Common use of Collection Accounts; Master Servicer Collection Account; Distribution Account Clause in Contracts

Collection Accounts; Master Servicer Collection Account; Distribution Account. (a) On or prior to the Closing Date, the Servicer shall establish and maintain one or more Collection Accounts, as provided herein, into which the Servicer shall deposit daily, within two (2) Business Days of receipt thereof, in immediately available funds, any Scheduled Payments and unscheduled payments with respect to the Mortgage Loans, net of any deductions or reimbursements permitted under this Agreement. Prior to 1:00 p.m. New York City time on the Servicer Remittance Date, the Servicer shall remit to the Master Servicer for deposit into the Master Servicer Collection Account, all amounts so required to be deposited into such account in accordance with the terms of this Agreement.

Collection Accounts; Master Servicer Collection Account; Distribution Account. (a) On or prior to the Closing Date, the Servicer Company shall establish and maintain one or more Collection Accounts, as provided herein, into which the Servicer Company shall deposit daily, within two (2) Business Days of receipt thereof, in immediately available funds, any Scheduled Payments and unscheduled payments with respect to the Mortgage Loans, net of any deductions or reimbursements permitted under this Agreement. Prior to 1:00 p.m. New York City time on the each Servicer Remittance Date, the Servicer Company shall remit to the Master Servicer for deposit into the Master Servicer Collection Account, all amounts so required to be deposited into such account in accordance with the terms of this Agreement.