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 “Avelo Mortgage, L.L.C., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (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 and any amounts received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 10 contracts

Samples: Flow Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Servicing Agreement (GSR Mortgage Loan Trust 2007-Oa1), Servicing Agreement (GSR Mortgage Loan Trust 2007-2f)

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Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., "Greenpoint Mortgage Funding Inc. in trust for [insert Owner’s name]Xxxxxx Brothers Bank, purchaser of Conventional Residential Adjustable and Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” Group No. 2003-FLOW". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 2.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 D-1 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit 3 D-2 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser of the Mortgage Loans. The Servicer Seller shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any Prepayment Charge received in connection with the Mortgage Loans; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 5.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.135.15), Section 5.12 and Section 5.15; (vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.155.15; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.015.01, 2.095.10, 3.015.11, 4.01 5.20, 6.01, 6.03 or 4.027.02; (viiviii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementSection 4.03; (viiiix) any amounts required to be deposited by the Seller pursuant to Section 5.12 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts required to be deposited by the Seller pursuant to Section 5.16 in connection with any unpaid claims that are a result of a breach by the Seller or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xi) any amounts received by the Seller under a PMI or LPMI Policy; (xii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s Seller's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ixxiii) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer REO Property and all REO Disposition Proceeds pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)5.05.

Appears in 8 contracts

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a), Mortgage Loan Purchase Agreement (Structured Adjustable Rate Mortgage Loan Rate), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-17)

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 “Avelo Mortgage"Countrywide Home Loans, L.L.C.Inc., in trust for [insert Owner’s name]Centre Capital Group, Residential Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.133.17), Section 3.13 and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.13 in connection with the deductible clause in any blanket hazard insurance policy; and (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 8 contracts

Samples: Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Master Servicing Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-22h), Master Servicing Agreement (Structured Asset Securities Corp 2004-18h)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo MortgageSaxon Mortgage Services, L.L.C.Inc., in trust for [insert Owner’s name]Xxxxxx Xxxxxxx Mortgage Capital Holdings LLC and/or subsequent Owners, Residential and various Mortgagors, re: Fixed and Adjustable Rate Residential Mortgage Loans, and various Mortgagors.” ”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The , it being acknowledged that any Qualified Depository that is an Affiliate of Servicer and is hereby deemed acceptable to the Owner intend that the Custodial Account be a Special Deposit AccountOwner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC under applicable law and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account generally within two (2) Business Days of following 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 related applicable Servicing Transfer Date, other than payments of principal and interest due on or before the related Subsequent Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Servicing Transfer Date but allocable to a period subsequent thereto: (i) : all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) ; all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) Mortgage; all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) ; all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13Mortgagor); (v) ; all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) Mortgagor; any amount required to be deposited in the Custodial Account pursuant to Section 2.012.09, 2.092.16, 2.23, 3.01, 4.01 3.04 or 4.02; (vii) any amounts payable to ; the Owner in connection with the repurchase amount of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) therefore; any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) an amount from the Buydown Account that when added to the Mortgagor’s payment will equal the full Monthly Payment due under the related Mortgage 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. 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, 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 2.05. With respect to each Securitization Transaction2.05 or retain such other benefits, as the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)case may be.

Appears in 8 contracts

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)

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 “Avelo MortgageXxxxxxxxx Mortgage Home Loans, L.L.C., Inc. in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate one or more Xxxxxxxxx Mortgage Loans, and various MortgagorsSecurities Trusts.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04 hereof. The creation of any the 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Owner and, upon request, to any subsequent Owner. Master Servicer. (b) The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Loans 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 Liquidation Proceeds and Prepayment Charges received or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the related Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable Prepayment Interest Shortfall Amount required to be paid by the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementServicer; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage LoansSection 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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 (i) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income, Income and (iv) the Servicing Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04 of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 8 contracts

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

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 “Avelo Mortgage, L.L.C., [SPECIAL SERVICER] in trust for [insert Owner’s nameTRUSTEE], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” The as Trustee for the [Structured Asset Securities Corporation]”. Each Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution in a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend manner that the Custodial Account be a Special Deposit Accountshall provide maximum available insurance thereunder. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Special Servicer in accordance with Section 2.053.04. 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 3 B hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, Master Servicer upon request, to any subsequent Owner. The Special Servicer shall deposit in the Custodial Account on a daily basis, within two (2) Business Days business days of receipt thereof, and retain therein, the following collections received by the Special Servicer and payments made by the Special Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Transferred Mortgage Loans 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 Proceeds and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Transferred Mortgage Loan documents and Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15the related Transferred Mortgage Loan documents and Accepted Servicing Practices; (vivii) any other amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase 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 therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Transferred Mortgage Loans; (ix) all Monthly Advances made by the Special Servicer pursuant to Section 4.03; (x) any prepayment penalties amounts received from the seller of a Transferred Mortgage Loan or premiums received any other person giving representations and warranties with respect to any the Transferred Mortgage Loan; and, in connection with the repurchase of any Transferred Mortgage Loan; (xxi) any amounts required to be deposited by the Special Servicer pursuant to Section 2.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiii) any amounts required to be deposited by the Special Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Special Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiv) any amounts received by the Special Servicer under a PMI or LPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee or Ancillary Income, Income need not be deposited by the Special Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Special Servicer and the Special Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Special Servicer.

Appears in 8 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Trust 2005-6), Servicing Agreement (Structured Asset Securities Corp. 2005-17), Servicing Agreement (Lehman Mortgage Trust 2005-1)

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 “Avelo Mortgage"Xxxxxxxxx Mortgage Home Loans, L.L.C., Inc. in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate one or more Xxxxxxxxx Mortgage Loans, and various MortgagorsSecurities Trusts." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04 hereof. The creation of any the 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Owner and, upon request, to any subsequent Owner. Master Servicer. (b) The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Loans 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 Liquidation Proceeds and Prepayment Charges received or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the related Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable Prepayment Interest Shortfall Amount required to be paid by the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementServicer; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage LoansSection 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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 (i) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income, Income and (iv) the Servicing Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04 of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 6 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, accounts titled in the name of Avelo Mortgage, L.L.C., PNMAC Loan Svc LLC ITF [description of applicable owners or investors]” or titled in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” The another reasonable manner indicating that such account is held in a custodial capacity. Each Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by Servicer (provided the Servicer qualifies as a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the ServicerQualified Depository). A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. With respect to the Non-Agency Mortgage Loans, the Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior subsequent to the related Subsequent Inbound Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the such Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the related Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all related Liquidation Proceeds and any amounts amount received with respect to the related REO Property; (iv) all related Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 2.134.14), and Section 4.11; (v) all Condemnation Proceeds which affecting any related Mortgaged Property that are not applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 2.154.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 4.15 or 4.024.19; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums Penalties received with respect to any Non-Agency Mortgage Loan; and (xviii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from Servicer’s own funds, without reimbursement therefor. 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 Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution and relating to any Distressed Whole Loan shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)interest.

