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

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 13 contracts

Samples: Master Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h)

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Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[as directed by the Master Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. B. A copy of such letter agreement certification shall be furnished to the Owner Master Servicer within thirty (30) days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date or Servicing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viiivi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amounts; and (xi) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 12 contracts

Samples: Servicing Agreement (Lehman Mortgage Trust 2007-4), Servicing Agreement (Lehman Mortgage Trust 2006-7), Servicing Agreement (Lehman Mortgage Trust 2006-5)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[as directed by the Master Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. A B. No later than 30 days after the Closing Date, a copy of such letter agreement certification shall be furnished to the Owner Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date or Servicing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viiivi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amounts; and (xi) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 11 contracts

Samples: Servicing Agreement, Servicing Agreement (Lehman XS Trust Series 2005-2), Servicing Agreement (Lehman XS Trust, Series 2005-4)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[as directed by the Master Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. B. A copy of such letter agreement certification shall be furnished to the Owner Master Servicer within thirty (30) days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date or Servicing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viiivi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amounts; and (xi) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 11 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Trust 2005-6), Servicing Agreement (Lehman Mortgae Trust 2005-3), Servicing Agreement (Lehman Mortgage Trust 2005-2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “Avelo Mortgage, L.L.C., in trust for [insert Owner’s name], owner of Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). .” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account within 48 hours two (2) Business Days of receiptreceipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off related Subsequent Transfer Date, or received by the Servicer prior to the Cut-off related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, Loans including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amounts received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.172.13); (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.15; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.01, 2.09, 3.01, 3.10, 4.03, 5.01 4.01 or 5.024.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ix) any amounts prepayment penalties or premiums received with respect to or related any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.052.05. AdditionallyWith respect to each Securitization Transaction, any other benefit derived from the Custodial Account associated Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue respect to the ServicerMortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 10 contracts

Samples: Servicing Agreement (GSR Mortgage Loan Trust 2007-5f), Flow Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Servicing Agreement (GSR 2007-Oa2)

Establishment of and Deposits to Custodial Account. The Special Servicer shall segregate and hold all funds collected and received pursuant to the Transferred Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[ServicerSPECIAL SERVICER] in trust for [OwnerTRUSTEE], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in as Trustee for the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)[Structured Asset Securities Corporation]”. The Each Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution in a Qualified Depository acceptable to the Ownermanner that shall provide maximum available insurance thereunder. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Special Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, Master Servicer upon request, to any subsequent owner of the Mortgage Loans. The Special Servicer shall deposit in the Custodial Account on a daily basis, within 48 hours two (2) business days of receipt, receipt and retain therein, the following collections received by the Special Servicer and payments made by the Special Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Transferred Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Transferred Mortgage Loans adjusted to the Transferred Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Transferred Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Transferred Mortgage Loan documents and Accepted Servicing Practices; (vii) any other amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Special Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Transferred Mortgage Loans; and; (ix) all Monthly Advances made by the Special Servicer pursuant to Section 4.03; (x) any amounts received from the seller of a Transferred Mortgage Loan or any other person giving representations and warranties with respect to the Transferred Mortgage Loan, in connection with the repurchase of any Transferred Mortgage Loan; (xi) any amounts required to be deposited by the Special Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiii) any amounts required to be deposited by the Special Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Special Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiv) any amounts received by the Special Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, Fee or (b) Ancillary Income, Income need not be deposited by the Special Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Special Servicer and the Special Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Special Servicer.

Appears in 8 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Trust 2005-6), Servicing Agreement (Lehman Mortgage Trust 2005-2), Servicing Agreement (Lehman Mortgage Trust 2005-1)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Countrywide Home Loans, Inc., in trust for [Owner]Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) ), Section 3.13 and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, Proceeds or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 8 contracts

Samples: Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h), Master Servicing Agreement (Structured Asset Securities Corp Mort Pass Thru Ser 2004-5h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[as directed by the Master Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. B. A copy of such letter agreement certification shall be furnished to the Owner Master Servicer within thirty (30) days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date or Servicing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viiivi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amounts; and (xi) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 8 contracts

Samples: Servicing Agreement (Lehman Mortgage Trust 2007-10), Servicing Agreement (Lehman Mortgage Trust 2008-6), Servicing Agreement (Lehman Mortgage Trust 2007-6)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Securitized Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount, titled "[Servicer] “Xxxxxxxxx Mortgage Home Loans, Inc. in trust for [Owner], owner of Fixed and Adjustable Rate one or more Xxxxxxxxx Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Securities Trusts.” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Owner and, upon request, to any subsequent owner of the Mortgage Loans. Master Servicer. (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) any amounts all payments on account of interest received from on the Originator in connection with Securitized Loans adjusted to the repurchase of any Mortgage Loanapplicable Securitized Loan Remittance Rate; (iii) all payments on account of interest on Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Mortgage Loans adjusted Servicer to the Mortgage Loan Remittance Raterelated Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount Prepayment Interest Shortfall Amount required to be deposited in paid by the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Servicer; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andSection 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (ai) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income and (iv) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04 of this Agreement. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 8 contracts

Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-4), Servicing Agreement (Thornburg Mortgage Securities Trust 2008-1), Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Greenpoint Mortgage Funding Inc. in trust for [Owner]Xxxxxx Brothers Bank, owner purchaser of Conventional Residential Adjustable and Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Group No. 2003-FLOW". The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 3.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit C D-2 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner purchaser of the Mortgage Loans. The Servicer Seller shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts Prepayment Charge received from the Originator in connection with the repurchase of any Mortgage LoanLoans; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 5.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 5.15), Section 5.12 and Section 3.175.15; (vi) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 5.15; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 5.01, 3.105.10, 4.035.11, 5.01 5.20, 6.01, 6.03 or 5.027.02; (viii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 4.03; (ix) any amounts required to be deposited by the Seller pursuant to Section 5.12 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts required to be deposited by the Seller pursuant to Section 5.16 in connection with any unpaid claims that are a result of a breach by the Seller or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xi) any amounts received by the Seller under a PMI or LPMI Policy; (xii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the ServicerSeller's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ixxiii) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer5.05.

Appears in 8 contracts

Samples: Mortgage Loan Purchase Agreement (Structured Adjustable Rate Mortgage Loan Rate), Mortgage Loan Purchase Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Bank, N.A., in trust for [Owner], owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsLoans - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. On the Owner. Any funds deposited Closing Date, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account in the form of Exhibit E. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage Loans; andLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; and (xi) with respect to Buydown Mortgage Loans and Subsidy Loans, an amount from the Escrow Account that when added to the Mortgagor's payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, extent permitted by Section 6.01 and any amounts received with respect to or (b) Ancillary Incomerelated to Incremental Interest, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 7 contracts

Samples: Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A3), Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Af1)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Bank, N.A., in trust for [Owner], owner the Owner and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors- P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. The existence of the OwnerCustodial Account shall be evidenced by an account certification and shall be provided on the respective Servicing Date. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans4.05. The Servicer shall deposit in the Custodial Account within 48 hours one (1) Business Day of Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.02 hereof and Section 6 of the Master Mortgage Loan Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount(to be paid by the Servicer out of its funds); provided, if anyhowever, that in no event shall the aggregate of deposits made by the Servicer pursuant to this sub clause (viii) exceed the aggregate amount of the Servicer’s Servicing Fee for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andrelated Due Period; (ix) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; and (xi) an amount from the Subsidy Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 6 contracts

Samples: Flow Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar3), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar5), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2007-2)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Bank, N.A., in trust for [Owner], owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsLoans - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the form case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit C hereto. F. A copy of such certification or letter agreement shall be furnished to the Owner andPurchaser or any subsequent purchaser, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage Loans; andLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; (xi) with respect to each Subsidy Loan, an amount from the Escrow Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note; (xii) with respect to each Buydown Mortgage Loan, an amount from the Escrow Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note; and (xiii) with respect to each Pledged Asset Mortgage Loan, any amounts required to be deposited by the Company pursuant to Section 4.29 of this Agreement in connection with a Letter of Credit. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 6 contracts

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc3), Servicing Agreement (Lehman XS Trust 2007-1)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, accounts titled "[Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event name of “PNMAC Loan Svc LLC ITF [description of applicable owners or investors]” or titled in another reasonable manner indicating that this Agreement such account is assigned to held in a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)custodial capacity. The Each Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C 2 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository). A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, . The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. With respect to any subsequent owner of the Non-Agency Mortgage Loans. The , the Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior subsequent to the Cut-off Inbound Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the such Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the related Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all related Liquidation Proceeds and any amount received with respect to the related REO Property; (iv) all Liquidation Proceeds; (v) all related Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 3.17) 4.14), and Section 3.174.11; (viv) all Condemnation Proceeds affecting any related Mortgaged Property that are not applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagorrelated Mortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 Section 4.15 or 5.024.19; (vii) any Prepayment Penalties received with respect to any Non-Agency Mortgage Loan; and (viii) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distributionany blanket hazard insurance policy. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceedstherefor. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution and relating to any Distressed Whole Loan shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 6 contracts

Samples: Servicing Agreement (PennyMac Mortgage Investment Trust), Flow Servicing Agreement (PennyMac Financial Services, Inc.), Flow Servicing Agreement (PennyMac Financial Services, Inc.)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Securitized Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount, titled "[Servicer] Xxxxxxxxx Mortgage Home Loans, Inc. in trust for [Owner], owner of Fixed and Adjustable Rate one or more Xxxxxxxxx Mortgage Loans, and various MortgagorsSecurities Trusts." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Owner and, upon request, to any subsequent owner of the Mortgage Loans. Master Servicer. (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) any amounts all payments on account of interest received from on the Originator in connection with Securitized Loans adjusted to the repurchase of any Mortgage Loanapplicable Securitized Loan Remittance Rate; (iii) all payments on account of interest on Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Mortgage Loans adjusted Servicer to the Mortgage Loan Remittance Raterelated Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount Prepayment Interest Shortfall Amount required to be deposited in paid by the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Servicer; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andSection 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (ai) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income and (iv) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04 of this Agreement. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 6 contracts

Samples: Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4), Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3), Servicing Agreement (Structured Asset Sec Corp Thornburg Mort Sec Trust 2003 6)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[IndyMac Bank, F.S.B., as Servicer] , in trust for [Owner], owner the Purchaser of Conventional Residential Conventional Residential Fixed Rate and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit C D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Company shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by with respect to each LPMI Loan, the Servicer prior to amount of the Cut-off Date but allocable to a period subsequent thereto:LPMI Fee): (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate, including all Prepayment Charges; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.104.09, 4.035.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the ServicerCompany's own funds, without reimbursement therefor up therefore; (ix) any amounts required to a maximum amount per month of be deposited by the Servicing Fee actually received for such month for Company pursuant to Section 4.11 in connection with the Mortgage Loansdeductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, including late payment charges and assumption fees, to the extent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.054.05. AdditionallyPrior to changing the location of the Custodial Account, any other benefit derived from the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicerwhen established.

