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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 24 contracts

Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-8), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-3), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-5)

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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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 22 contracts

Samples: Servicing Agreement (LXS 2007-8h), Servicing Agreement (Lehman XS Trust 2006-9), Servicing Agreement (Lehman XS Trust 2006-11)

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 [TRUSTEE], as directed by Trustee for the Master Servicer[Structured Asset Securities Corporation]”. The Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionInstitution in a manner that shall provide maximum available insurance thereunder. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Special Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Special Servicer shall deposit in the Custodial Account Account, within two Business Days (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 Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Transferred Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Transferred Mortgage Loans adjusted to the Transferred Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Transferred Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any other amount required to be deposited in the Custodial Account pursuant to this 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 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; (viiix) all Monthly Advances made by the Special Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountSpecial 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 the Servicing Fee and or Ancillary 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Special Servicer.

Appears in 20 contracts

Samples: Servicing Agreement (Lehman Mortgage Trust 2007-4), Servicing Agreement (Lehman Mortgage Trust 2007-10), Servicing Agreement (Lehman Mortgage Trust 2006-7)

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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 14 contracts

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Pass-Through Certificates, Series 2004-13), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-15), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-3xs)

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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 14 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003-16), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 28xs)

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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 11 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), 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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 9 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 03 2a), 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, titled as directed by the Master Servicer“Saxon Mortgage Services, Inc., in trust for Xxxxxx Xxxxxxx Mortgage Capital Holdings LLC and/or subsequent Owners, and various Mortgagors, re: Fixed and Adjustable Rate Residential Mortgage Loans”. The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner, it being acknowledged that any Qualified Depository that is an Eligible InstitutionAffiliate of Servicer is hereby deemed 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 and any amounts therein may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04Investments. 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 B. 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 Master Servicer not later than 30 calendar days after the Closing Date, Owner and, upon request, to any subsequent owner of the Mortgage LoansOwner. The Servicer shall deposit in the Custodial Account generally within two (2) Business Days of receiptfollowing receipt thereof, but in no event more than three (3) Business Days following receipt thereof and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (applicable Servicing Transfer Date, other than scheduled payments of principal and interest due on or before the Cut-off Date related Servicing Transfer Date, or received by the Servicer prior to the Cut-off related Servicing Transfer Date but allocable to the a period subsequent thereto or Servicing Transfer Date), as applicable: (i) thereto: all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) ; all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) Mortgage; all Liquidation Proceeds; (iv) Proceeds and any amount received with respect to REO Property; all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than amounts proceeds to be held in a suspense account and applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (v) ; all Condemnation Proceeds that which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) with respect ; any amount required to each Principal Prepayment be deposited in full the Custodial Account pursuant to Section 2.09, 2.16, 2.23, 3.01, 3.04 or in part, 4.02; the Prepayment amount of Compensating Interest Shortfall Amount, if any, for the month of distribution. Such deposit which shall be made from the Servicer’s own funds, without reimbursement therefor up therefore; any prepayment penalties received with respect to a maximum any Mortgage Loan; an amount per month of from the Servicing Fee actually received for such month for Buydown Account that when added to the Mortgagor’s payment will equal the full Monthly Payment due under the related Mortgage Loans; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) Note; and any amounts required to be deposited by the Servicer pursuant to Section 2.11 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 Amount; 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and 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 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 3.04. 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 insurance, etc. shall accrue to the Servicercase may be.

Appears in 8 contracts

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13)

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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 5 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 04 4xs), Servicing Agreement (Structured Asset Securities Corp Mort Ps-THR Cert Ser 2004-3), Servicing Agreement (Lehman Abs Corp Mortgage Pass-Through Certs Series 2004-1)

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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 5 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-21), Servicing Agreement (Structured Asset Securities Corp Series 2003-20)

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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date Date, but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (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 AmountAmounts; (xi) any amounts received by the Servicer under a PMI Policy or LPMI Policy pursuant to Section 3.07; and (xixii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 3 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-9xs), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-16xs)

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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 3 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3)

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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; and (xix) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 3 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 5a), 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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 3 contracts

Samples: Servicing Agreement (Sasco 2006-3h), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-2), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-1)

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 as directed by "Xxxxx Fargo Bank, N.A. in trust for the Master Servicer. Purchaser and/or subsequent purchasers of Mortgage Loans, and various Mortgagors - P & I." The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may shall at all times be invested in Eligible Investments subject insured to the provisions of Section 3.11 hereoffullest extent allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.044.05. 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 B. D. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, 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 two one (1) Business Days Day 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 Cut-off Date (Date, other than scheduled payments of principal and interest due on or before the Cut-off Date Date, or received by the Servicer Company prior to the Cut-off Date but allocable to the a period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.14), Section 4.11 and Section 4.15; (v) 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; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 5.03, 6.01 or 6.02; (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 LoansLoan Remittance Rate; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or and all REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.16; and (xi) any other an amount required hereunder from the Subsidy Account that when added to be deposited by the Servicer in Mortgagor's payment will equal the Custodial Accountfull 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 late payment charges and assumption fees, to the Servicing Fee and Ancillary Income 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer4.05.

Appears in 3 contracts

Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h), Seller's Warranties and Servicing Agreement (Lehman Sarm 2005-5), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-18)

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 “Xxxxx Fargo Home Mortgage, Inc. in trust for LaSalle Bank National Association, as directed by the Master Servicer. Trustee for Xxxxx Fargo Home Equity Trust Mortgage Pass-Through Certificates, Series 2004-1.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. C hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansServicer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this Agreement; (viii) with respect to each Principal Prepayment in full or in partfull, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, funds without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1), Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1)

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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003-38), Servicing Agreement (Structured Asset Sec Corp Mor Pass THR Cer Ser 2003-35)