Appears in 6 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all 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 “Avelo "Xxxxx Fargo Home Mortgage, L.L.C., Inc. in trust for [insert Owner’s name]Centre Capital Group, Residential Inc, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 5 contracts

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

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 “Avelo Mortgage, L.L.C.Countywide Home Loans Servicing LP, in trust for [insert Name of Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within two (2) on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior pursuant to the related Subsequent Transfer Date but allocable to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.092.15, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without any right of reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums Prepayment Penalties received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05interest. With respect to each any Mortgage Loan subject to a Securitization TransactionTransfer, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the such Mortgage Loans included in such Securitization Transaction Loan into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 5 contracts

Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-3f), Servicing Agreement (GSR 2006-5f), Servicing Agreement (GSR 2006-4f)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo MortgageGreenPoint Mortgage Funding, L.L.C., Inc. in trust for [insert Owner’s name]Xxxxxx Brothers Bank, purchaser of Conventional Residential Adjustable and Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” Group No. 2006-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 2.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 D-1 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit 3 D-2 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser of the Mortgage Loans. The Servicer Seller shall deposit in the Custodial Account on a daily basis within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any Prepayment Charge received in connection with the Mortgage Loans; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 5.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.135.15), Section 5.12 and Section 5.15; (vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.155.15; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.015.01, 2.095.10, 3.015.11, 4.01 5.20, 6.01, 6.03 or 4.027.02; (viiviii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementSection 4.03; (viiiix) any amounts required to be deposited by the Seller pursuant to Section 5.12 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts required to be deposited by the Seller pursuant to Section 5.16 in connection with any unpaid claims that are a result of a breach by the Seller or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xi) any amounts received by the Seller under a PMI or LPMI Policy; (xii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the ServicerSeller’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ixxiii) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer REO Property and all REO Disposition Proceeds pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)5.05.

Appears in 4 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., in trust for [insert Owner’s name]Xxxxxxx Xxxxx Mortgage Company, Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (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 and any amounts received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 3 contracts

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

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 “Avelo MortgagePNMAC Loan Svc LLC ITF PennyMac Operating Partnership, L.L.C., L.P. ttee and/or bailee for PNMAC LLC - and/or pmnts of var mtgrs and/or other owners of int in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.loans- P&I” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerServicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, on or prior to any subsequent Ownerthe execution of this Servicing Agreement. The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior subsequent to the related Subsequent Servicing Transfer Date but allocable pursuant to a period subsequent theretothis Servicing Agreement: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which affecting any Mortgaged Property that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 2.15 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement[reserved]; (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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans[reserved]; (ix) any prepayment penalties or premiums Prepayment Penalties received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from Servicer’s own funds, without reimbursement therefor. 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 Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)interest.

Appears in 3 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the each Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C.Countywide Home Loans Servicing LP, in trust for [insert Owner’s name]DB Structured Products, Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” Inc.”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerServicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner on or prior to the execution of this Agreement and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer (such collections being those received by Servicer within two Business Days prior to actual deposit into the Custodial Account) and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior subsequent to the related Subsequent Servicing Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds Proceeds, affecting any Mortgaged Property, which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.092.15, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement[Reserved]; (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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans[Reserved]; (ix) any prepayment penalties or premiums Prepayment Penalties received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from Servicer’s own funds, without reimbursement therefore. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05interest. With respect to each any Mortgage Loan subject to a Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the such Mortgage Loans included in such Securitization Transaction Loan into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Transaction.

Appears in 3 contracts

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

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C."Fremont Investment & Loan, in trust for [insert Owner’s name]Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mortgage Loans, Mxxxxxxx Xxxxx and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Owner intend Purchaser Intend that the Custodial Account be a Special Deposit Accountspecial deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account within no later than the date which is two (2) Business Days of receipt thereofdays after receipt, and retain therein, the following collections received by the Servicer and payments made by the Interim Servicer after the related Transfer Date, Cut-off Date other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 3.04, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement;; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3)

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 “Avelo Mortgage, L.L.C."Countywide Home Loans Servicing LP, in trust for [insert Name of Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within two (2) on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior pursuant to the related Subsequent Transfer Date but allocable to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.092.15, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without any right of reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums Prepayment Penalties received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05interest. With respect to each any Mortgage Loan subject to a Securitization TransactionTransfer, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the such Mortgage Loans included in such Securitization Transaction Loan into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in to be maintained under the form sole dominion and control of time deposit or demand accounts, the Purchaser and titled “Avelo MortgageIndyMac Bank, L.L.C., F.S.B. in trust for [insert Owner’s name]Xxxxxx Xxxxxxx Mortgage Capital Inc., owner of Conventional Fixed Rate Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. 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 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) on a daily basis on the Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and Section 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; andLoan or payable by the Servicer pursuant to Section 2.01 (unless the related Purchase Price and Terms Agreement indicates otherwise); (xix) 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; and (x) with respect to each Principal Prepayment an amount (to be paid by the Servicer out of its funds) which, when added to all amounts allocable to interest received in connection with the Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

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

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 "Avelo Mortgage, L.L.C., in trust for [insert Owner’s name]Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mortgage Rxxx Xxxtxxxx Loans, and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (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 and any amounts received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C."Fremont Investment & Loan, in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Barclays Bank PLC as Purchaser of Mortgage Loans, Loans and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser. The Interim Servicer shall deposit in the Custodial Account within two (2) on a daily basis on or before the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Interim Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to net of the Mortgage Loan Remittance RateServicing Fee; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xix) any amounts required to be deposited by the Interim Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the each Participation Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C.as "Aurora Loan Services Inc., in trust for [insert Owner’s name], Residential Fixed Structured Asset Securities Corporation and Adjustable Rate Mortgage Loans, and the various Mortgagors.” Participants" or as otherwise directed by the Master Servicer. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and, upon request, to any subsequent Ownerowner of the Participation Mortgage Loan. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Participation Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Participation Mortgage Loans adjusted to the Participation Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (v) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half equal to the aggregate of the Servicing Fee actually Fees received for the Participation Mortgage Loans in such month for the Mortgage Loansmonth; (ixvii) any prepayment penalties or premiums received with respect all Monthly Advances made by the Servicer pursuant to any Mortgage Loan; andSection 4.03; (xviii) 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; and (x) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer 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 “Avelo Mortgage"Waterfield Mortgage Company, L.L.C., Inc. in trust for [insert Owner’s name]Centre Capital Group, Residential Xxx., xxner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., GreenPoint Mortgage Funding Inc. in trust for [insert Owner’s name]Xxxxxx Brothers Bank, FSB, Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” Group No. 2007-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer Seller shall deposit in the Custodial Account on a daily basis, within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer Seller after the related Transfer Date, Cut-off Date (other than payments with respect to each LPMI Loan, in the amount of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto:LPMI Fee): (i) all payments on account of principal on the Mortgage Loans including all Principal PrepaymentsLoans; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 2.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.15), Section 2.12 and Section 2.16; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.092.10, 3.012.17, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related terms of the Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ix) any prepayment penalties, late payment charges and assumption fees received in connection with the Mortgage Loans. 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 Ancillary Incomeassumption fees, to the extent permitted by Section 4.01, need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