Appears in 5 contracts

Samples: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “Countywide Home Loans Servicing LP, in trust for [Name of Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and as otherwise acceptable to the Rating Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account within 48 hours of receipton or prior to the second Business Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior pursuant to the Cut-off Date but allocable to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), and Section 3.172.11; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.15, 3.01, 3.10, 4.03, 5.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without any right of reimbursement therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ix) any amounts Prepayment Penalties received with respect to or related any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer may retain any such interest. With respect to any Mortgage Loan subject to a Securitization Transfer, the Servicer shall be entitled establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to retain and withdraw such interest from Mortgage Loan into the Custodial Account pursuant custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicerexceed 48 hours after such date).

Appears in 5 contracts

Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-3f), Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR Mortgage Loan Trust 2006-1f)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Home Mortgage, Inc. in trust for [Owner]Centre Capital Group, Inc, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 5 contracts

Samples: Master Servicing Agreement (Structured Asset Securities Corp 2004-18h), Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Bank, N.A., in trust for [Owner], owner the Owner and/or subsequent owners of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsMortgagors - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Within ten (10) days of the Owner. Any funds deposited Transfer Date the Servicer shall provide the Owner with written confirmation of the existence of such Custodial Account in the form attached hereto as Exhibit E. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans4.05. The Servicer shall deposit in a clearing account on a daily basis, and in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made any other amounts required to be deposited by the Servicer pursuant to this Agreement after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto, other than payments of principal and interest due on or before the Cut-off Date, as follows: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11, Section 4.15, the Servicer’s normal servicing procedures, the loan documents and Section 3.17applicable law; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14, the Servicer’s normal servicing procedures, the loan documents and applicable law; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.014.01, 3.10, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 5.04; (viii) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andany blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or and all REO Disposition Proceeds. Proceeds pursuant to Section 4.16; (x) with respect to each Principal Prepayment, the Prepayment Interest Shortfall (to be paid by the Servicer out of its funds); provided, however, that in no event shall the aggregate of deposits made by the Servicer pursuant to this sub clause (x) exceed the aggregate amount of the Servicer’s Servicing Fee for the related Due Period; (xi) any amount required to be deposited in the Custodial Account pursuant to this Agreement The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer into the Custodial Account. Such Custodial Account shall be an Eligible Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.054.05. AdditionallyThe Servicer shall give notice to the Owner of the location of the Custodial Account when established and with respect to any change thereof to another Qualified Depository. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, any other benefit derived the Servicer shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account associated with the receipt, disbursement any and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue all amounts payable to the ServicerOwner and remit such amounts to the Owner by wire transfer of immediately available funds. If the Servicer elects or is required by law to deposit a Mortgagor’s escrow funds into an interest-bearing account, the Servicer shall remain obligated to pay the Mortgagor’s taxes and insurance premiums when due, even if the Mortgagor’s escrow funds are not withdrawable on demand.

Appears in 4 contracts

Samples: Servicing Agreement (HSI Asset Securitization CORP Trust 2007-Nc1), Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He2), Servicing Agreement (HASCO Trust 2007-He2)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GreenPoint Mortgage Funding, Inc. in trust for [Owner]Xxxxxx Brothers Bank, owner purchaser of Conventional Residential Adjustable and Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Group No. 2006-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 3.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit C D-2 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner purchaser of the Mortgage Loans. The Servicer Seller shall deposit in the Custodial Account on a daily basis within 48 hours two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts Prepayment Charge received from the Originator in connection with the repurchase of any Mortgage LoanLoans; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 5.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 5.15), Section 5.12 and Section 3.175.15; (vi) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 5.15; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 5.01, 3.105.10, 4.035.11, 5.01 5.20, 6.01, 6.03 or 5.027.02; (viii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 4.03; (ix) any amounts required to be deposited by the Seller pursuant to Section 5.12 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts required to be deposited by the Seller pursuant to Section 5.16 in connection with any unpaid claims that are a result of a breach by the Seller or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xi) any amounts received by the Seller under a PMI or LPMI Policy; (xii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's Seller’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ixxiii) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer5.05.

Appears in 4 contracts

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-5), Servicing Agreement (Lehman Mortgage Trust 2007-10), Servicing Agreement (LXS 2007-3)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, accounts titled "[Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event name of “PNMAC Loan Svc LLC ITF [description of applicable owners or investors]” or titled in another reasonable manner indicating that this Agreement such account is assigned to held in a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)custodial capacity. The Each Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C 2 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository). A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, . The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. With respect to any subsequent owner of the Non-Agency Mortgage Loans. The , the Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior subsequent to the Cut-off Inbound Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the such Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the related Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all related Liquidation Proceeds and any amount received with respect to the related REO Property; (iv) all Liquidation Proceeds; (v) all related Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 3.17) 4.14), and Section 3.174.11; (viv) all Condemnation Proceeds affecting any related Mortgaged Property that are not applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagorrelated Mortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 Section 4.15 or 5.024.19; (vii) any Prepayment Penalties received with respect to any Non-Agency Mortgage Loan; and (viii) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distributionany blanket hazard insurance policy. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceedstherefor. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 4 contracts

Samples: Flow Servicing Agreement (PennyMac Financial Services, Inc.), Flow Servicing Agreement (PennyMac Mortgage Investment Trust), Flow Servicing Agreement (PennyMac Mortgage Investment Trust)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Commercial Federal Mortgage Corporation in trust for [Owner]Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 4 contracts

Samples: Master Servicing Agreement (Structured Asset Securities Corp 2004-18h), Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Bank of America, N.A. in trust for [Owner]Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 4 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Securitized Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more for each related Trust a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount, titled "[Cenlar FSB], as Servicer for Xxxxx Fargo Bank, National Association, as Master Servicer] , and in trust for [OwnerName of Trust], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). .” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such letter agreement shall be furnished to each Trustee, each Certificate Insurer and the Owner andMaster Servicer. The Certificate Insurer, upon request, to the Trustee and the Master Servicer shall also be notified of any subsequent owner change in the location of the Mortgage Loans. Custodial Account. (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) any amounts all payments on account of interest received from on the Originator in connection with Securitized Loans adjusted to the repurchase of any Mortgage Loanapplicable Securitized Loan Remittance Rate; (iii) all payments on account of interest on Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Mortgage Loans adjusted Servicer to the Mortgage Loan Remittance Raterelated Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount Prepayment Interest Shortfall Amount required to be deposited in paid by the Custodial Account Servicer pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Section 4.04; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andSection 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. Notwithstanding the foregoing clause (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment in accordance with Accepted Servicing Practices, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the Certificate Insurer. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (ai) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income and (iv) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04 of this Agreement. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue for the benefit of the Servicer. The Servicer shall prepare reconciliations with respect to the ServicerCustodial Account within 45 calendar days after the bank statement cutoff date.

Appears in 3 contracts

Samples: Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Servicing Agreement (MASTR Alternative Loan Trust 2006-1), Servicing Agreement (MASTR Asset Securitization Trust 2006-3)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “Avelo Mortgage, L.L.C., in trust for [Owner]Xxxxxxx Xxxxx Mortgage Company, owner of Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). .” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account within 48 hours two (2) Business Days of receiptreceipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off related Subsequent Transfer Date, or received by the Servicer prior to the Cut-off related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, Loans including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amounts received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.172.13); (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.15; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.01, 2.09, 3.01, 3.10, 4.03, 5.01 4.01 or 5.024.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor therefore up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ix) any amounts prepayment penalties received with respect to or related any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.052.05. AdditionallyWith respect to each Securitization Transaction, any other benefit derived from the Custodial Account associated Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue respect to the ServicerMortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 3 contracts

Samples: Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR Mortgage Loan Trust 2006-2f), Servicing Agreement (GSR 2006-5f)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Wells Fargo Bank, N.A., in trust for [Owner], owner the Purchaser and/or subsequent xxxxxasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsLoans - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. On the Owner. Any funds deposited Closing Date, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account in the form of Exhibit E. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage Loans; andLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; and (xi) with respect to Buydown Mortgage Loans and Subsidy Loans, an amount from the Escrow Account that when added to the Mortgagor's payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, extent permitted by Section 6.01 and any amounts received with respect to or (b) Ancillary Incomerelated to Incremental Interest, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 3 contracts

Samples: Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A2), Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1), Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the each Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “Countywide Home Loans Servicing LP, in trust for [Owner]DB Structured Products, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Inc.”. The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and as otherwise acceptable to the Rating Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner on or prior to the execution of this Agreement and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer (such collections being those received by Servicer within two Business Days prior to actual deposit into the Custodial Account) and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior subsequent to the Cut-off Servicing Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), and Section 3.172.11; (viv) all Condemnation Proceeds that Proceeds, affecting any Mortgaged Property, which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.15, 3.01, 3.10, 4.03, 5.01 or 5.024.02; (vii) [Reserved]; (viii) [Reserved]; (ix) any Prepayment Penalties received with respect to each Principal Prepayment any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in full or connection with the deductible clause in part, the Prepayment Interest Shortfall Amount, if any, for the month of distributionany blanket hazard insurance policy. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceedstherefore. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer may retain any such interest. With respect to any Mortgage Loan subject to a Securitization Transaction, the Servicer shall be entitled establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to retain and withdraw such interest from Mortgage Loan into the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from custodial account created for the Custodial Account associated with securitization on the receipt, disbursement and accumulation date of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the ServicerSecuritization Transaction.

