Escrow and Other Accounts. To the extent that any Mortgage Loan in a Pool provides for the collection of funds from the Borrower for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, and similar expenses, the Direct Servicer will establish one or more escrow accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each escrow account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments or such comparable investments as may be acceptable to the Master Servicer. Collection of such taxes, assessments, insurance premiums and related items may be waived, delayed or reinstated, unless prohibited in the related Servicing Contract.
Escrow and Other Accounts. (a) If any Mortgage Loan in a Pool provides for the collection of funds from the Borrower for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, and similar expenses, the Direct Servicer will establish one or more Escrow Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Escrow Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. The Direct Servicer will place in one or more Escrow Accounts any funds collected for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues and similar expenses, to the extent that the Mortgage Documents provide for collection of such amounts from (or on behalf of) the Borrower. The Direct Servicer may also place Buydown or Abatement Funds into one or more Escrow Accounts. If, however, Buydown or Abatement Funds or other advance payments made by a Borrower are directed for immediate application under the Mortgage Documents, the Direct Servicer may deposit those amounts directly to the Custodial Account. Escrow Account funds may be commingled, but only with the funds of one or more other Escrow Accounts and accounts for the same purposes held for other Trusts, Other Xxxxxx Xxx Trusts, and other loans owned by the Issuer, provided that the Direct Servicer maintains records of the amounts held in the commingled account on a loan-by-loan basis. The terms of any Escrow Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. To the extent permitted under Accepted Servicing Practices, the Direct Servicer may waive, delay or reinstate the collection of any escrow payments for taxes, insurance or other ancillary payments.
(b) To the extent funds have been deposited in an Escrow Account pursuant to the related Servicing Contract, the related Direct Servicer will withdraw from an Escrow Account funds needed to pay taxes, asses...