Samples: Flow Interim Servicing Agreement (Lehman XS Trust Series 2007-12n), Flow Interim Servicing Agreement (Lehman XS Trust Series 2007-15n)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, accounts titled in the name of Avelo Mortgage, L.L.C., PNMAC Loan Svc LLC ITF [description of applicable owners or investors]” or titled in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” The another reasonable manner indicating that such account is held in a custodial capacity. Each Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by Servicer (provided the Servicer qualifies as a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the ServicerQualified Depository). A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. With respect to the Non-Agency Mortgage Loans, the Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior subsequent to the related Subsequent Inbound Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the such Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the related Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all related Liquidation Proceeds and any amounts amount received with respect to the related REO Property; (iv) all related Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 2.134.14), and Section 4.11; (v) all Condemnation Proceeds which affecting any related Mortgaged Property that are not applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 2.154.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 4.15 or 4.024.19; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums Penalties received with respect to any Non-Agency Mortgage Loan; and (xviii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from Servicer’s own funds, without reimbursement therefor. 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 Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)interest.

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, to be maintained in trust for the Purchaser and titled “Avelo Mortgage"IndyMac Bank, L.L.C.F.S.B., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Barclays Bank PLC as Purchaser of Mortgage Loans, and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Servicer Seller and the Owner Purchaser intend that the Custodial Account be a Special Deposit Accountspecial deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. 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 ServicerSeller, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser. The Servicer Seller shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, on a daily basis and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, Cut-off Date or received by the Servicer Seller prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xviii) any amounts required to be deposited by the Servicer Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

Samples: Master Servicing and Trust Agreement (BCAP LLC Trust 2006-Aa2), Pooling and Servicing Agreement (BCAP LLC Trust 2008-Ind1)

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 “Avelo Mortgage"Xxxxxxxxxx Mortgage Company, L.L.C., Inc. in trust for [insert Owner’s name]Centre Capital Group, Residential Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 2 contracts

Samples: Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Master 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 “Avelo Mortgage"Bank of America, L.L.C., N.A. in trust for [insert Owner’s name]Centre Capital Group, Residential Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO Property; ; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)Liquidation Proceeds; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, accounts titled in the name of Avelo Mortgage, L.L.C., PNMAC Loan Svc LLC ITF [description of applicable owners or investors]” or titled in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” The another reasonable manner indicating that such account is held in a custodial capacity. Each Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerServicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall segregate and hold all funds in the Custodial Account separate and apart from the Servicer’s own funds and general assets. With respect to the Non-Agency Mortgage Loans, the Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, therein the following collections received by the Servicer and Servicer, together with any payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior subsequent to the related Subsequent Inbound Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the such Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the related Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all related Liquidation Proceeds and any amounts amount received with respect to the related REO Property; (iv) all related Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 2.134.14), and Section 4.11; (v) all Condemnation Proceeds which affecting any related Mortgaged Property that are not applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with Section 2.154.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 4.15 or 4.024.19; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums Penalties received with respect to any Non-Agency Mortgage Loan; and (xviii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from Servicer’s own funds, without reimbursement therefor. 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 Ancillary Income, Income and Prepayment Penalties need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)interest.

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage"Waterfield Mortgage Company, L.L.C., Inc. in trust for [insert Owner’s name]Centre Capital Xxxxx, Residential Xnc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the 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 “Avelo Mortgage, L.L.C., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagorsthe benefit of GSAA Home Equity Trust 2007-8.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. If the depository in which the Custodial Account is held ceases to be a Qualified Depository, the Servicer shall transfer the Custodial Account within thirty (30) days to a substitute Qualified Depository. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (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 Proceeds and any amounts received with respect to REO Property; (ivd) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (ve) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vif) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (viig) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viiih) 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ixi) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xj) 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. 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 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account Custodial Account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account Custodial Account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date). (n) The definition of “Qualified Depository” set forth in Article I shall be deleted in its entirety and replaced with the following:

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-8)

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 to be maintained under the form sole dominion and control of time deposit or demand accounts, the Purchaser and titled “Avelo MortgageIndyMac Bank, L.L.C., F.S.B. in trust for [insert Owner’s name]Mxxxxx Sxxxxxx Mortgage Capital Inc., owner of Conventional Fixed Rate Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. 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 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) on a daily basis on the Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and Section 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; andLoan or payable by the Servicer pursuant to Section 2.01 (unless the related Purchase Price and Terms Agreement indicates otherwise); (xix) 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; and (x) with respect to each Principal Prepayment an amount (to be paid by the Servicer out of its funds) which, when added to all amounts allocable to interest received in connection with the Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, to be maintained under the sole dominion and control of the Purchaser and titled “Avelo Mortgage, L.L.C."Fremont Investment & Loan, in trust for [insert Owner’s name], Residential Fixed Morgan Stanley Mortgage Capital Inc. as Purchaser of Mortgage Loans and Adjustable Rate Mortgage Loans, and various Mortgagorsxxxxxux Xxxxxagors." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Owner Purchaser intend that the Custodial Account be a Special Deposit Accountspecial deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser. The Interim Servicer shall deposit in the Custodial Account within two (2) on a daily basis on the Business Days of Day following receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Interim Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and Section 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