Appears in 3 contracts

Samples: Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab3), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[as directed by the Master Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17Proceeds; (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) any Prepayment Interest Shortfall Amount; (vii) any amount required to be deposited in all Advances made by the Custodial Account Servicer pursuant to Sections 3.01, 3.10, Section 4.03, 5.01 or 5.02; (viii) any amounts required to be deposited by the Servicer in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andany blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of ; and (ax) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not any other amount required hereunder to be deposited by the Servicer into in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 3 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 2000 3), Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2000-1), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2000-2)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Bank, N.A. in trust for [Owner], owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsLoans - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the form case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit C hereto. F. A copy of such certification or letter agreement shall be furnished to the Owner and, Purchaser or any subsequent purchaser upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of the Company’s receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage Loans; andLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; (xi) with respect to a Subsidy Loan, an amount from the Subsidy Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note; (xii) with respect to a Pledged Asset Mortgage Loan, any amounts required to be deposited by the Company pursuant to Section 4.26 of this Agreement in connection with a Letter of Credit; and (xiii) with respect to each Buydown Mortgage Loan, an amount from the Escrow Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 3 contracts

Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-6), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-5)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, Accounts titled "[Servicer] IndyMac Bank, F.S.B., in trust for [Owner], owner Name of Fixed and Adjustable Rate the Purchaser] and/or subsequent purchasers of Mortgage Loans, and various MortgagorsMortgagors - P&I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the OwnerPurchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two Business Days of Company's receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Date, Cut-off Date (other than payments of principal and interest due on or before the related Cut-off Date, ) or received by the Servicer Company prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor or by the Company pursuant to Section 4.22(f) of this Agreement); (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount amounts required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.01, 4.035.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of or substitution for any Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up its funds but not to a maximum amount per month of exceed the Servicing Fee actually payable in that month) which, when added to all amounts allocable to interest received for such month for in connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.10 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary income (a) Servicing Fees which are payable solely from other than Prepayment Premiums), to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.054.05. Additionally, any other benefit derived from The Company shall maintain adequate records with respect to all deposits and withdrawals made pursuant to this Section 4.04 and Section 4.05. All funds required to be deposited in the Custodial Account associated shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05. The Company may direct any depository institution which holds the receipt, disbursement and accumulation of principal, Custodial Account to invest the funds in the Custodial Account in one or more Permitted Investments bearing interest, taxes, hazard insurance, mortgage blanket insurance, etc. All Permitted Investments shall accrue mature or be subject to redemption or withdrawal no later than one Business Day prior to the Servicernext succeeding Remittance Date (except that if such Permitted Investment is an obligation of the Company, then such Permitted Investment shall mature not later than such applicable Remittance Date). All such Permitted Investments shall be held to maturity, unless payable on demand. In the event amounts on deposit in the Custodial Account are at any time invested in a Permitted Investment payable on demand, the Company shall: (a) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on such date; and (b) demand payment of all amounts due thereunder promptly upon determination by the Company or notice from the Purchaser that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the Custodial Account. All income and gain realized from investment of funds deposited in the Custodial Account shall be for the benefit of the Company and shall be subject to its withdrawal in accordance with Section 4.05. The Company shall deposit in the Custodial Account the amount of any loss incurred in respect of any Permitted Investment immediately upon realization of such loss. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Purchaser may elect to take such action, or instruct the Company to take such action, as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings, at the expense of the Company.

Appears in 3 contracts

Samples: Flow Sale and Servicing Agreement (Luminent Mortgage Trust 2006-6), Flow Sale and Servicing Agreement (Luminent Mortgage Trust 2007-1), Flow Sale and Servicing Agreement (Luminent Mortgage Trust 2006-7)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Securitized Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more for each related Trust a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount, titled "[Servicer] “Home Star Mortgage Services, LLC in trust for [OwnerName of Trust], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). .” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such letter agreement shall be furnished to each Trustee, each NIMS Insurer and the Owner and, upon request, to Master Servicer. The NIMs Insurer and the Trustee shall also be notified of any subsequent owner change in the location of the Mortgage Loans. Custodial Account. (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) any amounts all payments on account of interest received from on the Originator in connection with Securitized Loans adjusted to the repurchase of any Mortgage Loanapplicable Securitized Loan Remittance Rate; (iii) all payments on account of interest on Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Mortgage Loans adjusted Servicer to the Mortgage Loan Remittance Raterelated Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount Prepayment Interest Shortfall Amount required to be deposited in paid by the Custodial Account Servicer pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Section 4.04; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andSection 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. Notwithstanding the foregoing clause (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMs Insurer. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (ai) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income and (iv) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04 of this Agreement. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-5), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, Series 2005-3), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Wells Fargo Bank, N.A., in trust for [Owner], owner the Purchaser and/or subsxxxxxt purchasers of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors- P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the OwnerPurchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage Loans; andLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition Proceeds. Proceeds pursuant to Section 4.16; and (xi) an amount from the Subsidy Account that when added to the amount received from the Mortgagor for such month, will equal the full Monthly Payment due under the related Mortgage Note The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 3 contracts

Samples: Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar), Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar), Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “PNMAC Loan Svc LLC ITF PennyMac Operating Partnership, L.P. ttee and/or bailee for PNMAC LLC - and/or pmnts of var mtgrs and/or other owners of int in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). loans- P&I” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, on or prior to any subsequent owner the execution of this Servicing Agreement. The Servicer shall segregate and hold all funds in the Mortgage LoansCustodial Account separate and apart from the Servicer’s own funds and general assets. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior subsequent to the Cut-off Servicing Transfer Date but allocable pursuant to a period subsequent theretothis Servicing Agreement: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), and Section 3.172.11; (viv) all Condemnation Proceeds affecting any Mortgaged Property that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 Section 2.15 or 5.024.02; (vii) [reserved]; (viii) [reserved]; (ix) any Prepayment Penalties received with respect to each Principal Prepayment any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in full or connection with the deductible clause in part, the Prepayment Interest Shortfall Amount, if any, for the month of distributionany blanket hazard insurance policy. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceedstherefor. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 3 contracts

Samples: Servicing Agreement (PennyMac Mortgage Investment Trust), Servicing Agreement (PennyMac Mortgage Investment Trust), Servicing Agreement (PennyMac Mortgage Investment Trust)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “American Home Mortgage Corp., in trust for [Owner]Xxxxxx Brothers Bank, owner FSB, purchaser of Conventional Residential Adjustable and Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Group No. 2007-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 3.054(e). The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C G hereto. A copy of such letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner purchaser of the Mortgage Loans. The Servicer Seller shall deposit in the Custodial Account on a daily basis within 48 hours two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) any Prepayment Charge received in connection with the Mortgage Loans; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4(j) (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.174(n)), Section 4(k) and Section 3.174(o); (vi) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4(n); (vii) any amount amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8; (viii) any amounts required to be deposited in by the Custodial Account Seller pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Section 4(k) in connection with the deductible clause in any blanket hazard insurance policy; (viiiix) any amounts required to be deposited by the Seller pursuant to Section 4(o) in connection with any unpaid claims that are a result of a breach by the Seller or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; (x) any amounts received by the Seller under a PMI or LPMI Policy; (xi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's Seller’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ixxii) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4(p); and (xiii) any other amount required to be deposited into the Custodial Account pursuant to the terms hereof. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4(e).

Appears in 2 contracts

Samples: Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-15n), Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-7n)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Securitized Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more for each related Trust a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount, titled "[Servicer] Home Star Mortgage Services, LLC in trust for [OwnerName of Trust], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in M-1-20 the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such letter agreement shall be furnished to each Trustee, each NIMS Insurer and the Owner and, upon request, to Master Servicer. The NIMs Insurer and the Trustee shall also be notified of any subsequent owner change in the location of the Mortgage Loans. Custodial Account. (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) any amounts all payments on account of interest received from on the Originator in connection with Securitized Loans adjusted to the repurchase of any Mortgage Loanapplicable Securitized Loan Remittance Rate; (iii) all payments on account of interest on Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Mortgage Loans adjusted Servicer to the Mortgage Loan Remittance Raterelated Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount Prepayment Interest Shortfall Amount required to be deposited in paid by the Custodial Account Servicer pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Section 4.04; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be all Monthly Advances made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account or an Advancing Person pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.4.03;

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.), Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.)

