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

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Agent for the benefit of the Secured Parties, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), (b) all payments on account of interest on the Mortgage Loans (including the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Sections 4.6(a) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d) hereof), (c) any partial or full Principal Prepayments, (d) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Servicing Procedures as specified in Section 4.15 hereof), (e) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor pursuant to Section 4.15 hereof, (f) any amounts required to be deposited by the Servicer pursuant to Section 4.12 hereof in connection with the deductible clause in any blanket hazard insurance policy, (g) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, and (h) any other amounts received with respect to or related to the Mortgage Loans, including but not limited to interest paid on funds deposited in the Collection Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collected. The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any interest earnings on amounts on deposit from time to time in the Collection Account.

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Agent for the benefit of the Secured Parties, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), (b) all prepayment penalties, prepayment premiums, and payments on account of interest on the Mortgage Loans (including the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Sections 4.6(a) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d) hereof), (c) any partial or full Principal PrepaymentsPrepayments (but not any Principal Prepayments in full, which shall be deposited directly into the Collateral Account pursuant to the Security Agreement), (d) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Servicing Procedures as specified in Section 4.15 hereof), (e) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor pursuant to Section 4.15 hereof, (f) any amounts required to be deposited by the Servicer pursuant to Section 4.12 hereof in connection with the deductible clause in any blanket hazard insurance policy, (g) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, (h) all Monthly Interest Advances required to be deposited pursuant to Section 5.2 hereof; and (hi) any other amounts received with respect to or related to the Mortgage Loans, including but not limited to interest paid on funds deposited in the Collection Account or Proceeds Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collectedcollected (but excluding any Excluded Amounts related to any HELOCs which shall be allocated in accordance with Section 4.27 hereof). The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any interest earnings on amounts on deposit from time to time in the Collection Account.

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Agent for the benefit of the Secured Parties, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), Eligible Loans; (b) all payments on account of interest on the Mortgage Eligible Loans (including interest accrued on the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant Eligible Loans prior to Sections 4.6(a) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d) hereofapplicable Closing Date), ; (c) any partial or full Principal Prepayments, ; (d) all Liquidation Proceeds; (e) all Insurance Proceeds including amounts required to be deposited pursuant to Sections SECTION 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Accepted Servicing Procedures Practices as specified in Section SECTION 4.15 hereof), SECTION 4.12 and SECTION 4.16 hereof; (ef) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with SECTION 4.15 hereof; (g) any amount required to be deposited in the Collection Account pursuant to Section 4.15 hereofSECTION 3.3, 4.10, 6.2 or 7.1; (fh) any amounts required to be deposited by the Servicer pursuant to Section 4.12 SECTION 4.11 hereof in connection with the deductible clause in any blanket hazard insurance policy, ; (gi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section SECTION 4.17 hereof, ; and (hj) any other amounts received with respect to or related to the Mortgage Loans, mortgage loan including but not limited to late payment charges and interest paid on funds deposited in the Collection Account or Escrow Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collected. The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any Any interest earnings on amounts 52 on deposit from time to time in the Collection AccountAccount shall be remitted to the Servicer in accordance with such arrangements, as shall be agreed upon by the Servicer and the Collateral Agent.

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Agent for the benefit of the Secured Parties, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), Eligible Loans; (b) all payments on account of interest on the Mortgage Eligible Loans (including interest accrued on the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant Eligible Loans prior to Sections 4.6(a) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d) hereofapplicable Closing Date), ; (c) any partial or full Principal Prepayments, ; (d) all Liquidation Proceeds; (e) all Insurance Proceeds including amounts required to be deposited pursuant to Sections Section 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Accepted Servicing Procedures Practices as specified in Section 4.15 hereof), Section 4.12 and Section 4.16 hereof; (ef) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.15 hereof; (g) any amount required to be deposited in the Collection Account pursuant to Section 4.15 hereof3.3, 4.10, 6.2 or 7.1; (fh) any amounts required to be deposited by the Servicer pursuant to Section 4.12 4.11 hereof in connection with the deductible clause in any blanket hazard insurance policy, ; (gi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, ; and (hj) any other amounts received with respect to or related to the Mortgage Loans, mortgage loan including but not limited to late payment charges and interest paid on funds deposited in the Collection Account or Escrow Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collected. The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any Any interest earnings on amounts on deposit from time to time in the Collection AccountAccount shall be remitted to the Servicer in accordance with such arrangements, as shall be agreed upon by the Servicer and the Collateral Agent.