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

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 two or more Custodial Accounts, in the form of time deposit or demand accounts, the first such Custodial Account titled “Avelo Mortgage, L.L.C., Chase Manhattan Mortgage Corporation in trust for [insert Owner’s name]Xxxxx Fargo Bank Minnesota, Residential Fixed National Association, as Trustee for the First Franklin Mortgage Loan Trust, 2002-FF3” and Adjustable Rate referred to herein as the “Custodial Account” and the second titled “Chase Manhattan Mortgage LoansCorporation in trust for Xxxxxx Brothers Bank, FSB and the various MortgagorsMortgagors under the DA Dividend Program” and referred to herein as the “DA Reserve Account.” The Each Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the either Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.10 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) hereof and funds deposited in the DA Reserve Account may be drawn on by the Servicer and applied in accordance with Section 3.04(b) hereof. The creation of any either 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent Owner. 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 after receipt thereof, by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans (other than the applicable percentage (based on the DA Dividend Rate) of interest collections constituting DA Dividends, which payments shall be deposited to the DA Reserve Account pursuant to Section 3.03(c)) adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02related Mortgage Loan documents and Accepted Servicing Practices; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties amounts received from First Franklin or premiums received any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; and; (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xiii) any amounts received by the Servicer under a PMI or LPMI Policy; and (xiv) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect 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 each Securitization Transactionthe Servicer. (c) The Servicer shall deposit in the DA Reserve Account on a daily basis, but not more than two (2) Business Days after receipt by the Servicer, and retain therein until their required withdrawal and distribution in accordance with Section 3.04(b), all DA Dividends attributable to a DAD Mortgage Loan. Any interest paid on funds deposited in the DA Reserve Account shall accrue to the benefit of the Servicer and the Servicer shall establish a separate custodial account for be entitled to retain and withdraw such interest from the related securitization and deposit all amounts that have been or are subsequently received DA Reserve Account in accordance with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such dateSection 3.04(b).

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Ff3)

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 “Avelo "Wells Fargo Home Mortgage, L.L.C., Xxx. in trust for [insert Owner’s name]Centre Capital Group, Residential Inc, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Master 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 titled, as directed by the Master Servicer, Avelo Mortgage, L.L.C., Aurora Loan Services LLC in trust for [insert Owner’s name]the Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Residential Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsSeries 2007-OSI.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

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 Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., Chase Manhattan Mortgage Corporation in trust for [insert Owner’s name]Xxxxx Fargo Bank Minnesota, Residential Fixed National Association, as Trustee for the First Franklin Mortgage Loan Trust, 2003-FFB” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as the “Custodial Account.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) hereof. The creation of any the 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to the Owner Trustee and the Master Servicer and, upon request, to any subsequent Owner. 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 after receipt thereof, by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto:): (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal 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 and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02related Mortgage Loan documents and Accepted Servicing Practices; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties amounts received from First Franklin or premiums received any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; and; (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 or Section 322 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of its obligations under such sections or under the terms of a PMI Policy or Pool Insurance Polcy; (xiii) any amounts received by the Servicer under a PMI or a LPMI Policy or the Pool Insurance Policy; and (xiv) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFB)

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, Avelo Mortgage, L.L.C., Aurora Loan Services LLC in trust for [insert Owner’s name]the Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Residential Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsSeries 2007-BC2.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-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 “Avelo "Wells Fargo Home Mortgage, L.L.C., in Ixx. xn trust for [insert Owner’s name]Centre Capital Group, Residential Inc, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The 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 “Avelo Mortgage, L.L.C., "Flagstar Bank in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Purchaser of Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) one Business Days Day of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.15, 2.17, 3.01, 4.01 3.03 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 8.03 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xviii) 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. 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 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Servicing Agreement (Flagstar Capital Corp)

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 “Avelo Mortgage"Thornburg Mortgage Home Loans, L.L.C., Inc. in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate one or more Thornburg Mortgage Loans, and various MortgagorsSecurities Trusts." The Custodial Xxxxxxxxl Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepoxxxxxx. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04 hereof. The creation of any the 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Owner and, upon request, to any subsequent Owner. Master Servicer. (b) The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Loans 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 Liquidation Proceeds and Prepayment Charges received or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the related Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable Prepayment Interest Shortfall Amount required to be paid by the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementServicer; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage LoansSection 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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 (i) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income, Income and (iv) the Servicing Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04 of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the each Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., PNMAC Loan Svc LLC ITF PNMAC Mtg Co LLC ttee and/or bailee for PNMAC LLC and/or pmnts of var mtgrs and/or other owners of int in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.loans- P&I” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerServicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, on or prior to any subsequent Ownerthe execution of this Servicing Agreement. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer (such collections being those received by Servicer within two Business Days prior to actual deposit into the Custodial Account) and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior subsequent to the related Subsequent Servicing Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which affecting any Mortgaged Property that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.092.15, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement[reserved]; (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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans[reserved]; (ix) any prepayment penalties or premiums Prepayment Penalties received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from Servicer’s own funds, without reimbursement therefor. 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 Ancillary Income, Prepayment Penalties and the Owner’s share of all late charges need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)interest.

Appears in 1 contract

Samples: Flow Servicing Agreement (Pennymac Financial Services, 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 “Avelo Mortgage, L.L.C."Aurora Loan Services Inc., in trust for [insert Owner’s name]Lxxxxx Capital, A Division of Lxxxxx Brothers Holdings Inc., owner of Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 1997- ALSI, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. 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 3 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)Proceeds; (v) all Ancillary Income; (vi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementAccount; (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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, need not be deposited by the Servicer into the Custodial Account; and (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. 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 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the 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 accountsSpecial Deposit Accounts, titled “Avelo Mortgage, L.L.C."Countywide Home Loans Servicing LP, in trust for [insert Owner’s nameName of Trust], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountinitially at Bank of America. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. In the event Servicer wishes to establish the Custodial Account at a different depository institution as a Qualified Depository, Servicer shall seek Owner's approval which approval shall not be unreasonably withheld. The Servicer shall deposit in the Custodial Account within two (2) on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior pursuant to the related Subsequent Transfer Date but allocable to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.012.15, 2.092.20, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement;. (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xix) 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. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05interest. With respect to each any Mortgage Loan subject to a Securitization TransactionTransfer, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the such Mortgage Loans included in such Securitization Transaction Loan into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Flow Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2)

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 “Avelo MortgageSaxon Mortgage Services, L.L.C.Inc., in trust for [insert Owner’s name]Xxxxxx Xxxxxxx Mortgage Capital Holdings LLC and/or subsequent Owners, Residential and various Mortgagors, re: Fixed and Adjustable Rate Residential Mortgage Loans, and various Mortgagors.” ”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The , it being acknowledged that any Qualified Depository that is an Affiliate of Servicer and is hereby deemed acceptable to the Owner intend that the Custodial Account be a Special Deposit AccountOwner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC under applicable law and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account generally within two (2) Business Days of following 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 related applicable Servicing Transfer Date, other than payments of principal and interest due on or before the related Subsequent Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Servicing Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13Mortgagor); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.012.09, 2.092.16, 2.23, 3.01, 4.01 3.04 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase amount of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loanstherefore; (ixviii) any prepayment penalties or premiums received with respect to any Mortgage Loan; (ix) an amount from the Buydown Account that when added to the Mortgagor’s payment will equal the full Monthly Payment due under the related Mortgage Note; and (x) 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. 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, 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 2.05. With respect to each Securitization Transaction2.05 or retain such other benefits, as the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)case may be.

