Common use of Custodial Account Separateness Clause in Contracts

Custodial Account Separateness. (a) At least one custodial account for principal and interest (i.e., a Custodial P&I Account), one custodial account for taxes and insurance (i.e., a Custodial T&I Account), one custodial account for Subsidy Funds, if applicable (i.e., a Custodial Subsidy Account), one custodial account for PITI Funds, if applicable (i.e., a Custodial PITI Account) and one custodial account for Buydown Funds, if applicable (i.e., a Custodial Buydown Account), shall be established and maintained for the Mortgage Loans. Except as specified in 6.1.2(b), without the written consent of the Master Servicer, funds in these accounts may not be commingled with other funds held by the Servicer. Each Custodial P&I Account shall be established as an Eligible Account ("Eligible Custodial P&I Account"). (b) Notwithstanding anything to the contrary elsewhere in this Agreement, the Servicer may employ the Custodial T&I Account as the Custodial Subsidy Account, the Custodial PITI Account and/or the Custodial Buydown Account to the extent that the Servicer can separately identify any Subsidy Funds, PITI Funds or Buydown Funds, as applicable, deposited therein.

Custodial Account Separateness. (a) At least one custodial account for principal and interest (i.e., a Custodial P&I Account), one custodial account for taxes and insurance (i.e., a Custodial T&I Account), one custodial account for Subsidy Funds, if applicable (i.e., a Custodial Subsidy Account), one custodial account for PITI Funds, if applicable (i.e., a Custodial PITI Account) and one custodial account for Buydown Funds, if applicable (i.e., a Custodial Buydown Account), shall be established and maintained for the Mortgage Loans. Except as specified in 6.1.2(b), without the written consent of the Master Servicer, funds in these accounts may not be commingled with other funds held by the Servicer. Each Custodial P&I Account shall be established as an Eligible Account ("Eligible Custodial P&I Account"). (ba) Notwithstanding anything to the contrary elsewhere in this Agreement, the Servicer may employ the Custodial T&I Account as the Custodial Subsidy Account, the Custodial PITI Account and/or the Custodial Buydown Account to the extent that the Servicer can separately identify any Subsidy Funds, PITI Funds or Buydown Funds, as applicable, deposited therein.