Deposits to Custodial Accounts Sample Clauses

Deposits to Custodial Accounts. Except as otherwise provided in the related Servicing Contract, the following payments and collections will be deposited to a Custodial Account: (a) As soon as practicable, but not later than the second Business Day (including any time during which funds were in a clearing or general ledger account) after receipt by the Direct Servicer, all payments of principal and interest from or on behalf of Borrowers (including Prepayments) other than any Servicing Fee, LPMI Charges, Excess Spread, and any amounts used to reimburse Delinquency Advances of the Direct Servicer to the extent permitted by the Servicing Contract; provided that Securitized Excess Spread will be deposited as required by the terms of the related securitization documents; (b) On or before the Latest Servicer Remittance Date before a Distribution Date, Delinquency Advances and any purchase price for Mortgage Loans purchased from a Trust pursuant to Section 2.5, in either case if and to the extent made or paid by a Direct Servicer; provided, however, that (i) in satisfaction of any obligation to so deposit Delinquency Advances, the Direct Servicer will be permitted to apply funds, if any, held in the related Custodial Account on or before such Latest Servicer Remittance Date to the extent attributable to Prepayments of the Mortgage Loans serviced by the Direct Servicer in the related Trust or other Trusts and scheduled Borrower payments on such Mortgage Loans, in each case that are not required to be included in the Certificate Distribution Amount on that same Distribution Date; and (ii) in each case, the Master Servicer will require that the Direct Servicer make an appropriate entry in its books and records noting that such funds have been applied by the Direct Servicer toward such Delinquency Advances; (c) As soon as practicable, but not later than the second Business Day (including any time during which funds were in a clearing or general ledger account) after receipt by the Direct Servicer, all Prepayments (except as provided in clause (b) of this Subsection 6.1(2) and Subsection 7.2(3)) and other amounts received on any of the Mortgage Loans (other than any portion of insurance proceeds, condemnation proceeds and similar amounts that are to be used for restoration and repair of the Mortgaged Property, or for the reimbursement of any insurance premiums advanced, to the extent not previously reimbursed from other sources); and (d) Any other amounts specified in the related Issue Supplement or...
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Deposits to Custodial Accounts. Except as otherwise provided in the related Servicing Contract, the following payments and collections will be deposited to a Custodial Account: (a) As soon as practicable, but not later than the second Business Day (including any time during which funds were in a clearing or general ledger account) after receipt by the Direct Servicer, all payments of principal and interest from or on behalf of Borrowers (including Prepayments) other than any Servicing Fee, LPMI Charges, Excess Spread, Designated Excess Spread, and any amounts used to reimburse Delinquency Advances of the Direct Servicer to the extent permitted by the Servicing Contract; provided that
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Deposits to Custodial Accounts. 38 Section 3.08. Servicing Accounts..................................40 Section 3.09. Access to Certain Documentation and Information Regarding the Mortgage Loans........................41 Section 3.10. Permitted Withdrawals...............................41 -vii- 9 TABLE OF CONTENTS (CONTINUED) PAGE Section 3.11. Maintenance of the Primary Insurance Policies; Collections Thereunder..............................42 Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage...................................43 Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification Agreements; Certain Assignments....44 Section 3.14. Realization Upon Defaulted Mortgage Loans...........46 Section 3.15. Trustee to Cooperate; Release of Mortgage Files.....49 Section 3.16. Servicing and Other Compensation; Compensating Interest............................................50 Section 3.17. Annual Statement as to Compliance...................51 Section 3.18. Annual Independent Public Accountants' Servicing Report..............................................51 Section 3.19. Rights of the Depositor in Respect of the Master Servicer............................................51 Section 3.20. Administration of Buydown Funds.....................52
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Deposits to Custodial Accounts. All Gross Revenues and other proceeds arising from the operation of the Entertainment Center and Related Improvements shall be deposited at least once daily (or at such other frequency as HRI and GED shall mutually establish in writing) by GED into the Custodial Accounts established by HRI pursuant to Section 6.1 and, for this purpose, GED may obtain a bonded transportation service to effect the safe transportation of the receipts to the Bank. The cost of such transportation service shall be an Operating Expense.
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Related to Deposits to Custodial Accounts

  • Custodial Accounts The Master Servicer shall cause to be established and maintained by each Servicer under the Master Servicer's supervision the Custodial Account for P&I, Buydown Fund Accounts (if any) and special Custodial Account for Reserves and shall deposit or cause to be deposited therein daily the amounts related to the Mortgage Loans required by the Selling and Servicing Contracts to be so deposited. Proceeds received with respect to individual Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty, Primary Insurance Policy or other insurance policy (other than any Special Primary Insurance Policy) covering such Mortgage Loans shall be deposited first in the Custodial Account for Reserves if required for the restoration or repair of the related Mortgaged Property. Otherwise, Insurance Proceeds (other than proceeds from any Special Primary Insurance Policy) shall be deposited in the Custodial Account for P&I, and shall be applied to the balances of the related Mortgage Loans as payments of interest and principal. The Master Servicer is hereby authorized to make withdrawals from and to issue drafts against the Custodial Accounts for P&I and the Custodial Accounts for Reserves for the purposes required or permitted by this Agreement. Each Custodial Account for P&I and each Custodial Account for Reserves shall bear a designation clearly showing the respective interests of the applicable Servicer, as trustee, and of the Master Servicer, in substantially one of the following forms: (a) With respect to the Custodial Account for P&I: (i) [Servicer's Name], as agent, trustee and/or bailee of principal and interest custodial account for PNC Mortgage Securities Corp., its successors and assigns, for various owners of interests in PNC Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name] in trust for PNC Mortgage Securities Corp.; (b) With respect to the Custodial Account for Reserves: (i) [Servicer's Name], as agent, trustee and/or bailee of taxes and insurance custodial account for PNC Mortgage Securities Corp., its successors and assigns for various mortgagors and/or various owners of interests in PNC Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name] in trust for PNC Mortgage Securities Corp. and various Mortgagors. The Master Servicer hereby undertakes to assure remittance to the Certificate Account of all amounts relating to the Mortgage Loans that have been collected by any Servicer and are due to the Certificate Account pursuant to Section 4.01 of this Agreement.

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

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