Establishment of and Deposits to Custodial Account. The Interim 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Fremont Investment & Loan, in trust for [Owner], owner Barclays Bank PLC as Purchaser of Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage Loanspurchaser. The Interim Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain thereinon a daily basis on or before the second Business Day following receipt thereof, the following collections received by the Interim Servicer and payments made by the Interim Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted net of the Servicing Fee; (iii) all Liquidation Proceeds and any amount received with respect to the Mortgage Loan Remittance RateREO Property; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), Section 2.11 and Section 3.172.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.01, 2.09, 2.16, 3.01, 3.10, 4.03, 5.01 4.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement; (viii) any prepayment penalties received with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the any Mortgage LoansLoan; and (ix) any amounts received required to be deposited by the Interim Servicer pursuant to Section 2.11 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 4.01, need not be deposited by the Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.05.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2), Pooling and Servicing Agreement (Sabr Trust 2005-Fr3)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Boston Safe Deposit and Trust Company in trust for [Owner]Norwest Bank Minnesota, owner of Fixed and Adjustable Rate National Association, as Trustee, Structured Asset Securities Corporation Mortgage LoansPass-Through Certificates, and various MortgagorsSeries 1998-5," (provided, in or such other designation as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Purchaser may direct. The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit C D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner Purchaser. Funds in a Custodial Account may be invested in Eligible Investments (as defined in the Trust Agreement) which shall mature not later than the earlier of the Mortgage LoansBusiness Day immediately preceding the next succeeding Remittance Date, and such investments shall not be sold or disposed of prior to their maturity. All income and gain realized from any investment shall be for the benefit of the Company and shall be subject to its withdrawal or order. The Servicer amount of any losses incurred in respect of any such investments shall be deposited in the related Custodial Account by the Company out of its own funds immediately as such loss is realized. The Company shall deposit in the Custodial Account within 48 hours of receipton a daily basis, as received, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.174.14) and Section 3.174.11; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.104.04, 4.035.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment received during the immediately preceding Principal Prepayment Period, an amount (to be paid by the Company out of its funds as provided in full or Section 6.03 hereof) which, when added to all amounts allocable to interest received in partconnection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate, the Prepayment Interest Shortfall Amount, if any, aggregate of such payments by the Company for any month not to exceed the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month aggregate of the Company's Servicing Fee actually received Fees for such month for month. (ix) any amounts required to be deposited by the Mortgage LoansCompany pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.15. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 2 contracts

Samples: Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp), Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “Countrywide Home Loans, Inc., in trust for [Owner]Xxxxxx Brothers Bank, owner purchaser of Fixed and Adjustable Rate Residential Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Group No. 2006-Flow”. The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.055.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner purchaser of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Date, Cut-off Date (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer Company prior to the related Cut-off Date but allocable to a period subsequent thereto:thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee): (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) any Prepayment Charge received in connection with the Mortgage Loans; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 5.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 5.14), Section 5.11 and Section 3.175.15; (vi) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 5.14; (vii) any amount amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 4.03 and all amounts required to be deposited by the Company in the Custodial Account connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Sections 3.01, 3.10, Section 4.03, 5.01 or 5.02; (viii) any amounts required to be deposited by the Company pursuant to Section 5.11 in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts required to be deposited by the Company pursuant to Section 5.15 in connection with any unpaid claims that are a result of a breach by the Company or any subservicer of the obligations hereunder or under the terms of an LPMI Policy; (x) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's Company’s own funds, without reimbursement therefor up to a maximum amount per month of one-half the Servicing Fee actually received for such month for the Mortgage Loans; and; (ixxi) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 5.16; and (xii) any other amount required to be deposited into the Custodial Account as set forth in this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer5.05.

Appears in 2 contracts

Samples: Servicing Agreement (Sail 2006-3), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc4)

Establishment of and Deposits to Custodial Account. The Special Servicer shall segregate and hold all funds collected and received pursuant to the Transferred Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[(Special Servicer] ), in trust for [Owner]Xxxxxx Capital, A Division of Xxxxxx Brothers Holdings Inc., owner of Fixed and Adjustable Rate Residential Mortgage Loans, Group No. _______, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)". The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC and any amounts therein may be invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.09 hereof. Funds deposited in the Custodial Account may be drawn on by the Special Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Special Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Special Servicer in the Special Servicer's lock-box and payments required to be made by the Special Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Transferred Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Transferred Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Net Liquidation Proceeds; (viv) all Net Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17Proceeds; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (viiv) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Account; (viiivi) any amounts required to be deposited by the Special Servicer in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loansany blanket hazard insurance policy; and (ixvii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Special Servicer and the Special Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Special Servicer.

Appears in 2 contracts

Samples: Servicing Agreement (American Residential Eagle Inc), Servicing Agreement (Structured Asset Securities Corp/Ny)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the each Participation Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled as "[Servicer] Aurora Loan Services Inc., in trust for [Owner], owner of Fixed Structured Asset Securities Corporation and Adjustable Rate Mortgage Loans, and the various MortgagorsParticipants" (provided, in or as otherwise directed by the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Master Servicer. The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and, upon request, to any subsequent owner of the Participation Mortgage LoansLoan. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Participation Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Participation Mortgage Loans adjusted to the Participation Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viiivi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month equal to the aggregate of the Servicing Fee actually Fees received for the Participation Mortgage Loans in such month for month; (vii) all Monthly Advances made by the Mortgage Loans; andServicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; and (x) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Participation Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Participation Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)

Establishment of and Deposits to Custodial Account. The Servicer Seller 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] SIB Mortgage Corp. in trust for [Owner]Xxxxxx Brothers Bank, owner of FSB, Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-2 and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer Seller after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.15), Section 2.12 and Section 3.172.16; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.15; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 2.01, 3.102.10, 4.032.17, 5.01 4.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8 of the Purchase Agreement; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 4.01, need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.05.

Appears in 2 contracts

Samples: Interim Servicing Agreement (Structured Asset Securities Corp), Interim Servicing Agreement (Structured Asset Securities Corp)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Countywide Home Loans Servicing LP, in trust for [Name of Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)". The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and as otherwise acceptable to the Rating Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account within 48 hours of receipton or prior to the second Business Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior pursuant to the Cut-off Date but allocable to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), and Section 3.172.11; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.15, 3.01, 3.10, 4.03, 5.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without any right of reimbursement therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ix) any amounts Prepayment Penalties received with respect to or related any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer may retain any such interest. With respect to any Mortgage Loan subject to a Securitization Transfer, the Servicer shall be entitled establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to retain and withdraw such interest from Mortgage Loan into the Custodial Account pursuant custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicerexceed 48 hours after such date).

Appears in 2 contracts

Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-4), Trust Agreement (GSAA Home Equity 2005-12)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Avelo Mortgage, L.L.C., in trust for [Owner]Goldman Sachs Mortgage Company, owner of Residential Fixed and Adjustable Rate Mortgage Rxxx Xxxtxxxx Loans, and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account within 48 hours two (2) Business Days of receiptreceipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off related Subsequent Transfer Date, or received by the Servicer prior to the Cut-off related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, Loans including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amounts received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.172.13); (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.15; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.01, 2.09, 3.01, 3.10, 4.03, 5.01 4.01 or 5.024.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor therefore up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ix) any amounts prepayment penalties received with respect to or related any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.052.05. AdditionallyWith respect to each Securitization Transaction, any other benefit derived from the Custodial Account associated Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue respect to the ServicerMortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-4), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Bank of America, N.A. in trust for [Owner]Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; ; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Master Servicing Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-22h), Master Servicing Agreement (Structured Asset Securities Corp 2004-18h)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Countrywide Home Loans, Inc. in trust for [Owner]Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)

Establishment of and Deposits to Custodial Account. The Servicer Seller 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] People's Bank of California in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)People's Preferred Capital Corporation". The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law; provided, however, that to the extent the Custodial Account is established with the Seller, the Seller may maintain the Custodial Account as a single account. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit B hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit C hereto, in the case of an account held by a depository other than the Seller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Custodial Account within 48 hours one Business Day of receipt, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Closing Date, Date (other than payments of principal and interest due on or before the Cut-off Closing Date, ) or received by the Servicer Seller prior to the Cut-off Closing Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted Mortgage; (iii) all Liquidation Proceeds and any amount received with respect to the Mortgage Loan Remittance RateREO Property; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), and Section 3.172.11; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.16, 3.01, 3.10, 4.03, 5.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8.03 of the Purchase Agreement; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.05.