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 "_________________________ in trust for ____________________________________, as directed by the Master Servicer. The Indenture Trustee, for ______ Mortgage Investment Trust 200_-__ Asset-Backed Notes, Series 200_-__" and referred to herein as a "Custodial Account." Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received on or after the Cut-off Date and on or before the Closing Date. (ii) The Servicer shall deposit in the Custodial Account within two on a daily basis, but not more than [two] Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Premiums; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.02(k)); (v5) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.02(o); (vi6) 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 therefor, up to a maximum amount per month in the aggregate of the Servicing Fee Fee, actually received for such month for the Mortgage Loans; (vii7) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viii8) 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; (ix10) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.02(p); and (xi11) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Fee, Prepayment Interest Excess Amounts and 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 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 3.044.02(e). Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. (iii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan. (iv) The Servicer shall be responsible for reviewing and reconciling each Custodial Account and Escrow Account in accordance with industry standards of prudent residential mortgage loan servicers, and shall act promptly to resolve any discrepancies in any such account. The Servicer shall be responsible and liable for all expenses incurred by the other parties hereto resulting from, and all consequences for, the Servicer's failure to properly and promptly reconcile each such account.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Cwabs Inc), Sale and Servicing Agreement (CWHEQ, 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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-7), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-4)

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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution"Thornburg Mortgage Home Loans, Inc. in trust for one or more Thornburx Mortgage Sexxxxxxxx Xxxxxx." Xxx Xxxxxxxxx Xxxxxxx xxxxx xx xxxxxxxxxxx xxxx a Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. Servicer. (b) The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 the period subsequent thereto or Servicing Transfer Closing Date), as applicable: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) all payments on account of interest received on the Mortgage Securitized Loans adjusted to the Mortgage applicable Securitized Loan Remittance Rate; (iii) all Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the related Trust; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) with respect to each Principal Prepayment in full or in part, the any Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall Amount required to be made from paid by 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; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income and (iv) the Servicing Fee and 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 as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.043.04 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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 2 contracts

Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-1), 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 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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-9a), Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2003-6a)

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 as directed by "Xxxxx Fargo Bank, N.A. in trust for the Master Servicer. Purchaser and/or subsequent purchasers of Mortgage Loans, and various Mortgagors - P & I." The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may shall at all times be invested in Eligible Investments subject insured to the provisions of Section 3.11 hereoffullest extent allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 3.044.05. 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 B. D. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, 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 two one (1) Business Days Day 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 Cut-off Date (Date, other than scheduled payments of principal and interest due on or before the Cut-off Date Date, or received by the Servicer Company prior to the Cut-off Date but allocable to the a period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.14), Section 4.11 and Section 4.15; (v) 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; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 5.03, 6.01 or 6.02; (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 LoansLoan Remittance Rate; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer 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 Proceeds; (x) any Prepayment Penalty Amount; and (xi) any other amount required hereunder Proceeds pursuant to be deposited by the Servicer in the Custodial AccountSection 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 and assumption fees, to the Servicing Fee and Ancillary Income 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer4.05.

Appears in 2 contracts

Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-14), Seller's Warranties and 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 as directed by the Master Servicer. Franklin Credit Management Corporation, in trust for Vantium Capital Markets, L.P., and various Mortgagors — P & I.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited a Qualified Depository and shall be evidenced by a certification in the form of Exhibit C-1 and any other evidence reasonably requested by the Owners to confirm the establishment of such account. Upon request of the Owners and within three (3) Business Days thereof, the Servicer shall provide the Owners with written confirmation of the existence of such Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereofAccount. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.042.5. The creation of any Custodial Account shall be evidenced by a letter agreement in Except as provided herein, the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two (2) Business Days of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 the a period subsequent thereto or Servicing Transfer Date), as applicablethereto: (ia) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (iib) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans; (iiic) all Liquidation Proceeds; (ivd) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account in accordance with the related Mortgage Loan Documents and Applicable Requirements and applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 2.14); (ve) 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 the related Mortgage Loan Documents and Applicable Requirements; (vif) any amounts 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 related to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loansany REO Property and all REO Disposition Proceeds pursuant to Section 2.16; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiig) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy; (ixh) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amountby Servicer under a PMI Policy; and (xii) any other amount required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 notwithstanding the foregoing, payments in the nature of the Servicer may net Servicing Fee Advances, Expenses, Servicing Fees and Ancillary Income need not be from funds collected and received on Mortgage Loans before any collections are deposited by the Servicer into the Custodial Account; provided that, Servicer shall only be entitled to retain Ancillary Income from payments representing Ancillary Income that the Servicer received from or on behalf of the Mortgagor. Any interest paid on funds deposited in For the Custodial Account by the depository institution shall accrue avoidance of doubt and notwithstanding any provision to the benefit of the Servicer and the contrary set forth in this Agreement, Servicer shall be entitled to retain receive Ancillary Income only from funds received from or on behalf of the Mortgagor which was in excess of the related Monthly Payment and/or the related prepayment charges. The right to net funds for Servicing Advances, Expenses, Servicing Fees and withdraw such interest from Ancillary Income is not restricted to or limited by funds collected or received in respect of the Custodial Account pursuant to Section 3.04related Mortgage Loan. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 2 contracts

Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)

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 “Aames Capital Corporation in trust for Deutsche Bank National Trust Company, as directed by Indenture Trustee, for the Master Servicer. The Aames Mortgage Investment Trust 2004-1 Mortgage Backed Notes, Series 2004-1” and referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received on or after the Cut-off Date and on or before the Closing Date. (ii) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Premiums; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.02(k)); (v5) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.02(o); (vi6) 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 own funds, without reimbursement therefor therefore, up to a maximum amount per month in the aggregate of the Servicing Fee Fee, actually received for such month for the Mortgage Loans; (vii7) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viii8) 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; (ix10) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.02(p); and (xi11) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Fee, Prepayment Interest Excess Amounts and 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 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 3.044.02(e). Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. (iii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Structured Asset Securities Corp), Transfer and 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 initially establish and maintain one or more Custodial Accounts, Accounts in the form of time deposit or demand accounts, titled entitled "Ocwen Federal Bank FSB in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by Trustee for the Master Servicer. The Amortizing Residential Collateral Trust, 2002-BC5." Any such Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the a Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any either Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) 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) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization 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 “Ocwen Federal Bank FSB in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by Trustee for the Master ServicerAmortizing Residential Collateral Trust, 2002-BC10”. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) 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) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 in connection with any unpaid claims that are a result of a breach by the Custodial AccountServicer 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)

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 “Option One Mortgage Corporation in trust for LaSalle Bank National Association, as directed by Trustee for Structured Asset Investment Loan Trust, 2004-7” and referred to herein as the Master Servicer. “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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 equal to the Servicing Fee actually received for such month for the Mortgage LoansCompensating Interest Maximum Amount; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income 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 3.043.04 (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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2004-7)