Appears in 1 contract

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)

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 “Avelo MortgageTxxxxxxxx Mortgage Home Loans, L.L.C., Inc. in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate one or more Txxxxxxxx Mortgage Loans, and various MortgagorsSecurities Trusts.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04 hereof. The creation of any the 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. Trustee and the Master Servicer. (b) The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Loans 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 Liquidation Proceeds and Prepayment Charges received or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable Prepayment Interest Shortfall Amount required to be paid by the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementServicer; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage LoansSection 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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 (i) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, and (iii) other Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04 of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-4)

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., "New Century Mortgage Corporation in trust for [insert Owner’s name]Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mortgage Rxxx Xxxtxxxx Loans, and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Owner Purchaser intend that the Custodial Account Accounts shall be a Special Deposit Accountspecial deposit accounts. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Interim Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Trust Agreement (New Century Alternative Mortgage Loan Trust 2006-Alt2)

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, Avelo Mortgage, L.L.C., Aurora Loan Services Inc. in trust for [insert Owner’s name]LaSalle Bank National Association, Residential Fixed and Adjustable Rate Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors2004-5.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp)

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 “Avelo Mortgage, L.L.C., HomeBanc Mortgage Corporation. in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed as Trustee, for the HomeBanc Mortgage Trust 2006-1 Mortgage Pass-Through Certificates” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as a “Custodial Account.” The Each Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable up to the Rating AgenciesFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof; provided, however that any such Eligible Investment shall not be sold or disposed of prior to its maturity. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.054.02(e) hereof. 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 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account within two (2) Business Days Account, no later than 48 hours after receipt of receipt thereoffunds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by it subsequent to the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer it prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date: (i1) all payments on account of principal principal, including Principal Prepayments and related penalties, on the Mortgage Loans including all Principal PrepaymentsLoans; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Loan Remittance Rate; (iii3) all Net Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (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 2.10 (4.02(j), other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)Accepted Servicing Practices, the Mortgage Loan Documents or applicable law; (v6) all Condemnation Proceeds affecting any Mortgaged Property which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Accepted Servicing Practices, the loan documents or applicable law; (vi7) any amount Monthly Advances; (8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Prepayment Period; (9) any amounts required to be deposited in by the Custodial Account Servicer pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii4.02(j) any amounts payable to the Owner in connection with the repurchase of deductible clause in any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in partblanket hazard insurance policy, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loantherefor; and (x10) any other amounts required to be deposited by in the Servicer Custodial Account pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policythis 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary 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 2.054.02(e). With The amount of any losses incurred in respect to each Securitization Transaction, of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized. (ii) The Servicer agrees that it shall establish a separate custodial account 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 related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization TransferTrustee, 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 as soon as possible thereafter (but not to exceed 48 hours after such date)in connection with, a Mortgage Loan.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Homebanc Corp)

Establishment of and Deposits to Custodial Account. The Servicer Subservicer 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 “Avelo Mortgage, L.L.C.PHH Mortgage Corporation, in trust for [insert OwnerXxxxxxx Xxxxx Credit Corporation, its successors and assigns and/or subsequent Servicers of Mortgage Loans — P & I.” The account agreement for the Custodial Account shall provide that such account is a special deposit required to be segregated and held by the Qualified Depository maintaining such account in a fiduciary capacity, separate and apart from the Qualified Depository’s name], Residential Fixed own funds and Adjustable Rate Mortgage Loansgeneral assets, and various Mortgagors.” that the account shall not be held in any capacity that would create a debtor-creditor relationship between the Qualified Depository and the Subservicer or the Servicer. The Custodial Account shall be established with a Qualified Depository acceptable to and within ten (10) days thereof, the Owner. The Subservicer shall provide the Servicer and with written confirmation of the Owner intend that the existence of such Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and form attached hereto as otherwise acceptable to the Rating Agencies. Exhibit I. Funds deposited in the Custodial Account may be drawn on by the Servicer Subservicer in accordance with Section 2.052.09. The creation Subservicer shall deposit in a mortgage clearing account on a daily basis (such funds deposited and held in the clearing account may not be commingled with any funds owned by the Subservicer, but may be commingled with the proceeds of any Custodial Account shall be evidenced by a certification in other mortgage loans or with funds serviced for other investors or for the form of Exhibit 2 heretoSubservicer’s own portfolio), in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit and in the Custodial Account within two (2) Business Days of receipt thereofSubservicer’s receipt, and retain therein, the following collections received by the Servicer Subservicer and payments made any other amounts required to be deposited by the Servicer Subservicer pursuant to this Agreement after the Effective Date, or received by the Subservicer prior to the related Transfer DateServicing Date but allocable to a period subsequent thereto, other than payments of principal and interest due on or before the related Subsequent Transfer Effective Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas follows: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 2.22 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.24), Section 2.23 and Section 2.25; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.24; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02this Agreement; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer Subservicer pursuant to Section 2.11 2.23 in connection with the deductible clause in any blanket hazard insurance policy; (viii) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 2.07; and (ix) any amounts received with respect to Prepayment Charges as set forth in Section 2.13. 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 Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 2.17, 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 Subservicer and the Servicer Subservicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)2.09.