Appears in 2 contracts

Samples: Commercial Servicing Agreement (Peoples Preferred Capital Corp), Commercial Servicing Agreement (Peoples Preferred Capital Corp)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, accounts titled "[Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event name of “PNMAC Loan Svc LLC ITF [description of applicable owners or investors]” or titled in another reasonable manner indicating that this Agreement such account is assigned to held in a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)custodial capacity. The Each Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, . The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. With respect to any subsequent owner of the Non-Agency Mortgage Loans. The , the Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior subsequent to the Cut-off Inbound Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the such Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the related Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all related Liquidation Proceeds and any amount received with respect to the related REO Property; (iv) all Liquidation Proceeds; (v) all related Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 3.17) 4.14), and Section 3.174.11; (viv) all Condemnation Proceeds affecting any related Mortgaged Property that are not applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagorrelated Mortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 Section 4.15 or 5.024.19; (vii) any Prepayment Penalties received with respect to any Non-Agency Mortgage Loan; and (viii) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distributionany blanket hazard insurance policy. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceedstherefor. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Flow Servicing Agreement (PennyMac Mortgage Investment Trust), Flow Servicing Agreement (Pennymac Financial Services, Inc.)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all the hereinafter mentioned 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 Custodial Accounts, in the form of time term deposit or demand accounts, titled "[Servicer] National Bank of Canada in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsNB Capital Corporation" (provided, in the event that this Agreement is assigned or similar designation with respect to a third party, the Custodial Account(s) shall be reestablished in trust for such Assigneeany subsequent Company). The Custodial Account shall be established with a Qualified Depository depository acceptable to the OwnerCompany. Any If the Custodial Account is held at a depository the deposit accounts of which are insured by CDIC, any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.052.5. The creation of any Custodial Account shall be evidenced by a letter agreement certificate in the form of Exhibit C 2 hereto. A copy of such letter agreement certificate shall be furnished to the Owner Company and, upon request, to any subsequent owner of the Mortgage Loanscompany. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Closing Date, or received by the Servicer prior to the Cut-off Closing Date but allocable to a period subsequent thereto: (i) 2.4.1 all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) 2.4.2 all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans; (iv) 2.4.3 all Liquidation ProceedsProceeds and any amount received with respect to REO Property; (v) 2.4.4 all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.9 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.172.13); (vi) 2.4.5 all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor;Mortgagor in accordance with Section 2.13; and (vii) 2.4.6 any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 2.14 or 5.02; (viii) with respect to each Principal Prepayment 3.1. The collections mentioned in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit Sections 2.4.1 and 2.4.2 shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account within one (1) Business Day of receipt by the depository institution shall accrue Servicer. The collections mentioned in Sections 2.4.3 to the benefit of the Servicer and the Servicer 2.4.6 inclusive shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the deposited within thirty (30) Business Days of receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Servicing Agreement (Nb Capital Corp), Servicing Agreement (Nb Capital Corp)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxxxxxxx Mortgage Company, Inc. in trust for [Owner]Centre Capital Group, Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Master Servicing Agreement (Structured Asset Securities Corp), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Bank, N.A., in trust for [Owner], owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsLoans - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the form case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit C hereto. F. A copy of such certification or letter agreement shall be furnished to the Owner andPurchaser or any subsequent purchaser, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours one (1) Business Day of Company’s receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts Principal Prepayment charges received from the Originator in connection with the repurchase of any a Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (vi) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (viii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (ix) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage Loans; andLoan Remittance Rate; (ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or and all REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account Proceeds pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.4.16; and

Appears in 2 contracts

Samples: Servicing Agreement (Sail 2006-2), Servicing Agreement (Sasco 2006-Wf1)

Establishment of and Deposits to Custodial Account. The Servicer Seller 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] BancMortgage, A Division of National Bank of Commerce in trust for [Owner]Xxxxxx Brothers Bank, owner of FSB, Residential Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsGroup No. 2003-2." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer Seller after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.15), Section 2.12 and Section 3.172.16; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.15; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 2.01, 3.102.10, 4.032.17, 5.01 4.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8 of the Purchase Agreement; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 4.01, need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.05.

Appears in 2 contracts

Samples: Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Waterfield Mortgage Company, Inc. in trust for [Owner]Centre Capital Group, owner Xxx., xxner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Master Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-33h), Master Servicing Agreement (Structured Asset Securities Corp Mort Pass Thru Ser 2004-5h)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, accounts titled "[Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event name of “PNMAC Loan Svc LLC ITF [description of applicable owners or investors]” or titled in another reasonable manner indicating that this Agreement such account is assigned to held in a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)custodial capacity. The Each Custodial Account shall be established with a Qualified Depository acceptable to the OwnerOwner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in by the Custodial Account FDIC and any amounts therein may be drawn on by the Servicer invested in accordance with Section 3.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C 2 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository). A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, . The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. With respect to any subsequent owner of the Non-Agency Mortgage Loans. The , the Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior subsequent to the Cut-off Inbound Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the such Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the related Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all related Liquidation Proceeds and any amount received with respect to the related REO Property; (iv) all Liquidation Proceeds; (v) all related Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 3.17) 4.14), and Section 3.174.11; (viv) all Condemnation Proceeds affecting any related Mortgaged Property that are not applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagorrelated Mortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 Section 4.15 or 5.024.19; (vii) any Prepayment Penalties received with respect to any Non-Agency Mortgage Loan; and (viii) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distributionany blanket hazard insurance policy. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceedstherefor. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Flow Servicing Agreement (PennyMac Mortgage Investment Trust), Flow Servicing Agreement (Pennymac Financial Services, Inc.)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Home Mortgage, Inc. in trust for [Owner], owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsMortgagors - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable Depository. The Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account in the form of Exhibit F, attached hereto, which shall be furnished to the OwnerPurchaser upon request. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.036.01, 5.01 6.02 or 5.02as otherwise required by this Agreement; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 2 contracts

Samples: Servicing Agreement (Greenwich Capital Acceptance Inc), Servicing Agreement (Structured Asset Mortgage Investments Inc)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Wxxxx Fargo Bank, N.A., in trust for [Owner], owner the Owner and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors- P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. The existence of the OwnerCustodial Account shall be evidenced by an account certification and shall be provided on the respective Servicing Date. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans4.05. The Servicer shall deposit in the Custodial Account within 48 hours one (1) Business Day of Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.02 hereof and Section 6 of the Master Mortgage Loan Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount(to be paid by the Servicer out of its funds); provided, if anyhowever, that in no event shall the aggregate of deposits made by the Servicer pursuant to this sub clause (viii) exceed the aggregate amount of the Servicer’s Servicing Fee for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andrelated Due Period; (ix) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; and (xi) an amount from the Subsidy Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 2 contracts

Samples: Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar9), Sale and Servicing Agreement (Bear Stearns ARM Trust 2007-2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “Aurora Loan Services Inc. in trust for [Owner]Xxxxx Fargo Bank Minnesota, owner of Fixed and Adjustable Rate National Association, as trustee for the Structured Asset Securities Corporation, Mortgage LoansPass-Through Certificates, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Series 2003-S2.” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.21 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of its obligations under such sections or under the terms of a Pool Insurance Policy; (xii) any amount received by the Servicer under the Pool Insurance Policies; (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-S2)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount titled, titled "[Servicer] “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [Owner]LaSalle Bank National Association, owner of Fixed as Trustee for Structured Asset Investment Loan Trust, Series 2005-2” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A B. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, if required, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, but not more than two (2) Business Days after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17the Servicing Standard); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Home Mortgage, Inc. in trust for [Owner]Xxxxxx Brothers Bank, FSB, owner of Fixed and Adjustable Rate Residential Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Group No. 2003-Subflow". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawDepository. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit C B hereto. A copy of such letter agreement certification shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours one (1) Business Day of the Servicer's receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing each Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (viivi) any other amount required to be deposited in the Custodial Account pursuant to Sections 3.01this Agreement; (vii) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, 3.10, 4.03, 5.01 or 5.02in connection with the repurchase of any Mortgage Loan; (viii) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andany blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xi) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Flow Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] in Wells Fargo Home Mortgage, Ixx. xn trust for [Owner]Centre Capital Group, Inc, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h)

Establishment of and Deposits to Custodial Account. The Interim 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GreenPoint Mortgage Funding, Inc. in trust for [Owner]Xxxxxxx Xxxxx Mortgage Company, owner of Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). .” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Purchaser intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Interim Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Interim Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, Loans including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.172.13); (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.15; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.01, 2.09, 3.01, 3.10, 4.03, 5.01 4.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the Purchase Agreement; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts prepayment penalties received with respect to or related to any REO Property or REO Disposition Proceeds. Mortgage Loan; The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 4.01, need not be deposited by the Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.05.

Appears in 1 contract

Samples: Interim Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Oh1)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[titled, as directed by the Master Servicer] , “Aurora Loan Services LLC in trust for [Owner]Citibank, owner of Fixed and Adjustable Rate N.A., as Trustee for the Structured Asset Securities Corporation Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Loan Trust 2006-S4.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit C hereto. B. A copy of such letter agreement certification notice shall be furnished to the Owner Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's ’s own fundsfunds or from the Seller Remittance Amount, without reimbursement therefor up to a maximum amount per month of the General Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; (xiii) the Seller Remittance Amount; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Aurora Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-S4)

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Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the each Participation Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled as "[Servicer] Aurora Loan Services Inc., in trust for [Owner], owner of Fixed Structured Asset Securities Corporation and Adjustable Rate Mortgage Loans, and the various MortgagorsParticipants" (provided, in or as otherwise directed by the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Master Servicer. The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and, upon request, to any subsequent owner of the Participation Mortgage LoansLoan. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the each Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Participation Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Participation Mortgage Loans adjusted to the Participation Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17Proceeds; (viv) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) any Prepayment Interest Shortfall Amount; (vii) any amount required to be deposited in all Advances made by the Custodial Account Servicer pursuant to Sections 3.01, 3.10, Section 4.03, 5.01 or 5.02; (viii) any amounts required to be deposited by the Servicer in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andany blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of ; and (ax) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not any other amount required hereunder to be deposited by the Servicer into in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Participation Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[titled, as directed by the Master Servicer] , “Aurora Loan Services LLC in trust for [Owner]U.S. Bank National Association, owner of Fixed and Adjustable Rate Mortgage Loansas Trustee for the Structured Asset Securities Corporation, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). 2005-S1.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit C hereto. B. A copy of such letter agreement certification notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Sections 3.07 and 3.21 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy or a Pool Insurance Policy; (xii) any amounts received by the Servicer under a PMI, LPMI Policy or Pool Insurance Policy pursuant to Section 3.07 or Section 3.21; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S1)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount titled, titled "[Servicer] “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [Owner]U.S. Bank National Association, owner of Fixed as Trustee for Structured Asset Investment Loan Trust, Series 2005-4” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A B. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, but not more than two (2) Business Days after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17the Servicing Standard); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-4)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[titled, as directed by the Master Servicer] , “Aurora Loan Services LLC in trust for [Owner]the Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Series 2007-OSI.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit C hereto. B. A copy of such letter agreement certification notice shall be furnished to the Owner Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Aurora Loan Services Inc., in trust for [Owner]Lxxxxx Capital, A Division of Lxxxxx Brothers Holdings Inc., owner of Fixed and Adjustable Rate Residential Mortgage Loans, Group No. 1997- ALSI, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)". The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. C. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (iv) all Insurance Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17Ancillary Income; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Account; (viii) any amounts required to be deposited by the Servicer in connection with respect to each Principal Prepayment the deductible clause in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loansany blanket hazard insurance policy; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp/Ny)