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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Securities Corporation, Series 2005-GEL1 trust fund.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansServicer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) The Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1)

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 “Aurora Loan Services LLC, in trust for the Master Servicer. Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC5.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)

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 “Aames Funding Corporation in trust for Deutsche Bank National Trust Company, as directed by the Master Servicer. The Indenture Trustee, for Aames Mortgage Investment Trust 2006-1 Mortgage Backed Notes, Series 2006-1” and referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received on or after the Cut-off Date and on or before the Closing Date. (ii) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Premiums; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.02(k)); (v5) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.02(o); (vi6) 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 own funds, without reimbursement therefor therefor, up to a maximum amount per month in the aggregate of the Servicing Fee Fee, actually received for such month for the Mortgage Loans; (vii7) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viii8) any amounts received from the Sponsor, 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; (ix10) any amounts received with respect to or related to any REO Property or REO Disposition ProceedsProceeds pursuant to Section 4.02(p); (x11) any Prepayment Penalty Amount; andall Subsequent Recoveries; (xi12) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Fee, Prepayment Interest Excess Amounts and 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 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 3.044.02(e). Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. (iii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan. (iv) The Servicer shall be responsible for reviewing and reconciling each Custodial Account and Escrow Account in accordance with industry standards of prudent residential mortgage loan servicers, and shall act promptly to resolve any discrepancies in any such account. The Servicer shall be responsible and liable for all expenses incurred by the other parties hereto resulting from, and all consequences for, the Servicer’s failure to properly and promptly reconcile each such account.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2006-1)

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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2005-HE2.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar days after the Closing Date, and, Date (and to the NIMS Insurer upon request, to any subsequent owner of the Mortgage Loans) . The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-He2)

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 initially establish and maintain one or more Custodial Accounts, Accounts in the form of time deposit or demand accounts, titled entitled “Ocwen Federal Bank FSB in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by trustee for the Master Servicer. The Amortizing Residential Collateral Trust, 2002-BC9.” Any such Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the a Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) 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) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9)

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 “Aurora Loan Services Inc. in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by trustee for the Master Servicer. Amortizing Residential Collateral Trust, 2002-BC10.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)

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 “Xxxxx Fargo Bank, N.A. in trust for LaSalle Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2004-7.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-7)

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 “Chase Home Finance LLC, titled in trust for Citibank, N.A., as directed by Trustee for Structured Asset Securities Corporation, Series 2005-10” and referred to herein as the Master Servicer. “Custodial Account.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Trustee and the Master Servicer not later than 30 calendar within thirty (30) days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted the related Mortgage Loan documents and the Servicing PracticesStandard); (vvi) 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; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) 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; (ixxi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 AccountAccount 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10)

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. Franklin Credit Management Corporation, in trust for Vantium Capital Markets, L.P., and various Mortgagors - P & I.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited a Qualified Depository and shall be evidenced by a certification in the form of Exhibit C-1 and any other evidence reasonably requested by the Owners to confirm the establishment of such account. Upon request of the Owners and within three (3) Business Days thereof, the Servicer shall provide the Owners with written confirmation of the existence of such Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereofAccount. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.042.5. The creation of any Custodial Account shall be evidenced by a letter agreement in Except as provided herein, the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two (2) Business Days of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 the a period subsequent thereto or Servicing Transfer Date), as applicablethereto: (ia) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (iib) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans; (iiic) all Liquidation Proceeds; (ivd) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account in accordance with the related Mortgage Loan Documents and Applicable Requirements and applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 2.14); (ve) 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 the related Mortgage Loan Documents and Applicable Requirements; (vif) any amounts 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 related to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loansany REO Property and all REO Disposition Proceeds pursuant to Section 2.16; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiig) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy; (ixh) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amountby Servicer under a PMI Policy; and (xii) any other amount required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 notwithstanding the foregoing, payments in the nature of the Servicer may net Servicing Fee Advances, Expenses, Servicing Fees and Ancillary Income need not be from funds collected and received on Mortgage Loans before any collections are deposited by the Servicer into the Custodial Account; provided that, Servicer shall only be entitled to retain Ancillary Income from payments representing Ancillary Income that the Servicer received from or on behalf of the Mortgagor. Any interest paid on funds deposited in For the Custodial Account by the depository institution shall accrue avoidance of doubt and notwithstanding any provision to the benefit of the Servicer and the contrary set forth in this Agreement, Servicer shall be entitled to retain receive Ancillary Income only from funds received from or on behalf of the Mortgagor which was in excess of the related Monthly Payment and/or the related prepayment charges. The right to net funds for Servicing Advances, Expenses, Servicing Fees and withdraw such interest from Ancillary Income is not restricted to or limited by funds collected or received in respect of the Custodial Account pursuant to Section 3.04related Mortgage Loan. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Loan Servicing Agreement (Franklin Credit Holding Corp/De/)

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 “Wxxxx Fargo Bank, N.A. in trust for LaSalle Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2004-6.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Wxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-6)

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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)

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 “Chase Manhattan Mortgage Corporation in trust for LaSalle Bank National Association, titled as directed by Trustee for Structured Asset Investment Loan Trust, Series 2004-11” and referred to herein as the Master Servicer. “Custodial Account.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Trustee, the Master Servicer not later than 30 calendar days after Servicer, if required, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted the related Mortgage Loan documents and the Servicing PracticesStandard); (vvi) 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; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) 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; (ixxi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 AccountAccount 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)