Appears in 1 contract

Samples: Mortgage Loan Subservicing Agreement (PHH 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 titled, as directed by the Master Servicer, Avelo Mortgage, L.L.C., Aurora Loan Services LLC in trust for [insert Owner’s name]the Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Residential Fixed and Adjustable Rate Mortgage Loans, and various MortgagorsSeries 2007-BC1.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities CORP 2007-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 “Avelo Mortgage"Waterfield Mortgage Company, L.L.C.Xxx. xx xrust for Centre Capital Group, in trust for [insert Owner’s name]Inc., Residential owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., "Greenpoint Mortgage Funding Inc. in trust for [insert Owner’s name]Lehman Brothers Bank, purchaser of Conventional Residential Fixed and Adjustable axx Xxxed Rate Mortgage Loans, and various Mortgagors.” Group No. 2003-FLOW". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 2.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 D-1 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit 3 D-2 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser of the Mortgage Loans. The Servicer Seller shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any Prepayment Charge received in connection with the Mortgage Loans; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 5.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.135.15), Section 5.12 and Section 5.15; (vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.155.15; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.015.01, 2.095.10, 3.015.11, 4.01 5.20, 6.01, 6.03 or 4.027.02; (viiviii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementSection 4.03; (viiiix) any amounts required to be deposited by the Seller pursuant to Section 5.12 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts required to be deposited by the Seller pursuant to Section 5.16 in connection with any unpaid claims that are a result of a breach by the Seller or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xi) any amounts received by the Seller under a PMI or LPMI Policy; (xii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s Seller's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ixxiii) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer REO Property and all REO Disposition Proceeds pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)5.05.

Appears in 1 contract

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-17)

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 “Avelo Mortgage"Saxon Mortgage Services, L.L.C., Inc. in trust for [insert Owner’s name], Residential Goldman Sachs Mortgage Company re: Fixed and Adjustable Rate Mortgage Residexxxxx Xoxxxxxe Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be Purchaser as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account Agencies and any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 2.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.16), and Section 2.13); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.16; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.012.12, 2.092.17, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xix) any amounts required to be deposited by the Servicer pursuant to Section 2.11 2.13 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)2.07.

Appears in 1 contract

Samples: Servicing Rights Purchase and Servicing Agreement (GSAA Home Equity Trust 2006-2)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., "Boston Safe Deposit and Trust Company in trust for [insert Owner’s name]Norwest Bank Minnesota, Residential Fixed and Adjustable Rate N.A., as Trustee, Structured Asset Securities Corporation Mortgage LoansPass-Through Certificates, and various Mortgagors.” Series 1997-1," or such other designation as the Purchaser may direct. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 2.054.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 D-1 hereto, in the ----------- case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit 3 D-2 hereto, in the case of an account held by a ----------- depository other than the ServicerCompany. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. Funds in a Custodial Account may be invested in Eligible Investments (as defined in the Trust Agreement) which shall mature not later than the earlier of the Business Day immediately preceding the next succeeding Remittance Date, and such investments shall not be sold or disposed of prior to their maturity. All income and gain realized from any investment shall be for the benefit of the Company and shall be subject to its withdrawal or order. The Servicer amount of any losses incurred in respect of any such investments shall be deposited in the related Custodial Account by the Company out of its own funds immediately as such loss is realized. The Company shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, as received, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)4.14) and Section 4.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.154.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.014.01, 2.094.04, 3.015.03, 4.01 6.01 or 4.026.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the related Purchase AgreementCompany in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment received during the immediately preceding Principal Prepayment Period, an amount (to be paid by the Company out of its funds as provided in full or Section 6.03 hereof) which, when added to all amounts allocable to interest received in partconnection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate, the Prepayment Interest Shortfall Amount, if any, aggregate of such payments by the Company for any month not to exceed the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half aggregate of the Company's Servicing Fee actually received Fees for such month for the Mortgage Loans;month. (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer Company pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.15. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)4.05.

Appears in 1 contract

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

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 “Avelo Mortgage, L.L.C., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagorsthe benefit of GSAA Home Equity Trust 2007-9.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. If the depository in which the Custodial Account is held ceases to be a Qualified Depository, the Servicer shall transfer the Custodial Account within thirty (30) days to a substitute Qualified Depository. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (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 Proceeds and any amounts received with respect to REO Property; (ivd) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (ve) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.13; (vif) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (viig) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viiih) 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ixi) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xj) any amounts required to be deposited by the Servicer pursuant to Section 2.11 2.10 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account Custodial Account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account Custodial Account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date). (n) The definition of “Qualified Depository” set forth in Article I shall be deleted in its entirety and replaced with the following:

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-9)

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 “Avelo Mortgage"Xxxxx Fargo Bank, L.L.C.N.A., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate the Owner and/or subsequent Owners of Mortgage Loans, and various Mortgagors.” Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. The Servicer and Upon request of the Owner intend that and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of such Custodial Account be a Special Deposit Account. Any funds deposited in the form attached hereto as Exhibit E. The Custodial Account shall at all times be fully insured to the full fullest extent permitted allowed by the FDIC and as otherwise acceptable to the Rating Agenciesapplicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner4.05. The Servicer shall deposit in a mortgage clearing account on a daily basis, and in the Custodial Account within two (2) no later than the second Business Days Day after Servicer’s receipt of receipt thereof, funds and retain therein, the following collections received by the Servicer and payments made any other amounts required to be deposited by the Servicer pursuant to this Agreement after the related Transfer Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas follows: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal PrepaymentsPrepayments and Prepayment Penalties; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.134.14), Section 4.11 and Section 4.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.154.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01Sections 4.01, 2.095.03, 3.01, 4.01 6.01 or 4.026.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementSection 5.04; (viii) with respect to each Principal Prepayment an amount (to be paid by the Servicer out of its funds) which, when added to all amounts allocable to interest received in full or in partconnection with the Principal Prepayment, equals one month's interest on the Prepayment Interest Shortfall Amount, if any, for the month amount of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).; and

Appears in 1 contract

Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage"Chevy Chase Bank, L.L.C., F.S.B. in trust for [insert Owner’s name], Purchaser of Conventional Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) one Business Days Day of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) a. all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) b. all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) c. all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) d. all Insurance insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) e. all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) f. any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.15, 2.17, 3.01, 4.01 3.03 or 4.02; (vii) g. any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 8.03 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) h. any amounts required to be deposited by the Servicer pursuant to Section section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Servicing Agreement (Chevy Chase Preferred Capital Corp)

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 “Avelo MortgageTxxxxxxxx Mortgage Home Loans, L.L.C., Inc. in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate one or more Txxxxxxxx Mortgage Loans, and various MortgagorsSecurities Trusts.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04 hereof. The creation of any the 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to each Trustee and the Owner and, upon request, to any subsequent Owner. Master Servicer. (b) The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal received on the Mortgage Loans 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 Liquidation Proceeds and Prepayment Charges received or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the related Trust; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable Prepayment Interest Shortfall Amount required to be paid by the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementServicer; (viii) with respect all Monthly Advances made by the Servicer or an Advancing Person pursuant to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage LoansSection 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any sub-servicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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 (i) late payment charges, penalty interest and insufficient fund charges, (ii) assumption and modification fees, (iii) other Ancillary Income, Income and (iv) the Servicing Fee need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04 of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2004-2)

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 “Avelo Mortgage"First Nationwide Mortgage Corporation, L.L.C., in trust as trustee and custodian for [insert Owner’s name], Residential Fixed and Adjustable Rate Purchaser of Resi- dential Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.052.5. 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 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) one Business Days Day of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer any Cutoff Date, other than payments of principal and interest due on or before the related Subsequent Transfer such Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer such Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)2.14) and Section 2.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.012.1, 2.092.9, 3.012.15, 4.01 2.17, 3.1, 3.3 or 4.024.2; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 8.3 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xviii) 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. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)2.5.