Establishment of and Deposits to Custodial Account. The Interim 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 Custodial Accounts, in the form of time deposit or demand accounts, to be maintained under the sole dominion and control of the Purchaser and titled "[Servicer] Fremont Investment & Loan, in trust for [Owner], owner Morgan Stanley Mortgage Capital Inc. as Purchaser of Fixed Mortgage Loans and Adjustable Rate Mortgage Loans, and various Mortgagorsxxxxxux Xxxxxagors." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Purchaser intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage Loanspurchaser. The Interim Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain thereinon a daily basis on the Business Day following receipt thereof, the following collections received by the Interim Servicer and payments made by the Interim Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted Mortgage; (iii) all Liquidation Proceeds and any amount received with respect to the Mortgage Loan Remittance RateREO Property; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), Section 2.11 and Section 3.172.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He3)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “Xxxxx Fargo Home Mortgage, Inc. in trust for [Owner], owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Mortgagors - P & I.” The Custodial Account shall be established with a Qualified Depository acceptable Depository. The Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account in the form of Exhibit F, attached hereto, which shall be furnished to the OwnerPurchaser upon request. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.036.01, 5.01 6.02 or 5.02as otherwise required by this Agreement; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 1 contract

Samples: Servicing Agreement (Greenwich Capital Acceptance Inc)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GMAC Mortgage Corporation, in trust for [Owner]DB Structured Products, owner of Inc. re: Fixed and Adjustable Rate Residential Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on invested in Eligible Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer).The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Eligible Investments.The amount of any such losses shall be deposited within one (1) Business Day by the Servicer in accordance the Custodial Account, as appropriate, out of the Servicer’s own funds, with Section 3.05no right to reimbursement therefor. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner prior to the initial Transfer Date and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account within 48 hours of receiptno more than two (2) Business Days following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing applicable Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted Loans; (iii) all Liquidation Proceeds and any amount received with respect to the Mortgage Loan Remittance RateREO Property; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account a suspense account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices, the Mortgage Loan Documents or applicable law); (viv) all Condemnation Proceeds that affecting any Mortgaged Property which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Accepted Servicing Practices, the Mortgage Loan Documents or applicable law; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.01, 2.09, 2.16, 3.01, 3.10, 4.03, 5.01 or 5.024.02; (vii) any prepayment penalties received with respect to any Mortgage Loan; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received required to be deposited by the Servicer pursuant to Section 2.11 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. .Any interest paid on funds deposited in the Custodial Account by the depository institution or any other non-interest benefits shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally2.05 or retain such other benefits, any other benefit derived from as the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicercase may be.

Appears in 1 contract

Samples: Servicing Agreement (Deutsche Alt-a Securities Inc)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of time deposit or demand accountsaccount, titled "[Servicer] “Option One Mortgage Corporation in trust for [Owner]LaSalle Bank National Association, owner of Fixed as Trustee for Structured Asset Investment Loan Trust, 2003-BC9” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the “Trust Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Trust Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Trust Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Trust Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Trust Custodial Account. The foregoing requirements for deposit into the Trust Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, foregoing payments in the nature of (ai) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Fee need not be deposited by the Servicer into the Trust Custodial Account. Any interest paid on funds deposited in the Trust Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Trust Custodial Account pursuant to Section 3.053.04 (iv) of this Agreement. Additionally, any other benefit derived from the Trust Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Securitized Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more for each related Trust a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount, titled "[Servicer] “NYMT Servicing Corporation in trust for [OwnerName of Trust], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). .” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such letter agreement shall be furnished to each Trustee and the Owner and, upon request, to Master Servicer. The Trustee shall also be notified of any subsequent owner change in the location of the Mortgage Loans. Custodial Account. (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) any amounts all payments on account of interest received from on the Originator in connection with Securitized Loans adjusted to the repurchase of any Mortgage Loanapplicable Securitized Loan Remittance Rate; (iii) all payments on account of interest on Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Mortgage Loans adjusted Servicer to the Mortgage Loan Remittance Raterelated Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount Prepayment Interest Shortfall Amount required to be deposited in paid by the Custodial Account Servicer pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Section 4.04; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andSection 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. Notwithstanding the foregoing clause (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (ai) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income and (iv) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04 of this Agreement. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (NYMT Securities CORP)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accounts, account titled "[Servicer] “Chase Manhattan Mortgage Corporation in trust for [Owner]Xxxxx Fargo Bank, owner of Fixed N.A., as Trustee for First Franklin Mortgage Loan Trust, Series 2004-FF7” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, if required, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, but not more than two (2) Business Days after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17the Servicing Standard); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xiii) any amounts received by the Servicer under a PMI or LPMI Policy; and (xiv) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff7)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GMAC Mortgage Corporation, as servicer, in trust for [Owner]the benefit of the Holders of GreenPoint Mortgage Funding Trust Mortgage Pass-Through Certificates, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Series 2006-AR5.” Any Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the OwnerEligible Institution. Any funds deposited in the Custodial Account shall at all times be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account or a suspense account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds not deposited into a suspense account pending application that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viii) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andLoan, in connection with the repurchase of any Mortgage Loan; (ix) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.16 or Section 3.24 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xii) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the ServicerSeller.

Appears in 1 contract

Samples: Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar5)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Chase Home Finance LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [Owner], owner of Fixed and Adjustable Rate Goldman Sachs Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Company". The Custodial Account shall be established with estxxxxxxxd xxxx a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account and shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Account. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, but not more than two (2) Business Days from receipt from the Mortgagor, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) : all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) Prepayments and all Prepayment Charges; all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) ; all Liquidation Proceeds; (v) ; 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 3.14; all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan Documents and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) Servicing Standard); any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) this Agreement; any amounts in connection with respect the repurchase of any Mortgage Loan; any amounts required to each Principal Prepayment be deposited by the Servicer pursuant to Section 3.11 in full or connection with the deductible clause in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loansany blanket hazard insurance policy; and (ix) and any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, insurance and mortgage blanket insurance, etc. insurance shall accrue to the ServicerServicer (provided, that in no case may the Servicer upcharge any person for the amount of any such benefits).

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Wells Fargo Bank, N.A., in trust for [Owner], owner the Owner and/or subsequent purcxxxxxs of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors- P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. The existence of the OwnerCustodial Account shall be evidenced by an account certification and shall be provided on the respective Servicing Date. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans4.05. The Servicer shall deposit in the Custodial Account within 48 hours one (1) Business Day of Servicer's receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.02 hereof and Section 6 of the Master Mortgage Loan Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount(to be paid by the Servicer out of its funds); provided, if anyhowever, for that in no event shall the month aggregate of distribution. Such deposit shall be deposits made from by the Servicer pursuant to this sub clause (viii) exceed the aggregate amount of the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andrelated Due Period; (ix) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; and (xi) an amount from the Subsidy Account that when added to the Mortgagor's payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 1 contract

Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Wells Fargo Bank, N.A., in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage the Owner and/or subsequent Owners xx Xortgage Loans, and various MortgagorsMortgagors - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the Owner. Any funds deposited Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of such Custodial Account in the form attached hereto as Exhibit E. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans4.05. The Servicer shall deposit in a mortgage clearing account on a daily basis, and in the Custodial Account within 48 hours two (2) Business Days of Servicer's receipt, and retain therein, the following collections received by the Servicer and payments made any other amounts required to be deposited by the Servicer pursuant to this Agreement after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto, other than payments of principal and interest due on or before the Cut-off Date, as follows: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.014.01, 3.10, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 5.04; (viii) with respect to each Principal Prepayment an amount (to be paid by the Servicer out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gs-FFMLT 2006-Ff13)

Establishment of and Deposits to Custodial 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 any other funds or assets held by it and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account Accounts may be drawn on withdrawn by the Servicer in accordance with Section 3.053.06. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be --------- furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall use its Best Efforts to deposit in the Custodial Account within 48 hours of on a daily basis, but in no event more than one (1) Business Day after receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including which were withdrawn from the Escrow Account to be applied as a Principal Prepayment; (v) all Condemnation Proceeds which were withdrawn from the Escrow Account to be applied as a Principal Prepayment; (vi) any amounts required to be deposited by the Servicer pursuant to Section 3.12 (other than proceeds to be held 3.11 in connection with the Escrow Account and applied to the restoration and repair of the Mortgaged Property deductible clause in any blanket hazard or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagormaster single interest insurance policy; (vii) any amount required amounts representing interest on late remittances to be deposited in the Custodial Account Owner pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Section 4.01; (viii) with respect any amounts required to each Principal Prepayment in full or in part, be deposited by the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up Servicer pursuant to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andSection 3.10 hereof; (ix) any amounts received representing losses on Permitted Investments pursuant to Section 3.09; (x) any amounts deposited by the Owner pursuant to Section 3.13(b); (xi) unless otherwise specified in the Acknowledgment Agreement with respect to or the related Mortgage Loan, all modification fees, assumption fees, processing fees with respect to placement of subordinate liens on Mortgaged Properties, and other fees payable to the Owner pursuant to Sections 3.12 and 5.01 hereof, to the extent received by the Servicer; and (xii) any other fees payable by a Mortgagor with respect to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusiveMortgage Loan, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely any investment income from the interest portion of Monthly PaymentsLockbox Account with respect to any Mortgage Loan, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of extent that the Servicer and the Servicer shall related Acknowledgment Agreement provides for such fees or investment income to be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue paid to the ServicerOwner.