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 “HomeBanc Corp. in trust for U.S. Bank National Association, as directed by Indenture Trustee, for the Master Servicer. The HomeBanc Mortgage Trust 2005-2 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-2 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account within two Business Days Account, no later than 48 hours after receipt of receiptfunds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after it subsequent to the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date, or received by the Servicer it prior to the Cut-off Date but allocable to the a period subsequent thereto thereto, other than in respect of principal and interest on the Mortgage Loans due on or Servicing Transfer before the Cut-off Date), as applicable: (i1) all payments on account of principal principal, including Principal Prepayments and related penalties, on the Mortgage Loans, including all Principal Prepayments; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Loan Remittance Rate; (iii3) all Net Liquidation Proceeds; (iv4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts; (5) all Insurance Proceeds (including amounts required to be deposited pursuant to Section 4.02(j), other than amounts applied proceeds to be held in the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not Escrow Account and 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; (vi6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law; (7) any Monthly Advances; (8) with respect to each Principal Prepayment in full or in partpartial Principal Prepayment, the any Prepayment Interest Shortfall AmountShortfalls, if any, for to the month extent 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 's aggregate Servicing Fee actually received for such month for with respect to the Mortgage Loansrelated Prepayment Period; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) 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 Amount, such deposit shall be made from the Servicer's own funds, without reimbursement therefor; and (xi10) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount pursuant this Agreement. The foregoing requirements for deposit into in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income Income, need not be deposited by the Servicer into in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds 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 3.04. Additionally4.02(e). (ii) The Servicer agrees that it shall not create, incur or subject any other benefit derived from the Mortgage Loans, or any funds that are deposited in any Custodial Account associated with or Escrow Account, or any funds that otherwise are or may become due or payable to or for the receiptbenefit of the Indenture Trustee, disbursement and accumulation of principalto any claim, lien, security interest, taxesjudgment, hazard insurancelevy, mortgage insurancewrit of attachment or other encumbrance, etc. shall accrue to the Servicernor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (HomeBanc 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 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 as directed by "Wells Fargo Bank, N.A., ix xxxst for the Master Servicer. Owner and/or subsequent owners of Mortgage Loans, and various Mortgagors - P & I." The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited Within ten (10) days of the 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 may shall at all times be invested in Eligible Investments subject insured to the provisions of Section 3.11 hereoffullest extent allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, 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 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 Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date, or received by the Servicer prior to the Cut-off Date but allocable to the a period subsequent thereto thereto, other than payments of principal and interest due on or Servicing Transfer before the Cut-off Date), as applicablefollows: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.14), Section 4.11, Section 4.15, the Servicer's normal servicing procedures, the loan documents and applicable law; (v) 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; (vi) with respect any amount required to each Principal Prepayment be deposited in full the Custodial Account pursuant to Sections 4.01, 6.01 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 Loans6.02; (vii) all Monthly Advances made by any amounts payable in connection with the Servicer repurchase of any Mortgage Loan pursuant to Section 4.035.04; (viii) 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; (ix) any amounts received with respect to or related to any REO Property or and all REO Disposition ProceedsProceeds pursuant to Section 4.16; (x) any with respect to each Principal Prepayment, the Prepayment Penalty AmountInterest Shortfall (to be paid by the Servicer out of its funds); andprovided, 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 other amount required hereunder to be deposited by the Servicer in the Custodial Account. 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 late payment charges and assumption fees, to the Servicing Fee and Ancillary Income extent 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.entitled

Appears in 1 contract

Samples: Servicing Agreement (HSI Asset Loan Obligation Trust 2006-2)

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 as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution"Thornburg Mortgage Home Loans, Inc. in trust for one or more Thornbuxx Mortgage Sxxxxxxxxx Xxxxxx." Xxx Xxxxxxxxx Xxxxxxx xxxxx xx xxxxxxxxxxx xxxx a Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04 hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. Servicer. (b) The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 the period subsequent thereto or Servicing Transfer Closing Date), as applicable: (i) all payments on account of principal received on the Mortgage Securitized Loans, including all Principal Prepayments; (ii) all payments on account of interest received on the Mortgage Securitized Loans adjusted to the Mortgage applicable Securitized Loan Remittance Rate; (iii) all Prepayment Charges received or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the related Trust; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) with respect to each Principal Prepayment in full or in part, the any Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall Amount required to be made from paid by 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; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income and (iv) the Servicing Fee and 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 as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.043.04 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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-6)

Establishment of and Deposits to Custodial Account. The Servicer Subservicer 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 assets. The Servicer or the Seller shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “GMAC Mortgage Corporation, as directed by subservicer for Aurora Loan Services LLC, in trust for U.S. Bank National Association, as Trustee for the Master Servicer. The Lxxxxx XS Trust Mortgage Pass-Through Certificates, Series 2006-GP1.” Any Custodial Account shall be an Eligible Deposit Account established with an a Eligible Institution. The Seller shall be responsible for all bank charges associated with the establishment and maintenance of the Custodial Account. Any funds deposited in the Custodial Account may shall be invested in Eligible Investments subject to the direction of the Servicer and the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer Subservicer in accordance with Section 3.04. The creation of any Custodial Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Subservicer and the Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Subservicer shall deposit in the Custodial Account on a daily basis, within two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer Subservicer and payments made by the Servicer Subservicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account or a suspense account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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 Mortgagor; (vi) Mortgagor in accordance 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 related Mortgage Loan documents and Accepted Servicing Fee actually received for such month for the Mortgage LoansPractices; (vii) all Monthly Advances made by any amount required to be deposited in the Servicer Custodial Account pursuant to Section 4.03this Agreement; (viii) 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; (ix) any amounts required to be deposited by the Servicer Subservicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer Subservicer pursuant to Section 3.16 or Section 3.24 in connection with any unpaid claims that are a result of a breach by the Custodial AccountSubservicer or any Third Party Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xii) any amounts received by the Subservicer 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 the Servicing Fee and Fees or Ancillary Income need not be deposited by the Servicer Subservicer 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 Subservicer shall be entitled to retain and withdraw remit such interest from the Custodial Account pursuant to Section 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the ServicerServicer in accordance with Section 4.01.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp1)

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 “U.S. Bank National Association, as directed by Trustee for the Master Servicer. Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC2.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable:: Aurora Servicing Agreement (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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. Aurora Servicing 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2005-11.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar days after the Closing Date, and, Date (and to the NIMS Insurer upon request, to any subsequent owner of the Mortgage Loans) . The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

