Common use of Establishment of and Deposits to Collection Account Clause in Contracts

Establishment of and Deposits to Collection Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts, if necessary. Each Collection Account shall be an Eligible Account. Funds deposited in the Collection Account may be withdrawn by the Servicer in accordance with Section 3.05 herein. The creation of any Collection Account shall be evidenced by a letter agreement in the form of Exhibit A attached hereto and incorporated herein. The Servicer shall deposit in the Collection Account on a daily basis in accordance with its Accepted Servicing Practices, and retain therein, the following collections received by the Servicer and payments made by the Servicer on or after the related Closing Date through the Servicing Transfer Date: