Common use of Establishment and Maintenance of Custodial Accounts Clause in Contracts

Establishment and Maintenance of Custodial Accounts. (a) Each Direct Servicer, directly or indirectly, will establish and maintain one or more Custodial Accounts (which may be the Custodial Account for one or more Trusts and Other Xxxxxx Xxx Trusts, except as provided in paragraph (b) of this Subsection 6.1(1)). Each Custodial Account will be established with an Eligible Depository, except as provided in paragraph (b) of this Subsection 6.1(1), and may be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds may be invested in Eligible Investments. Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee. The terms of each Custodial Account will permit the Master Servicer or the Trustee to withdraw funds from that account or to transfer or liquidate any investments at any time; provided, however, that neither the Master Servicer nor the Trustee will liquidate any investment except as provided in Subsection 6.1(5). The terms of any Custodial 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. (i) If a Direct Servicer or Subservicer holds a Custodial Account for any Mortgage Loans at an institution that at any time ceases to be an Eligible Depository, that Direct Servicer or Subservicer will take such corrective actions as may be required by the Master Servicer and the Trustee to maintain similar protections for the funds held in any Custodial Account. (ii) A Custodial Account for PFP Loans (A) may include funds that are principal and interest payments on other loans owned by the Issuer (and not held in trust) and serviced by the related Direct Servicer and (B) will be held at an Eligible Depository, except that if the Custodial Account is a demand deposit account from which the Master Servicer has the right to withdraw funds at any time, the Custodial Account will be (I) held at an Eligible Depository or (II) established at 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. (c) Each Direct Servicer will maintain or cause to be maintained detailed records, on a loan-by-loan basis, that will enable it to identify at any time the amount of funds in each Custodial Account that are attributable to each Trust.

Establishment and Maintenance of Custodial Accounts. ‌ (a) Each Direct Primary Servicer, directly or indirectly, will establish and maintain one or more Custodial Accounts (which may be the Custodial Account for one or more Trusts and Other Xxxxxx Xxx Trusts, except as provided in paragraph (b) of this Subsection 6.1(1)). Each Custodial Account will be established with an Eligible Depository, except as provided in paragraph (b) of this Subsection 6.1(1), and may be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds may be invested in Eligible Investments. Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee. The terms of each Custodial Account will permit the Master Servicer or the Trustee to withdraw funds from that account or to transfer or liquidate any investments at any time; provided, however, that neither the Master Servicer nor the Trustee will liquidate any investment except as provided in Subsection 6.1(5). The terms of any Custodial 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. (i) If a Direct Primary Servicer or Subservicer holds a Custodial Account for any Mortgage Loans at an institution that at any time ceases to be an Eligible Depository, that Direct Primary Servicer or Subservicer will take such corrective actions as may be required by the Master Servicer and the Trustee to maintain similar protections for the funds held in any Custodial Account. (ii) A Custodial Account for PFP Loans (A) may include funds that are principal and interest payments on other loans owned by the Issuer (and not held in trust) and serviced by the related Direct Primary Servicer and (B) will be held at an Eligible Depository, except that if the Custodial Account is a demand deposit account from which the Master Servicer has the right to withdraw funds at any time, the Custodial Account will be (I) held at an Eligible Depository or (II) established at 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. (c) Each Direct Primary Servicer will maintain or cause to be maintained detailed records, on a loan-by-loan basis, that will enable it to identify at any time the amount of funds in each Custodial Account that are attributable to each Trust.