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

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 "_________________ in trust for ____________________________________, as directed by the Master Servicer. The Indenture Trustee, for ______ Mortgage Investment Trust 200_-__ Mortgage Backed Notes, Series 200_-__" and referred to herein as a "Custodial Account." Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received on or after the Cut-off Date and on or before the Closing Date. (ii) The Servicer shall deposit in the Custodial Account within two on a daily basis, but not more than [two] Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Premiums; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.02(k)); (v5) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.02(o); (vi6) 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 therefor, up to a maximum amount per month in the aggregate of the Servicing Fee Fee, actually received for such month for the Mortgage Loans; (vii7) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viii8) 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; (ix10) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.02(p); and (xi11) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Fee, Prepayment Interest Excess Amounts and 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 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 3.044.02(e). Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. (iii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan. (iv) The Servicer shall be responsible for reviewing and reconciling each Custodial Account and Escrow Account in accordance with industry standards of prudent residential mortgage loan servicers, and shall act promptly to resolve any discrepancies in any such account. The Servicer shall be responsible and liable for all expenses incurred by the other parties hereto resulting from, and all consequences for, the Servicer's failure to properly and promptly reconcile each such account.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Cwalt 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 “Ocwen Federal Bank FSB in trust for U.S. Bank National Association, as directed by Trustee for the Master Servicer. SASCO Mortgage Loan Trust 2003-GEL1.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansServicer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)

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 “Tayxxx, Xeax & Whixxxxx Xxrtgage Corp. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for TBW Mortgage-Backed Trust, 2006-4.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereofAccount. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.05. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar 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 two Business Days of receipt, on a daily basis and retain therein, therein the following payments and collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Penalties; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.12 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents, applicable law or Accepted Servicing Practices); (vvi) 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, applicable law or Accepted Servicing Practices; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, funds without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) any amounts received from TBW as seller of the Mortgage Loans or any other person giving representations and warranties with respect to a Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.12 in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 in connection with any unpaid claims that are a result of a breach by the Custodial AccountServicer 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 the Servicing Fee late payment charges and Ancillary Income assumption fees, to the extent permitted by Section 5.03, 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer3.05.

Appears in 1 contract

Samples: Securitization Servicing Agreement (TBW Mortgage-Backed Trust Series 2006-4)

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 “Option One Mortgage Corporation in trust for U.S. Bank National Association, as directed by Trustee for Structured Asset Securities Corporation Series 2006-BC2 Trust Fund” and referred to herein as the Master Servicer. “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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 equal to the Servicing Fee actually received for such month for the Mortgage LoansCompensating Interest Maximum Amount; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income 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 3.043.04 (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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-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 “Aurora Loan Services Inc. in trust for Deutsche Bank National Trust Company, as directed by Trustee for the Master Servicer. Structured Asset Investment Loan Trust, 2004-1.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Inv Loan Tr Mort Pass-THR Cert Ser 2004-1)

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 titled, as directed by the Master Servicer. , “Aurora Loan Services LLC in trust for U.S. Bank National Association, as Trustee for the Structured Asset Investment Loan Trust, 2005-4.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: 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 “Xxxxx Fargo Bank, N.A. in trust for LaSalle Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2004-BNC1.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-Bnc1)

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 “Aurora Loan Services Inc. in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by trustee for the Master Servicer. Amortizing Residential Collateral Trust, 2002-BC8.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8)

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 “Ocwen Federal Bank FSB, in trust for LaSalle Bank National Association, as directed by Trustee for the Master Servicer. Structured Asset Investment Loan Trust, 2003-BC6.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass THR Certs Ser 2003-Bc6)

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 “FAIRBANKS CAPITAL CORP. in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by trustee for the Master ServicerAmortizing Residential Collateral Trust, 2002-BC10”. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (v) 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; (vi) any other amount required to be deposited in the Custodial Account pursuant to this Agreement; (vii) 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 by the Servicer for such month for the Mortgage Loans; (viiviii) 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; (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) 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; (ixxi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) 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 the Servicing Fee and Fees or 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)

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 initially establish and maintain one or more Custodial Accounts, Accounts in the form of time deposit or demand accounts, titled entitled “Ocwen Federal Bank FSB in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by trustee for the Master Servicer. The Amortizing Residential Collateral Trust, 2002-BC8.” Any such Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the a Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) 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) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8)

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 “Aurora Loan Services Inc. in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by trustee for the Master Servicer. Structured Asset Investment Loan Trust, 2003-BC3.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)

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 “Fieldstone Servicing Corp. (or JPMorgan Chase Bank, National Association, as directed by Subservicer) in trust for HSBC Bank USA, National Association, as Indenture Trustee, for the Master Servicer. The Fieldstone Mortgage Investment Trust, Series 2005-2 Mortgage-Backed Notes” and referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. . (ii) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (iA) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (iiB) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiC) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (ivD) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted the related Mortgage Loan documents and Servicing PracticesStandards); (vE) 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; (viF) 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 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; (viiG) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viiiH) 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; (I) any amounts required to be deposited by the Servicer pursuant to Section 4.03(k) in connection with the deductible clause in any blanket hazard insurance policy; (ixJ) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.02(p); and (xiK) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Administration Fee, Prepayment Interest Excess Amounts and 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 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)

Establishment of and Deposits to Custodial Account. The Servicer Subservicer 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 assets. The Servicer or the Seller shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “GMAC Mortgage Corporation, as directed by subservicer for Aurora Loan Services LLC, in trust for U.S. Bank National Association, as Trustee for the Master Servicer. The Lxxxxx XS Trust Mortgage Pass-Through Certificates, Series 2006-GP2.” Any Custodial Account shall be an Eligible Deposit Account established with an a Eligible Institution. The Seller shall be responsible for all bank charges associated with the establishment and maintenance of the Custodial Account. Any funds deposited in the Custodial Account may shall be invested in Eligible Investments subject to the direction of the Servicer and the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer Subservicer in accordance with Section 3.04. The creation of any Custodial Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Subservicer and the Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Subservicer shall deposit in the Custodial Account on a daily basis, within two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer Subservicer and payments made by the Servicer Subservicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account or a suspense account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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 Mortgagor; (vi) Mortgagor in accordance 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 related Mortgage Loan documents and Accepted Servicing Fee actually received for such month for the Mortgage LoansPractices; (vii) all Monthly Advances made by any amount required to be deposited in the Servicer Custodial Account pursuant to Section 4.03this Agreement; (viii) 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; (ix) any amounts required to be deposited by the Servicer Subservicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer Subservicer pursuant to Section 3.16 or Section 3.24 in connection with any unpaid claims that are a result of a breach by the Custodial AccountSubservicer or any Third Party Subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xii) any amounts received by the Subservicer 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 the Servicing Fee and Fees or Ancillary Income need not be deposited by the Servicer Subservicer 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 Subservicer shall be entitled to retain and withdraw remit such interest from the Custodial Account pursuant to Section 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the ServicerServicer in accordance with Section 4.01.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp2)