Appears in 1 contract

Samples: Servicing Agreement (California Federal Preferred Capital Corpation)

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 “Avelo MortgageSaxon Mortgage Services, L.L.C.Inc., in trust for [insert Owner’s name]Xxxxxx Xxxxxxx Mortgage Capital Holdings LLC and/or subsequent Owners, Residential and various Mortgagors, re: Fixed and Adjustable Rate Residential Mortgage Loans, and various Mortgagors.” ”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The , it being acknowledged that any Qualified Depository that is an Affiliate of Servicer and is hereby deemed acceptable to the Owner intend that the Custodial Account be a Special Deposit AccountOwner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC under applicable law and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account generally within two (2) Business Days of following 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 related applicable Servicing Transfer Date, other than payments of principal and interest due on or before the related Subsequent Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Servicing Transfer Date but allocable to a period subsequent thereto: (ia) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (iib) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iiic) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (ivd) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13Mortgagor); (ve) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vif) any amount required to be deposited in the Custodial Account pursuant to Section 2.012.09, 2.092.16, 2.23, 3.01, 4.01 3.04 or 4.02; (viig) any amounts payable to the Owner in connection with the repurchase amount of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loanstherefore; (ixh) any prepayment penalties or premiums received with respect to any Mortgage Loan; (i) an amount from the Buydown Account that when added to the Mortgagor’s payment will equal the full Monthly Payment due under the related Mortgage Note; and (xj) 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. 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, 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 2.05. With respect to each Securitization Transaction2.05 or retain such other benefits, as the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)case may be.

Appears in 1 contract

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., Greenpoint Mortgage Funding Inc. in trust for [insert Owner’s name]Xxxxxx Brothers Bank, purchaser of Conventional Residential Adjustable and Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” Group No. 2003-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 2.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 D-1 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit 3 D-2 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser of the Mortgage Loans. The Servicer Seller shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any Prepayment Charge received in connection with the Mortgage Loans; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 5.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.135.15), Section 5.12 and Section 5.15; (vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.155.15; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.015.01, 2.095.10, 3.015.11, 4.01 5.20, 6.01, 6.03 or 4.027.02; (viiviii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementSection 4.03; (viiiix) any amounts required to be deposited by the Seller pursuant to Section 5.12 in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts required to be deposited by the Seller pursuant to Section 5.16 in connection with any unpaid claims that are a result of a breach by the Seller or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xi) any amounts received by the Seller under a PMI or LPMI Policy; (xii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the ServicerSeller’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ixxiii) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer REO Property and all REO Disposition Proceeds pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)5.05.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage"EverBank, L.L.C.as Interim Servicer, in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Morgan Stanley Mortgage Capital Inc. and/or subsequent Purchasexx xx fxxxx xxd adjustable rate Mortgage Loans, and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 D-1 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 3 D-2 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Interim Servicer and payments made by the Interim Servicer after the related Transfer Date, Cut-off Date (other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior which amounts shall be remitted to the related Subsequent Transfer Date but allocable to a period subsequent thereto:Interim Servicer). (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans; (iii) all Liquidation Proceeds and any amounts received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and Section 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 3.03, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to in accordance with the related Purchase Agreement; (viii) with respect to each Principal any 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums Penalties received with respect to any Mortgage Loan; and; (xix) any amounts required to be deposited by the Interim Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and (x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 2.16. 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, unless otherwise provided herein, payments in the nature of Ancillary Income, including late payment charges and assumption fees, to the extent permitted by Section 2.01, need not be deposited by the Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect Prior to each Securitization Transactionchanging the location of the Custodial Account, the Interim Servicer shall establish a separate custodial account for give notice to the related securitization and deposit all amounts that have been or are subsequently received Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established. The Interim Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section 2.04. All funds required to be deposited in the Mortgage Loans included Custodial Account shall be held in such Securitization Transaction into the custodial account created trust for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Purchaser until withdrawn in accordance with Section 2.05.

Appears in 1 contract

Samples: Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-6ar)

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Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage"Franklin Bank, L.L.C.N.A., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Purchaser of Conventional Commercial Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable under applicable law; provided, however, that to the Rating Agenciesextent the Custodial Account is established with the Corporate Trust Department of the Seller, the Seller may maintain the Custodial Account as a single account. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer Seller shall deposit in the Custodial Account within two (2) one Business Days Day of receipt thereofreceipt, and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Closing Date, or received by the Servicer Seller prior to the related Subsequent Transfer Closing Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.14, 2.16, 3.01, 4.01 3.03 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 8.03 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xviii) any amounts required to be deposited by the Servicer Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).The

Appears in 1 contract

Samples: Servicing Agreement (Franklin Finance Corp)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more a Custodial AccountsAccount, in the form of time deposit or demand accountsaccount, titled “Avelo Mortgage, L.L.C., Option One Mortgage Corporation in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed as Trustee for Structured Asset Investment Loan Trust, 2005-3” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as the “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Trust Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) hereof . The creation of any the Trust 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 3 heretoB. Not later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer, the NIMS Insurer and, upon request, to any subsequent Owner. owner of the Mortgage Loans. (b) The Servicer shall deposit in the Trust Custodial Account within two (2) on a daily basis, on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertythe Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of equal to the Servicing Fee actually received for such month for Compensating Interest Maximum Amount; (viii) all Monthly Advances made by the Mortgage LoansServicer or an Advancing Person pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Trust Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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, unless otherwise provided herein, foregoing payments in the nature of (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income, Income and (iv) the Servicing Fee need not be deposited by the Servicer into the Trust Custodial Account. Any interest paid on funds deposited in the Trust Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Trust Custodial Account pursuant to Section 2.053.04 (iv) of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Trust Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

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 titled, as directed by the Master Servicer, Avelo Mortgage, L.L.C., Aurora Loan Services LLC in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagorsas Trustee for the Structured Asset Securities Corporation 2005-GEL1 trust fund.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing 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 “Avelo Mortgage"First Nationwide Mortgage Corporation, L.L.C., in trust as trustee and custodian for [insert Owner’s name], Purchaser of Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.052.5. 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 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) one Business Days Day of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer any Cutoff Date, other than payments of principal and interest due on or before the related Subsequent Transfer such Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer such Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)2.14) and Section 2.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.012.1, 2.092.9, 3.012.15, 4.01 2.17, 3.1, 3.3 or 4.024.2; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 8.3 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xviii) 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. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)2.5.