Establishment and Maintenance of Custodial Accounts. ‌ (a) Each Direct Primary Servicer, directly or indirectly, will establish and maintain one or more Custodial Accounts (which may be the Custodial Account for one or more Trusts and Other Xxxxxx Xxx Trusts, except as provided in paragraph (b) of this Subsection 6.1(1)). Each Custodial Account will be established with an Eligible Depository, except as provided in paragraph (b) of this Subsection 6.1(1), and may be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds may be invested in Eligible Investments. Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee. The terms of each Custodial Account will permit the Master Servicer or the Trustee to withdraw funds from that account or to transfer or liquidate any investments at any time; provided, however, that neither the Master Servicer nor the Trustee will liquidate any investment except as provided in Subsection 6.1(5). The terms of any Custodial 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. (i) If a Direct Primary Servicer or Subservicer holds a Custodial Account for any Mortgage Loans at an institution that at any time ceases to be an Eligible Depository, that Direct Primary Servicer or Subservicer will take such corrective actions as may be required by the Master Servicer and the Trustee to maintain similar protections for the funds held in any Custodial Account. (ii) A Custodial Account for PFP Loans (A) may include funds that are principal and interest payments on other loans owned by the Issuer (and not held in trust) and serviced by the related Direct Primary Servicer and (B) will be held at an Eligible Depository, except that if the Custodial Account is a demand deposit account from which the Master Servicer has the right to withdraw funds at any time, the Custodial Account will be (I) held at an Eligible Depository or (II) established at 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. (c) Each Direct Servicer will maintain or cause to be maintained detailed records, on a loan-by-loan basis, that will enable it to identify at any time the amount of funds in each Custodial Account that are attributable to each Trust.or

Establishment and Maintenance of Custodial Accounts. (a) Each Direct Primary Servicer, directly or indirectly, will establish and maintain one or more Custodial Accounts (which may be the Custodial Account for one or more Trusts and Other Xxxxxx Xxx Trusts, except as provided in paragraph (b) of this Subsection 6.1(1)). Each Custodial Account will be established with an Eligible Depository, except as provided in paragraph (b) of this Subsection 6.1(1), and may be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds may be invested in Eligible Investments. Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee. The terms of each Custodial Account will permit the Master Servicer or the Trustee to withdraw funds from that account or to transfer or liquidate any investments at any time; provided, however, that neither the Master Servicer nor the Trustee will liquidate any investment except as provided in Subsection 6.1(5). The terms of any Custodial 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. (i) If a Direct Primary Servicer or Subservicer holds a Custodial Account for any Mortgage Loans at an institution that at any time ceases to be an Eligible Depository, that Direct Primary Servicer or Subservicer will take such corrective actions as may be required by the Master Servicer and the Trustee to maintain similar protections for the funds held in any Custodial Account. (ii) A Custodial Account for PFP Loans (A) may include funds that are principal and interest payments on other loans owned by the Issuer (and not held in trust) and serviced by the related Direct Primary Servicer and (B) will be held at an Eligible Depository, except that if the Custodial Account is a demand deposit account from which the Master Servicer has the right to withdraw funds at any time, the Custodial Account will be (I) held at an Eligible Depository or (II) established at 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. (c) Each Direct Primary Servicer will maintain or cause to be maintained detailed records, on a loan-by-loan basis, that will enable it to identify at any time the amount of funds in each Custodial Account that are attributable to each Trust.

Establishment and Maintenance of Custodial Accounts. (a) Each Direct Servicer, directly or indirectly, will establish and maintain one or more Custodial Accounts (which may be the Custodial Account for one or more Trusts and Other Xxxxxx Xxx Trusts, except as provided in paragraph (b) of this Subsection 6.1(1)). Each Custodial Account will be established with an Eligible Depository, except as provided in paragraph (b) of this Subsection 6.1(1), and may be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds may be invested in Eligible Investments. Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee. The terms of each Custodial Account will permit the Master Servicer or the Trustee to withdraw funds from that account or to transfer or liquidate any investments at any time; provided, however, that neither the Master Servicer nor the Trustee will liquidate any investment except as provided in Subsection 6.1(5). The terms of any Custodial 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. (i) If a Direct Servicer or Subservicer holds a Custodial Account for any Mortgage Loans at an institution that at any time ceases to be an Eligible Depository, that Direct Servicer or Subservicer will take such corrective actions as may be required by the Master Servicer and the Trustee to maintain similar protections for the funds held in any Custodial Account. (ii) A Custodial Account for PFP Loans (A) may include funds that are principal and interest payments on other loans owned by the Issuer (and not held in trust) and serviced by the related Direct Servicer and (B) will be held at an Eligible Depository, except that if the Custodial Account is a demand deposit account from which the Master Servicer has the right to withdraw funds at any time, the Custodial Account will be (I) held at an Eligible Depository or (II) established at 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. (c) Each Direct Servicer will maintain or cause to be maintained detailed records, on a loan-by-loan basis, that will enable it to identify at any time the amount of funds in each Custodial Account that are attributable to each Trust.or