Appears in 1 contract

Samples: Servicing Agreement (Imperial Credit Commercial Mortgage Investment Corp)

Establishment of and Deposits to Custodial Account. The Servicer Seller 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] People's Bank of California in trust for [Owner], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)People's Preferred Capital Corporation". The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law; provided, however, that to the extent the Custodial Account is established with the Seller, the Seller may maintain the Custodial Account as a single account. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit B hereto, in the case of the account established with the Seller, or by a letter agreement in the form of Exhibit C hereto, in the case of an account held by a depository other than the Seller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer Seller shall deposit in the Custodial Account within 48 hours one Business Day of receipt, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related any Closing Date, other Date(other than payments of principal and interest due on or before the Cut-off any Closing Date, ) or received by the Servicer Seller prior to the Cut-off any Closing Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted Mortgage; (iii) all Liquidation Proceeds and any amount received with respect to the Mortgage Loan Remittance RateREO Property; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), and Section 3.172.11; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.15, 2.17, 3.01, 3.10, 4.03, 5.01 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8.3 of the Purchase Agreement; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.05.

Appears in 1 contract

Samples: Residential Servicing Agreement (Peoples Preferred Capital Corp)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, to be titled "[Servicer] Countrywide Home Loans, Inc., in trust for [Owner]Barclays Bank, owner PLC as Purchaser of Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC through the BIF or the SAIF to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05FDIC. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage Loanspurchaser. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain thereintwo (2) Business Days following receipt thereof, the following collections received by the Servicer and payments made by the Servicer after the related Closing Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to for the Mortgage Loan Remittance Rate; (iviii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.16), Section 2.12 and Section 3.172.17; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.16; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.04, 2.11, 2.17, 3.01, 3.10, 4.03, 5.01 4.01 or 5.024.02; (vii) any prepayment penalties received with respect to any Mortgage Loan; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received required to be deposited by the Servicer pursuant to Section 2.13 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Paymentsunless otherwise provided herein, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.07.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GMAC Mortgage Corporation in trust for [Owner]U.S. Bank National Association, owner of Fixed and Adjustable Rate as Trustee for the Structured Asset Securities Corporation Mortgage LoansPass-Through Certificates, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Series 2005-S4.” Any Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the OwnerEligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account or a suspense account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds not deposited into a suspense account pending application that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the General Servicing Fee actually received for such month for the Mortgage Loans; and; (ix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (x) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiv) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the GMAC Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S4)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Portfolio Loans and REO Properties separate and apart from any of its own funds and general assets assets, to the extent the Servicer is not otherwise permitted to retain such funds under the terms of this Agreement, and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GMAC Mortgage, LLC, in trust for [Owner], owner of Ally Bank re: Fixed and Adjustable Rate Residential Mortgage Loans” (the “non-HELOC Custodial Account”) and “GMAC Mortgage, and various Mortgagors" (providedLLC, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for Ally Bank re: Home Equity Lines of Credit” (the “HELOC Custodial Account”), or such Assignee)other title as is mutually agreed upon and directed in writing by Owner. The Custodial Account Accounts shall be established with a Qualified Depository acceptable pursuant to the OwnerSection 2.09. Any funds deposited in the Custodial Account Accounts shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage LoansApplicable Law. The Servicer shall deposit in the corresponding Custodial Account within 48 hours of receipt, and retain thereinno more than two (2) Business Days following receipt thereof (unless otherwise noted), the following collections received by the Servicer and or payments to be made by the Servicer Servicer, in connection with the Portfolio Loans and REO Properties, after the related Closing applicable Transfer Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account collections of principal on the Mortgage Loansprincipal, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase all collections of any Mortgage Loaninterest; (iii) all payments on account Liquidation Proceeds (which shall be deposited as soon as practical after the expenses of interest on such sale are paid and the Mortgage Loans adjusted to the Mortgage Loan Remittance RateServicer has reimbursed itself for any related un-reimbursed Servicing Advances, unpaid Servicing Compensation, and un-reimbursed Owner Expenses); (iv) all Liquidation Proceedsnet cash flow, if any, from the REO Property, which shall equal the revenues from such REO Property net of expenses and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses; (v) all Insurance Proceeds including amounts Proceeds, required to be deposited pursuant to Section 3.12 (2.10, other than proceeds to be held in the Escrow Account a suspense account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor; (vi) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 2.09 (losses on Eligible Investments), 3.10, 4.03, 5.01 or 5.02Section 3.01(interest on late remittances); (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect required to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.Section

Appears in 1 contract

Samples: Servicing Agreement

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GMAC Mortgage Corporation, as servicer, in trust for [Owner]the benefit of the Holders of Xxxxxx XS Trust Mortgage Pass-Through Certificates, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Series 2006-GP3.” Any Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the OwnerEligible Institution. Any funds deposited in the Custodial Account shall at all times be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account or a suspense account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds not deposited into a suspense account pending application that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viii) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andLoan, in connection with the repurchase of any Mortgage Loan; (ix) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.16 or Section 3.24 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xii) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the ServicerSeller.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp3)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “National City Home Loan Services, Inc. in trust for [Owner]U.S. Bank National Association , owner of Fixed as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FF2” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Servicing Advances made by the Servicer that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund; (vi) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vivii) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (viiviii) any other amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viiiix) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ixx) all Monthly Advances made by the Servicer pursuant to Section 4.03; (xi) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xiii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiv) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xv) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Wells Fargo Home Mortgage, Inc. in trust for [Owner]Centre Capital Gxxxx, Inc, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) and Section 3.17; (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Master Servicing Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-22h)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the in connection with a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Wells Fargo Bank, N.A., in trust for [Owner], owner of Fixed and Adjustable Rate the Owner and/or subsequent Ownxxx xf Mortgage Loans, and various MortgagorsMortgagors - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the Owner. Any funds deposited Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of such Custodial Account in the form attached hereto as Exhibit E. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans4.05. The Servicer shall deposit in a mortgage clearing account on a daily basis, and in the Custodial Account within 48 hours two (2) Business Days of Servicer's receipt, and retain therein, the following collections received by the Servicer and payments made any other amounts required to be deposited by the Servicer pursuant to this Agreement after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto, other than payments of principal and interest due on or before the Cut-off Date, as follows: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.014.01, 3.10, 4.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 5.04; (viii) with respect to each Principal Prepayment an amount (to be paid by the Servicer out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any amounts required to be deposited by the Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 1 contract

Samples: Trust Agreement (GSAA Home Equity Trust 2006-13)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “National City Home Loan Services, Inc. in trust for [Owner]U.S. Bank National Association, owner of Fixed as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FFB” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account on a daily basis within 48 hours two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Servicing Advances made by the Servicer that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund; (vi) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vivii) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (viiviii) any other amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viiiix) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ixx) all Monthly Advances made by the Servicer pursuant to Section 4.03; (xi) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xiii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiv) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xv) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-FFB)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount titled, titled "[Servicer] “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [Owner]U.S. Bank National Association, owner of Fixed as Trustee for Structured Asset Securities Corporation Mortgage Pass Through Certificates, Series 2006-BC6” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A B. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours two (2) Business Days of receipt, receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17the Servicing Standard); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the General Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a LPMI or PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the General Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Fleet Mortgage Corp., in trust for [Owner]Xxxxxx Capital, owner A Division of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsXxxxxx Brothers Holdings Inc.," (provided, in or such other designation as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)Purchaser may direct. The Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured to the full extent permitted under applicable lawinvested in Eligible Investments. Funds deposited in the Custodial Account may be drawn on withdrawn by the Servicer in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement certification substantially in the form of Exhibit C D-1 hereto, in the case of an account established with the Servicer or an affiliate thereof, or by a letter agreement substantially in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Servicer or an affiliate thereof. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner Purchaser. Funds in a Custodial Account may be invested in Eligible Investments which shall mature not later than the earlier of the Mortgage LoansBusiness Day immediately preceding the next succeeding Remittance Date, and such Eligible Investments shall not be sold or disposed of prior to their maturity. All income and gain realized from any investment shall be for the benefit of the Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the related Custodial Account by the Servicer out of its own funds immediately as such loss is realized. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, as received, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.174.14) and Section 3.174.11; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorProperty; (viivi) any amount (without duplication) required to be deposited in the Custodial Account pursuant to Sections 3.014.01, 3.104.16, 4.035.03, 5.01 6.01 or 5.026.02; (vii) any amounts received by the Servicer payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.04 and all amounts received by the Servicer which are required to be deposited by the Servicer in connection with a shortfall in principal amount of any Qualifying Substitute Mortgage Loan pursuant to Section 3.04; (viii) with respect to each Principal Prepayment received during the immediately preceding Prepayment Period, an amount (to be paid by the Servicer out of its funds as provided in full or Section 6.03 hereof) which, when added to all amounts allocable to interest received in partconnection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Remittance Rate, the Prepayment Interest Shortfall Amount, if any, aggregate of such payments by the Servicer for any month not to exceed the month aggregate of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received Fees for such month for month; (ix) any amounts required to be deposited by the Mortgage LoansServicer into the Custodial Account pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomelate payment charges and assumption fees, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 1 contract

Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corporation)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Xxxxx Fargo Home Mortgage, Inc. in trust for [Owner], owner the Purchaser and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsMortgagors - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable Depository. The Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account in the form of Exhibit F, attached hereto, which shall be furnished to the OwnerPurchaser upon request. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer Company prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.03, 4.036.01, 5.01 6.02 or 5.02as otherwise required by this Agreement; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; ; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from late payment charges and assumption fees, to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer4.05.

