicer shall act promptly to resolve any discrepancies. The Servicer shall be responsible for all expenses and consequences for failure to reconcile the accounts.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-3), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1)
Collection Accounts and Escrow Accounts. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets. The Servicer shall create and maintain Collection Accounts Account s and Escrow Accounts for the deposit of all funds, except as otherwise provided herein, received by the Servicer on the Mortgage Loans. The Servicer shall be responsible for reviewing and reconciling all collection accounts in accordance with industry standards. The Servicer shall act promptly to resolve any discrepancies. The Servicer shall be responsible for all expenses and consequences for failure to reconcile the accounts.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-F1)