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Administrative Agent for the benefit of the Secured PartiesOwners, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections (the “Collections”) received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), Eligible Loans; (b) all payments on account of interest on the Mortgage Eligible Loans (including interest accrued and unpaid on the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant Eligible Loans prior to Sections 4.6(a) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d) hereofapplicable Closing Date), ; (c) any partial or full Principal Prepayments, ; (d) all Liquidation Proceeds; (e) all Insurance Proceeds including amounts required to be deposited pursuant to Sections Section 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Accepted Servicing Procedures Practices as specified in Section 4.15 hereof), Section 4.12 and Section 4.16 hereof; (ef) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.15 hereof; (g) any amount required to be deposited in the Collection Account pursuant to Section 4.15 hereof2.12, 3.3, 4.10, 6.2 or 7.1; (fh) any amounts required to be deposited by the Servicer pursuant to Section 4.12 4.11 hereof in connection with the deductible clause in any blanket hazard insurance policy, ; (gi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, ; and (hj) any other amounts received with respect to or related to the Mortgage Loans, mortgage loan including but not limited to late payment charges and interest paid on funds deposited in the Collection Account or Escrow Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collected. The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Administrative Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any Any interest earnings on amounts on deposit from time to time in the Collection Account shall be remitted to the Servicer in accordance with such arrangements, as shall be agreed upon by the Servicer and the Administrative Agent; provided that the Servicer shall deposit promptly from its own funds to the Collection Account an amount equal to any loss incurred with respect to an investment of funds in the Collection Account.

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Administrative Agent for the benefit of the Secured PartiesOwners, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections (the "Collections") received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), Eligible Loans; (b) all payments on account of interest on the Mortgage Eligible Loans (including interest accrued and unpaid on the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant Eligible Loans prior to Sections 4.6(a) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d) hereofapplicable Closing Date), ; (c) any partial or full Principal Prepayments, ; (d) all Liquidation Proceeds; (e) all Insurance Proceeds including amounts required to be deposited pursuant to Sections Section 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Accepted Servicing Procedures Practices as specified in Section 4.15 hereof), Section 4.12 and Section 4.16 hereof; (ef) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.15 hereof; (g) any amount required to be deposited in the Collection Account pursuant to Section 4.15 hereof2.12, 3.3, 4.10, 6.2 or 7.1; (fh) any amounts required to be deposited by the Servicer pursuant to Section 4.12 4.11 hereof in connection with the deductible clause in any blanket hazard insurance policy, ; (gi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, ; and (hj) any other amounts received with respect to or related to the Mortgage Loans, mortgage loan including but not limited to late payment charges and interest paid on funds deposited in the Collection Account or Escrow Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collected. The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Administrative Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any Any interest earnings on amounts on deposit from time to time in the Collection Account shall be remitted to the Servicer in accordance with such arrangements, as shall be agreed upon by the Servicer and the Administrative Agent; provided that the Servicer shall deposit promptly from its own funds to the Collection Account an amount equal to any loss incurred with respect to an investment of funds in the Collection Account.

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account Eligible Account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Agent for the benefit of the Secured Parties, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), (b) all payments on account of interest on the Mortgage Loans (including the interest portion of all Monthly Servicer Advances) (net of charges against such amounts allowed pursuant to Sections 4.6(a), 4.6(d) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d4.6(e) hereof), (c) any partial or full Principal PrepaymentsPrepayments and any Prepayment Charges, (d) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Servicing Procedures as specified in Section 4.15 hereof), (e) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor pursuant to Section 4.15 hereof, (f) any amounts required to be deposited by the Servicer pursuant to Section 4.12 hereof in connection with the deductible clause in any blanket hazard insurance policy, (g) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, hereof and (h) any other amounts received with respect to or related to the Mortgage LoansLoans (other than Principal Prepayments in full, which shall be deposited into the Collateral Account), including but not limited to interest paid on funds deposited in the Collection Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collected. The Collection Account collected and amounts received by the Servicer for the account of Mortgagors for the application towards the payment of taxes, insurance premiums, assessments and similar items to the extent payable by the related Mortgagor shall be established with a Qualified Depository acceptable to deposited in the Purchaserrelated escrow account. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with in the name of the Collateral Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any interest earnings on amounts on deposit from time to time in the Collection Account.

Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Agent for the benefit of the Secured Parties, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), (b) all prepayment penalties, prepayment premiums, and payments on account of interest on the Mortgage Loans (including the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Sections 4.6(a) and 4.6(c)(i)(y4.6(c)(ii)(y) hereof and the last sentence of Section 4.6(d) hereof), (c) any partial or full Principal PrepaymentsPrepayments (but not any Principal Prepayments in full, which shall be deposited directly into the Collateral Account pursuant to the Security Agreement), (d) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Servicing Procedures as specified in Section 4.15 hereof), (e) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor pursuant to Section 4.15 hereof, (f) any amounts required to be deposited by the Servicer pursuant to Section 4.12 hereof in connection with the deductible clause in any blanket hazard insurance policy, (g) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, (h) all Monthly Interest Advances required to be deposited pursuant to Section 5.2 hereof; and (hi) any other amounts received with respect to or related to the Mortgage Loans, including but not limited to interest paid on funds deposited in the Collection Account or Proceeds Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collectedcollected (but excluding any Excluded Amounts related to any HELOCs which shall be allocated in accordance with Section 4.27 hereof). The Collection Account shall be established with a Qualified Depository acceptable to the PurchaserIssuer. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Agent. Any funds deposited in the Collection Account shall at all times be fully insured to the full extent permitted under applicable law. The Servicer shall be entitled to any interest earnings on amounts on deposit from time to time in the Collection Account.