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 “Xxxxx Fargo Home Mortgage, Inc. in trust for Deutsche Bank National Trust Company, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2004-1.” The Custodial Account shall be an a Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateRate and the Seller Remittance Amount; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Inv Loan Tr Mort Pass-THR Cert Ser 2004-1)

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 “Xxxxxx, Xxxx & Xxxxxxxx Mortgage Corp. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for TBW Mortgage-Backed Trust, Series 2006-3.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereofAccount. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar 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 two Business Days of receipt, on a daily basis and retain therein, therein the following payments and collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Penalties; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents, applicable law or Accepted Servicing Practices); (vvi) 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, applicable law or Accepted Servicing Practices; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, funds without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) any amounts received from TBW as seller of the Mortgage Loans or any other person giving representations and warranties with respect to a 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer 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 the Servicing Fee late payment charges and Ancillary Income assumption fees, to the extent permitted by Section 5.03, 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (TBW 2006-3)

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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 “Option One Mortgage Corporation in trust for U.S. Bank National Association, as directed by Trustee for Structured Asset Securities Corporation, Series 2005-OPT1” and referred to herein as the Master Servicer. “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within two on a daily basis, on or prior to the second Business Days of receiptDay following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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 equal to the Servicing Fee actually received for such month for the Mortgage LoansCompensating Interest Maximum Amount; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income 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 3.043.04 (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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corporation, 2005 OPT-1)

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 “Xxxxxx Loan Servicing L.P. in trust for Xxxxx Fargo Bank, N.A., as directed by Indenture Trustee, for the Master Servicer. The Fieldstone Mortgage Investment Trust, Series 2007-1 Mortgage-Backed Notes” and referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, Indenture Trustee and, upon request, to any subsequent owner of the Mortgage Loans. . (ii) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after determining proper cash allocation and shall retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (iA) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and any Prepayment Premiums; (iiB) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiC) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (ivD) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted the related Mortgage Loan documents and Servicing PracticesStandards); (vE) 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; (viF) with respect to each Principal Prepayment in full or in partfull, the Prepayment applicable Compensating 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 LoansPayment; (viiG) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viiiH) 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; (I) any amounts required to be deposited by the Servicer pursuant to Section 4.03(k) in connection with the deductible clause in any blanket hazard insurance policy; (ixJ) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.02(p); and (xiK) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Administration Fee, Prepayment Interest Excess Amounts and 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 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment 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 “Ocwen Loan Servicing, LLC in trust for Wxxxx Fargo Bank, N.A., as directed by Trustee for the Master Servicer. Structured Asset Securities Corporation, Mortgage Pass-Through Certificates, Series 2007-OSI.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.09 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A B hereto. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two on or prior to the second Business Days of receiptDay following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount (to the extent not offset by the Prepayment Interest Excess 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; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer pursuant to Section 3.10 in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and Ancillary Income need not be deposited by the Servicer into the Custodial Account; provided, however, that the Servicer may not withhold from deposit into the Custodial Account any funds relating to claims of reimbursement for any Monthly Advances, Servicing Advances, fees (other than Servicing Fees and Ancillary Income), expenses or other costs eligible for reimbursement under this Agreement. 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

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

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 “Aames Capital Corporation in trust for Deutsche Bank National Trust Company, as directed by the Master Servicer. The Indenture Trustee, for Aames Mortgage Investment Trust 2005-4 Mortgage Backed Notes, Series 2005-4” and referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received on or after the Cut-off Date and on or before the Closing Date. (ii) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Premiums; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.02(k)); (v5) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.02(o); (vi6) 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 own funds, without reimbursement therefor therefor, up to a maximum amount per month in the aggregate of the Servicing Fee Fee, actually received for such month for the Mortgage Loans; (vii7) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viii8) 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; (ix10) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.02(p); and (xi11) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Fee, Prepayment Interest Excess Amounts and 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 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 3.044.02(e). Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. (iii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan. (iv) The Servicer shall be responsible for reviewing and reconciling each Custodial Account and Escrow Account in accordance with industry standards of prudent residential mortgage loan servicers, and shall act promptly to resolve any discrepancies in any such account. The Servicer shall be responsible and liable for all expenses incurred by the other parties hereto resulting from, and all consequences for, the Servicer’s failure to properly and promptly reconcile each such account.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Aames Mortgage Investment 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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2005-10.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar days after the Closing Date, and, Date (and to the NIMS Insurer upon request, to any subsequent owner of the Mortgage Loans) . The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-10)

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 U.S. Bank National Association, as Trustee for the Structured Asset Securities Corporation 2005-GEL3 trust fund.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A No later than 30 days after the Closing Date, a copy of such certification or letter agreement notice shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3)

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 “Aames Capital Corporation in trust for Deutsche Bank National Trust Company, as directed by Indenture Trustee, for the Master Servicer. The Aames Mortgage Investment Trust 2005-1 Mortgage Backed Notes, Series 2005-1” and referred to herein as a “Custodial Account.” Each Custodial Account shall be an Eligible Deposit Account established with an Eligible InstitutionAccount. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.044.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than the Business Day following the Closing Date, any amounts received with respect to the Mortgage Loans representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received on or after the Cut-off Date and on or before the Closing Date. (ii) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Premiums; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation ProceedsProceeds (net of Liquidation Expenses); (iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(k) (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesSection 4.02(k)); (v5) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the MortgagorMortgagor in accordance with Section 4.02(o); (vi6) 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 own funds, without reimbursement therefor therefor, up to a maximum amount per month in the aggregate of the Servicing Fee Fee, actually received for such month for the Mortgage Loans; (vii7) all Monthly Advances made by the Servicer pursuant to Section 4.034.03(c); (viii8) 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; (ix10) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.02(p); and (xi11) any other amount amounts required hereunder to be deposited by the Servicer in the Custodial AccountAccount 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 the Servicing Fee Fee, Prepayment Interest Excess Amounts and 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 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 3.044.02(e). Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. (iii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan. (iv) The Servicer shall be responsible for reviewing and reconciling each Custodial Account and Escrow Account in accordance with industry standards of prudent residential mortgage loan servicers, and shall act promptly to resolve any discrepancies in any such account. The Servicer shall be responsible and liable for all expenses incurred by the other parties hereto resulting from, and all consequences for, the Servicer’s failure to properly and promptly reconcile each such account.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Aames Mortgage Investment 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 titled, as directed by the Master Servicer. , “Aurora Loan Services LLC in trust for U.S. Bank National Association, as Trustee for the Structured Asset Investment Loan Trust, 2005-5.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-5)

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 “Ocwen Federal Bank FSB in trust for LaSalle Bank National Association, as directed by Trustee for the Master Servicer. Structured Asset Investment Loan Trust, 2003-BC8.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8)

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 “Ocwen Federal Bank FSB in trust for LaSalle Bank National Association, as directed by Trustee for the Master ServicerStructured Asset Investment Loan Trust, 2003-BC5”. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5)

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 “Ocwen Federal Bank FSB in trust for U.S. Bank National Association, as directed by Trustee for the Master Servicer. SASCO Mortgage Loan Trust 2004-GEL2.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansServicer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)

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 U.S. Bank National Association, as Trustee for the Structured Asset Investment Loan Trust, 2005-3.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-3)

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 “Option One Mortgage Corporation in trust for LaSalle Bank National Association, as directed by Trustee for Structured Asset Investment Loan Trust, 2004-6” and referred to herein as the Master Servicer. “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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 equal to the Servicing Fee actually received for such month for the Mortgage LoansCompensating Interest Maximum Amount; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income 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 3.043.04 (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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2004-6)

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 “Chase Home Finance, LLC as directed by subservicer for JPMorgan Chase Bank, National Association in trust for U.S. Bank National Association, as Trustee for Structured Asset Securities Corporation, Series 2005-RMS1” and referred to herein as the Master Servicer. “Custodial Account.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Trustee, the Master Servicer not later than 30 calendar days after Servicer, if required, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted the related Mortgage Loan documents and the Servicing PracticesStandard); (vvi) 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; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) 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; (ixxi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 AccountAccount 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Securities Corp. 2005-Rms1)

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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC5.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar days after the Closing Date, and, Date (and to the NIMS Insurer upon request, to any subsequent owner of the Mortgage Loans) . The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt, receipt and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)

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 “FAIRBANKS CAPITAL CORP. in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by trustee for the Master Servicer. Structured Asset Securities Corporation 2002-BC1 Trust.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (v) 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; (vi) any other amount required to be deposited in the Custodial Account pursuant to this Agreement; (vii) 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; (viiviii) 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; (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) 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; (ixxi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) 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 the Servicing Fee and Fees or 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)

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 “Aurora Loan Services LLC, in trust for the Master Servicer. Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC4.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-Bc4)

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 “Option One Mortgage Corporation in trust for LaSalle Bank National Association, as directed by Trustee for Structured Asset Investment Loan Trust, 2004-11” and referred to herein as the Master Servicer. “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within two on a daily basis, on or prior to the second Business Days of receiptDay following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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 equal to the Servicing Fee actually received for such month for the Mortgage LoansCompensating Interest Maximum Amount; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income 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 3.043.04 (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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)

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 titled, as directed by the Master Servicer. , “Aurora Loan Services LLC in trust for the Trustee for Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC4.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc4)

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 “Ocwen Federal Bank FSB in trust for LaSalle Bank National Association, as directed by Trustee for the Master Servicer. Structured Asset Investment Loan Trust, 2003-BC10.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc10)

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 “Xxxxxx, Xxxx & Xxxxxxxx Mortgage Corp. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for TBW Mortgage-Backed Trust, 2006-1.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereofAccount. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar 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 two Business Days of receipt, on a daily basis and retain therein, therein the following payments and collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Penalties; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents, applicable law or Accepted Servicing Practices); (vvi) 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, applicable law or Accepted Servicing Practices; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, funds without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) any amounts received from TBW as seller of the Mortgage Loans or any other person giving representations and warranties with respect to a 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 Custodial AccountServicer 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 the Servicing Fee late payment charges and Ancillary Income assumption fees, to the extent permitted by Section 5.03, 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (TBW 2006-1)

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 “Xxxxx Fargo Bank, N.A. in trust for LaSalle Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Investment Loan Trust, 2004-11.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)

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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Securities Corporation, Series 2005-GEL4 trust fund.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A B hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Securities Corporation, 2005-Gel4)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Assistance 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 "Xxxxx Fargo Bank Minnesota, National Association, as directed by the Master Servicer. Trustee for SASCO 2002-AL1." The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, Trustee and, upon request, to any subsequent owner of the Mortgage Assistance Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Assistance Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Assistance Loans adjusted to the Mortgage related Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property Collateral or immediately released to the Mortgagor Obligor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 Assistance Loans; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.034.04; (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 Amount; and (xix) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Pass Through Cert Series 2002-Al1)

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 LaSalle Bank National Association, as Trustee for the Structured Asset Investment Loan Trust, 2005-2.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: 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 “Aurora Loan Services Inc. in trust for Xxxxx Fargo Bank Minnesota, National Association, as directed by Trustee for the Master Servicer. Structured Asset Investment Loan Trust, 2003-BC12.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institutiona Qualified Depository. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)

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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar 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 two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the 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 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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; (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 Amount; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (GreenPoint Mortgage Funding Trust 2007-Ar3)

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 U.S. Bank National Association, as Trustee for the BNC Mortgage Loan Trust 2006-1.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (BNC Mortgage Loan Trust 2006-1)

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 “Chase Home Finance, LLC as directed by subservicer for JPMorgan Chase Bank, National Association in trust for Citibank, N.A., as Trustee for BNC Mortgage Loan Trust 2007-3” and referred to herein as the Master Servicer. “Custodial Account.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Trustee, the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Custodial Account within 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 Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Rights Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted the related Mortgage Loan documents and the Servicing PracticesStandard); (vvi) 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; (vivii) 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 Chase Servicing Fee actually received for such month for the Mortgage Loans; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) 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; (ixxi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 AccountAccount 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 the General Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-3)

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 “Option One Mortgage Corporation in trust for Xxxxx Fargo Bank, N.A., as directed by Trustee for Structured Asset Securities Corporation, Series 2006-OPT1” and referred to herein as the Master Servicer. “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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 equal to the Servicing Fee actually received for such month for the Mortgage LoansCompensating Interest Maximum Amount; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income 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 3.043.04 (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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-Opt1)

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 the Trustee for Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC3.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification notice in the form of Exhibit B. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer not and the NIMS Insurer no later than 30 calendar days after the Closing Date, Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto thereto) or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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; (viiviii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiii) 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc3)

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 “Option One Mortgage Corporation in trust for U.S. Bank National Association, as directed by Trustee for Structured Asset Securities Corporation, Series 2006-BC6” and referred to herein as the Master Servicer. “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 3.043.04(a) hereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after Servicer, the Closing Date, NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. . (b) The Servicer shall deposit in the Trust Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) 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; (ivv) all Insurance Proceeds (other than any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing PracticesMortgagor); (vvi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vivii) 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 equal to the Servicing Fee actually received for such month for the Mortgage LoansCompensating Interest Maximum Amount; (viiviii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03; (viiiix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixx) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxi) any Prepayment Penalty Amountamounts 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 (xixiv) 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 (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income 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 3.043.04 (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 insurance, etc. shall accrue to for the benefit of the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant with respect 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 “Custodial Account of Lxxxxx Loan Servicing LP, as directed by Servicer1 for the Master Servicer. benefit of the holders of the First NLC Trust 2005-2 Certificates.” The Custodial Account shall be an Eligible Deposit Account established Account. Upon request of the Trustee and within ten days thereof, the Servicer shall provide the Trustee with an Eligible Institutionwritten confirmation of the existence of the Custodial Account. Any funds deposited in the Custodial Account may shall at all times be invested in Eligible Investments subject insured to the provisions of Section 3.11 hereoffullest extent allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. 4.6. (b) The Servicer shall deposit in the Custodial Account within two Business Days of Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Cut-off Date (Date, other than scheduled payments of principal and interest due on or before the related Cut-off Date Date, or received by the Servicer prior to the related Cut-off Date but allocable to the a period subsequent thereto or Servicing Transfer Date), as applicablethereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor or the Servicer Prepayment Premium Payment Amounts; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Section 4.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, Accepted Servicing Practices);, the loan documents and applicable law; 1 Or, in the case of the Interim Servicer, “Ocwen Federal Bank FSB, as Interim Servicer.” (v) 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 the Servicer’s normal servicing procedures, Accepted Servicing Practices, the loan documents and applicable law; (vi) with respect to each Principal Prepayment in full or in part, and the Prepayment Interest Shortfall AmountShortfall, if any, for the month Compensating Interest Payment (to be paid by the Servicer out of distribution. Such deposit shall be made from the Servicer’s its 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); (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer pursuant to Section 4.12 in connection with the deductible clause in any blanket hazard insurance policy; (ixviii) any amounts received with respect to or related to any REO Property or and all REO Disposition Proceeds; (x) any Prepayment Penalty AmountProceeds pursuant to Section 4.17; and (xiix) any other amount amounts required hereunder to be deposited by the Servicer in into the Custodial AccountAccount under 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 late payment charges, assumption fees and other ancillary income (other than Prepayment Premiums and Servicer Prepayment Premium Payment Amounts), to the Servicing Fee and Ancillary Income extent permitted by Section 5.1, 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 3.044.6. Additionally, any other benefit derived from The Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.4. All funds required to be deposited in the Custodial Account associated shall be held in trust for the Certificateholders until withdrawn in accordance with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the ServicerSection 4.6.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First NLC 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 “Ocwen Federal Bank FSB in trust for U.S. Bank National Association, as directed by Trustee for the Master Servicer. SASCO Mortgage Loan Trust 2004-GEL3.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 3.09 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansServicer. The Servicer shall deposit in the Custodial Account within two on a daily basis on or prior to the second Business Days of receiptDay following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer pursuant to Section 3.10 in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Revolving Credit 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. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Revolving Credit Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Closing 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 the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Revolving Credit Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Revolving Credit Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) 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 therefor, up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Revolving Credit Loans; (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 AmountAmounts; 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: 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 "Xxxxx Fargo Bank, National Association in trust for HSBC Bank USA, as directed by the Master Servicer. Trustee for Structured Adjustable Rate Mortgage Loan Trust, 2004-7." The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer's receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateRate and the Seller Remittance Amount; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing 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 “Ocwen Federal Bank FSB in trust for U.S. Bank National Association, as directed by Trustee for the Master Servicer. Structured Asset Securities Corporation, 2004-GEL1.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after and the Closing Date, and, upon request, to any subsequent owner of the Mortgage LoansNIMS Insurer. The Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Off Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) 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; (ivv) all Insurance Proceeds (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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 up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viiix) any amounts received from the Seller of the 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) all Monthly Advances made by the Servicer pursuant to Section 4.034.02; (viiixi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder to be deposited by the Servicer pursuant to Section 3.15 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 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 the Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)

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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC4.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. B hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer not no later than 30 calendar days after the Closing Date, and, establishment of a Custodial Account (and to the NIMS Insurer upon request, to any subsequent owner of the Mortgage Loans) . The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt, receipt and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sasco 2006-Bc4)

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 “Xxxxx Fargo Bank, N.A. in trust for U.S. Bank National Association, as directed by the Master Servicer. Trustee for Structured Asset Securities Corporation, Series 2005-GEL3 trust fund.” The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement certification in the form of Exhibit B. A B hereto. No later than 30 days after the closing date, a copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, master servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two one (1) Business Days Day of the Servicer’s receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date Date) or received by the Servicer prior to the Cut-off Date but allocable to 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) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than amounts proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) 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; (vivii) any amount required to be deposited in the Custodial Account pursuant to this 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, 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; (viiix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viiix) 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; (ixxii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xxiii) any Prepayment Penalty Amount; and (xi) any other amount amounts required hereunder 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; (xiv) any amounts received by the Servicer under a PMI or LPMI Policy; and (xv) the Seller Remittance Amount. 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 the Xxxxx Fargo Servicing Fee and 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 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3)

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