Appears in 1 contract

Samples: Servicing Agreement (Greenwich Capital Acceptance Inc)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “GMAC Mortgage, LLC, as servicer, in trust for [Owner]the benefit of the Holders of Xxxxxx XS Trust Mortgage Pass-Through Certificates, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Series 2007-15N.” Any Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the OwnerEligible Institution. Any funds deposited in the Custodial Account shall at all times be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within 48 hours two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account or a suspense account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds not deposited into a suspense account pending application that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viii) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andLoan, in connection with the repurchase of any Mortgage Loan; (ix) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.16 or Section 3.24 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xii) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the ServicerSeller.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2007-15n)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount titled, titled "[Servicer] “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [Owner]U.S. Bank National Association, owner of Fixed as Trustee for Structured Asset Investment Loan Trust, Series 2005-HE3” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A B. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, but not more than two (2) Business Days after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17the Servicing Standard); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-He3)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Securitized Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more for each related Trust a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount, titled "[Servicer] “Opteum Mortgage Services, LLC in trust for [OwnerName of Trust], owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). .” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such letter agreement shall be furnished to each Trustee, each NIMS Insurer and the Owner and, upon request, to Master Servicer. The NIMs Insurer and the Trustee shall also be notified of any subsequent owner change in the location of the Mortgage Loans. Custodial Account. (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) any amounts all payments on account of interest received from on the Originator in connection with Securitized Loans adjusted to the repurchase of any Mortgage Loanapplicable Securitized Loan Remittance Rate; (iii) all payments on account of interest on Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Mortgage Loans adjusted Servicer to the Mortgage Loan Remittance Raterelated Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount Prepayment Interest Shortfall Amount required to be deposited in paid by the Custodial Account Servicer pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02Section 4.04; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; andSection 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. Notwithstanding the foregoing clause (viii), no Monthly Advances or Servicing Advances shall be required to be made by the Servicer if such Monthly Advance or Servicing Advance would, if made, be, in the Servicer’s reasonable judgment, nonrecoverable. The determination by the Servicer that it has made a nonrecoverable Monthly Advance or Servicing Advance, or that any proposed Monthly Advance or Servicing Advance would be a nonrecoverable advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Master Servicer and the NIMs Insurer. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (ai) Servicing Fees which are payable solely from the late payment charges, penalty interest portion of Monthly Paymentsand insufficient fund charges, Insurance Proceeds(ii) assumption and modification fees, Condemnation Proceeds, Liquidation Proceeds, or (biii) other Ancillary Income, (iv) Prepayment Interest Excess and (v) the Servicing Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04 of this Agreement. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP Trust 2006-2)

Establishment of and Deposits to Custodial Account. (i) 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 initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled "[Servicer] “NYMT Servicing Corporation (or [ ], as Subservicer) in trust for [Owner[ ], owner of Fixed as Indenture Trustee, for the New York Mortgage Trust, Series 2005-[ ] Mortgage-Backed Notes” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned referred to herein as a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Account.” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C E hereto. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. . (ii) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, but not more than two (2) Business Days after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date), or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Premiums; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iv3) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (v4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 4.02(k) (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Servicing Standards); (vi5) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Servicing Standards; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii6) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distributionpayment. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor therefore, up to a maximum amount per month in the aggregate of the Servicing Fee Administration Fee, actually received for such month for the Mortgage Loans; and; (ix7) all Advances made by the Servicer pursuant to Section 4.03(c); (8) any amounts received from the Seller, the Depositor or any other person giving representations and warranties with respect to the Mortgage Loans, in connection with the repurchase of any Mortgage Loan; (9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(k) in connection with the deductible clause in any blanket hazard insurance policy; (10) any amounts received with respect to or related to any REO Property or REO Disposition ProceedsProceeds pursuant to Section 4.02(p); and (11) any other amounts required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly PaymentsAdministration Fee, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Prepayment Interest Excess Amounts and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution maintaining such account shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (NYMT Securities CORP)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount titled, titled "[Servicer] “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [Owner]U.S. Bank National Association, owner of Fixed as Trustee for Structured Asset Investment Loan Trust, Series 2006-BNC2” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A B. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours two (2) Business Days of receipt, receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17the Servicing Standard); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Sail 2006-Bnc2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Aurora Loan Services Inc. in trust for [Owner]Bank One, owner of Fixed and Adjustable Rate Mortgage LoansNational Association, and various Mortgagorsas Trustee for the Amortizing Residential Collateral Trust, 2002-BC2." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration and or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Accepted Servicing Practices); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; and (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] “National City Home Loan Services, Inc. in trust for [Owner]Wxxxx Fargo Bank, owner of Fixed N.A., as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FF17” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C B hereto. A No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of Master Servicer and the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account on a daily basis within 48 hours two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto:): (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) [Reserved]; (vi) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17Accepted Servicing Practices); (vivii) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices; (viiviii) any other amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02this Agreement; (viiiix) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (ixx) all Monthly Advances made by the Servicer pursuant to Section 4.03; (xi) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xiii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiv) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xv) any amounts received by the Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff17)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Indymac Bank, F.S.B., in trust for [Owner]Bank of America, owner National Association and/or subsequent purchasers of Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsMortgagors - P & I." (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the OwnerPurchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.054.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Owner and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Company shall deposit in the Custodial Account within 48 hours two Business Days of Company's receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Closing Cut-off Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer Company prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor); (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iviii) all Liquidation Proceeds; (viv) all Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Section 3.12 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 4.14), Section 4.11 and Section 3.174.15; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.14; (viivi) any amount amounts required to be deposited in the Custodial Account pursuant to Sections 3.01Section 4.01, 3.105.01, 4.035.03, 5.01 6.01 or 5.026.02; (vii) any amounts payable in connection with the repurchase of or substitution for any Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) equal to the lesser of, with respect to all Principal prepayments received in full or the Principal Prepayment period of (i) the amount which, when added to all amounts allocable to interest received in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amountamount of principal so prepaid at the Mortgage Loan Remittance Rate, if any, for and (ii) the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the aggregate Servicing Fee actually received for such month for that month; (ix) any amounts required to be deposited by the Mortgage LoansCompany pursuant to Section 4.10 in connection with the deductible clause in any blanket hazard insurance policy; and (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary income (a) Servicing Fees which are payable solely from other than Prepayment Premiums), to the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Incomeextent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.054.05. Additionally, any other benefit derived from The Company shall maintain adequate records with respect to all deposits and withdrawals made pursuant to this Section 4.04 and Section 4.05. All funds required to be deposited in the Custodial Account associated shall be held in trust for the Purchaser until withdrawn in accordance with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the ServicerSection 4.05.

Appears in 1 contract

Samples: Flow Sale and Servicing Agreement (Banc of America Funding 2006-D Trust)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of time deposit or demand accountsaccount, titled "[Servicer] “Option One Mortgage Corporation in trust for [Owner]U.S. Bank National Association, owner of Fixed as Trustee for Structured Asset Securities Corporation, 2004-S4” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof . The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration and or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 3.17) and Section 3.17Mortgagor); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of equal to the Servicing Fee actually received for such month for Compensating Interest Maximum Amount; (viii) all Monthly Advances made by the Mortgage Loans; andServicer or an Advancing Person pursuant to Section 4.03; (ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16(a) in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, foregoing payments in the nature of (ai) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04 (iv) of this Agreement. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp)

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accountsaccount titled, titled "[Servicer] “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [Owner]U.S. Bank National Association, owner of Fixed as Trustee for Structured Asset Investment Loan Trust, Series 2005-11” and Adjustable Rate Mortgage Loans, and various Mortgagors" (provided, in referred to herein as the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owneran Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A B. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 48 hours of receipton a daily basis, but not more than two (2) Business Days after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) the related Mortgage Loan documents and Section 3.17the Servicing Standard); (vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard; (vii) any amount required to be deposited in the Custodial Account pursuant to Sections 3.01, 3.10, 4.03, 5.01 or 5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's ’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) the Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-11)

Establishment of and Deposits to Custodial 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 Custodial Accounts, in the form of time deposit or demand accounts, titled "[Servicer] Franklin Bank, N.A. in trust for [Owner], owner Purchaser of Fixed and Adjustable Rate Conventional Residential Mortgage Loans, and various Mortgagors" (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee)". The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent owner of the Mortgage LoansPurchaser. The Servicer shall deposit in the Custodial Account within 48 hours one Business Day of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Cut-off Date, other than payments of principal and interest due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted Mortgage; (iii) all Liquidation Proceeds and any amount received with respect to the Mortgage Loan Remittance RateREO Property; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration and or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.17) 2.14), and Section 3.172.11; (viv) all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 2.14; (viivi) any amount required to be deposited in the Custodial Account pursuant to Sections Section 2.01, 2.09, 2.15, 2.17, 3.01, 3.10, 4.03, 5.01 3.03 or 5.024.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8.03 of the Purchase Agreement; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (ix) any amounts received required to be deposited by the Servicer pursuant to Section 2.11 in connection with respect to or related to the deductible clause in any REO Property or REO Disposition Proceedsblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Servicer2.05.

Appears in 1 contract

Samples: Servicing Agreement (Franklin Finance Corp)

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