Common use of Deposits to Custodial Accounts Clause in Contracts

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 the related Servicing Contract that are required to be deposited to a Custodial Account. The requirements in this Subsection 6.1(2) will be exclusive. Without limiting the generality of this Subsection 6.1(2), payments on the Mortgage Loans that are not expressly identified in paragraphs (a) through (d) of this Subsection 6.1(2) (including payments of principal and interest on the Mortgage Loans due on or before the Issue Date, prepayment charges that are not required to be passed through to Holders, late payment charges or assumption fees and other ancillary charges) are not required to be deposited to a Custodial Account, and if so deposited may be withdrawn at any time. The Master Servicer may reimburse a Direct Servicer for previously unreimbursed Delinquency Advances or Servicing Advances by making a deposit to a Custodial Account or otherwise as the related Servicing Contract provides.

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: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 Primary 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 Primary 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 the Primary 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 Primary Servicer, all Prepayments (except as provided in clause (b) of this Subsection 6.1(2) and Subsection 7.2(3)) ), together with any Holders’ Prepayment Premium Portion received, 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 the related Servicing Contract that are required to be deposited to a Custodial Account. The requirements in this Subsection 6.1(2) will be exclusive. Without limiting the generality of this Subsection 6.1(2), payments on the Mortgage Loans that are not expressly identified in paragraphs (a) through (d) of this Subsection 6.1(2) (including payments of principal and interest on the Mortgage Loans due on or before the Issue Date, prepayment charges Prepayment Premiums that are not required to be passed through to Holders, late payment charges or assumption fees and other ancillary charges) are not required to be deposited to a Custodial Account, and if so deposited may be withdrawn at any time. The Master Servicer may reimburse a Direct Primary Servicer for previously unreimbursed Delinquency Advances or Servicing Advances by making a deposit to a Custodial Account or otherwise as the related Servicing Contract provides.

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 Primary 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 Primary 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 the Primary 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 Primary Servicer, all Prepayments (except as provided in clause (b) of this Subsection 6.1(2) and Subsection 7.2(3)) ), together with any Holders’ Prepayment Premium Portion received, 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 the related Servicing Contract that are required to be deposited to a Custodial Account. The requirements in this Subsection 6.1(2) will be exclusive. Without limiting the generality of this Subsection 6.1(2), payments on the Mortgage Loans that are not expressly identified in paragraphs (a) through (d) of this Subsection 6.1(2) (including payments of principal and interest on the Mortgage Loans due on or before the Issue Date, prepayment charges Prepayment Premiums that are not required to be passed through to Holders, late payment charges or assumption fees and other ancillary charges) are not required to be deposited to a Custodial Account, and if so deposited may be withdrawn at any time. The Master Servicer may reimburse a Direct Primary Servicer for previously unreimbursed Delinquency Advances or Servicing Advances by making a deposit to a Custodial Account or otherwise as the related Servicing Contract provides.

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: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 Primary Servicer, all payments of principal and interest from or on behalf of Borrowers (including Prepayments) other than any Servicing Fee, LPMI ChargesExcess Spread, Designated Excess Spread, and any amounts used to reimburse Delinquency Advances of the Direct Primary Servicer to the extent permitted by the Servicing Contract; provided that (x) Securitized Excess Spread will be deposited as required by the terms of the related securitization documentsdocuments and (y) from and after the effective date of any termination of the Primary Servicer that made the designation, the Designated Excess Spread will be paid to the Issuer (or its designee); (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 the Primary 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 Primary Servicer, all Prepayments (except as provided in clause (b) of this Subsection 6.1(2) and Subsection 7.2(3)) ), together with any Holders’ Prepayment Premium Portion received, 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, 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 the related Servicing Contract that are required to be deposited to a Custodial Account. The requirements in this Subsection 6.1(2) will be exclusive. Without limiting the generality of this Subsection 6.1(2), payments on the Mortgage Loans that are not expressly identified in paragraphs (a) through (d) of this Subsection 6.1(2) (including payments of principal and interest on the Mortgage Loans due on or before the Issue Date, prepayment charges that are not required to be passed through to Holders, late payment charges or assumption fees and other ancillary charges) are not required to be deposited to a Custodial Account, and if so deposited may be withdrawn at any time. The Master Servicer may reimburse a Direct Servicer for previously unreimbursed Delinquency Advances or Servicing Advances by making a deposit to a Custodial Account or otherwise as the related Servicing Contract provides.

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: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 Primary Servicer, all payments of principal and interest from or on behalf of Borrowers (including Prepayments) other than any Servicing Fee, LPMI ChargesExcess Spread, Designated Excess Spread, and any amounts used to reimburse Delinquency Advances of the Direct Primary Servicer to the extent permitted by the Servicing Contract; provided that (x) Securitized Excess Spread will be deposited as required by the terms of the related securitization documentsdocuments and (y) from and after the effective date of any termination of the Primary Servicer that made the designation, the Designated Excess Spread will be paid to the Issuer (or its designee); (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 the Primary 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 Primary Servicer, all Prepayments (except as provided in clause (b) of this Subsection 6.1(2) and Subsection 7.2(3)) ), together with any Holders’ Prepayment Premium Portion received, 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 the related Servicing Contract that are required to be deposited to a Custodial Account. The requirements in this Subsection 6.1(2) will be exclusive. Without limiting the generality of this Subsection 6.1(2), payments on the Mortgage Loans that are not expressly identified in paragraphs (a) through (d) of this Subsection 6.1(2) (including payments of principal and interest on the Mortgage Loans due on or before the Issue Date, prepayment charges that are not required to be passed through to Holders, late payment charges or assumption fees and other ancillary charges) are not required to be deposited to a Custodial Account, and if so deposited may be withdrawn at any time. The Master Servicer may reimburse a Direct Servicer for previously unreimbursed Delinquency Advances or Servicing Advances by making a deposit to a Custodial Account or otherwise as the related Servicing Contract provides.