Appears in 1 contract

Samples: Servicing Agreement (First Nationwide Preferred Capital Corp)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in to be maintained under the form sole dominion and control of time deposit or demand accountsthe Purchaser and titled "IndyMac Bank, titled “Avelo Mortgage, L.L.C., F.S.B. in trust for [insert Owner’s name]Morgan Stanley Mortgage Capital Inc., Residential owner of Conventional Fixed and Adjustable Rate Xxxx Rxxxxxxxial Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. 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 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) on a daily basis on the Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and Section 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; andLoan or payable by the Servicer pursuant to Section 2.01 (unless the related Purchase Price and Terms Agreement indicates otherwise); (xix) 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; and (x) with respect to each Principal Prepayment an amount (to be paid by the Servicer out of its funds) which, when added to all amounts allocable to interest received in connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-3xs)

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 “Avelo Mortgage"Wells Fargo Bank, L.L.C.N.A., in trust for [insert Owner’s name]the Purchaser of Residential Xxxxxage Loans serviced under a Seller's Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mortgage Loansdated as of August 1, 2004, and various Mortgagors.” Mortgagors - P & I", or as otherwise directed in writing by the Purchaser or its assigns after the related Closing Date in connection with any Whole Loan Transfer or Pass-Through Transfer. The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the OwnerPurchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted allowed by the FDIC and as otherwise acceptable to the Rating AgenciesApplicable Law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 2.054.5. 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 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer Company shall deposit in the Custodial Account within one Business Day (or two (2) Business Days in the case of receipt thereofthe amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i1) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.134.14), Section 4.11 and Section 4.15; (v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.154.14; (vi6) any amount required to be deposited in the Custodial Account pursuant to Section 2.014.1, 2.095.1, 3.015.3, 4.01 6.1 or 4.026.2; (vii7) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementSection 2.3, 3.3 or 6.2; (viii) 8) 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x9) any amounts required to be deposited by the Servicer Company pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 6.1, 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 2.054.5. With respect to each Securitization Transaction, The Company shall reimburse the Servicer shall establish Custodial Account for any losses incurred as a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date result of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)investment of amounts on deposit in the Custodial Account.

Appears in 1 contract

Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-6)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., GreenPoint Mortgage Funding Inc. in trust for [insert Owner’s name]Lxxxxx Brothers Bank, FSB, Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” Group No. 2007-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Seller in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer Seller shall deposit in the Custodial Account on a daily basis, within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer Seller after the related Transfer Date, Cut-off Date (other than payments with respect to each LPMI Loan, in the amount of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto:LPMI Fee): (i) all payments on account of principal on the Mortgage Loans including all Principal PrepaymentsLoans; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 2.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.15), Section 2.12 and Section 2.16; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.092.10, 3.012.17, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related terms of the Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ix) any prepayment penalties, late payment charges and assumption fees received in connection with the Mortgage Loans. 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 Ancillary Incomeassumption fees, to the extent permitted by Section 4.01, need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Flow Interim Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)

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 “Avelo "Wells Fargo Home Mortgage, L.L.C., Inc. in trust for [insert Owner’s name]Centre Capital Gxxxx, Residential Inc, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the 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 “Avelo MortgageOcwen Loan Servicing, L.L.C.LLC for the benefit of the Trustee on behalf of the registered holders of BASIC Mortgage Loan Pass-Through Certificates, in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors2006-1.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit as an Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Permitted Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. 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 3 heretoB. On or prior to the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Securities Administrator, the Program Administrator and the NIMS Insurer, if any, and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) on a daily basis on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto:): (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds amounts to be held in the Escrow Account Accounts and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and Accepted Servicing Practices); (v) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15the related Mortgage Loan documents and Accepted Servicing Practices; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Net Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore therefor, up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ixvii) any prepayment penalties or premiums received with respect all Advances made by the Servicer pursuant to any Mortgage Loan; andSection 4.03; (xviii) 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 Charges; (xi) any other amount required hereunder to be deposited by the Servicer in the Custodial Account (including any amounts received under a PMI Policy pursuant to Section 3.07); and (xii) any amounts received from a person giving representations and warranties with respect to a Mortgage Loan, in connection with the repurchase of the Mortgage Loan. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAny other benefit derived from the Custodial Account associated with the receipt, the Servicer disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Trust Fund.

Appears in 1 contract

Samples: Servicing Agreement (BancCap Asset Securitization Issuance Corp, BASIC Asset Backed Securities Trust 2006-1, Mortgage Pass-Through Certificates, Series 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 “Avelo MortgageXxxxx Fargo Bank, L.L.C., N.A. in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed and Adjustable Rate as Trustee for the BNC Mortgage Loans, and various MortgagorsLoan Trust 2006-1.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 B hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request, to any subsequent Owner). The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15the related Mortgage Loan documents and Accepted Servicing Practices; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase 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 therefore therefor up to a maximum amount per month of one-half of the General Servicing Fee actually received for such month for the Mortgage Loans; (ix) all Monthly Advances made by the Servicer pursuant to Section 4.03; (x) any prepayment penalties amounts received from the seller of a Mortgage Loan or premiums received any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; and; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; (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, unless otherwise provided herein, payments in the nature of the Xxxxx Fargo Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, to be maintained under the sole dominion and control of the Purchaser and titled “Avelo Mortgage, L.L.C."Fremont Investment & Loan, in trust for [insert Owner’s name], Residential Fixed Morgan Stanley Mortgage Capital Inc. as Purchaser of Mortgage Loans and Adjustable Rate Mortgage Loans, and various Mortgagorsxxxxxux Xxxxxagors." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Owner Purchaser intend that the Custodial Account be a Special Deposit Accountspecial deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser. The Interim Servicer shall deposit in the Custodial Account within two (2) on a daily basis on the Business Days of Day following receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Interim Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and Section 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xix) any amounts required to be deposited by the Interim Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2007-1)

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 Avelo MortgageChase Home Finance, L.L.C.LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed as Trustee for Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC3” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as the “Custodial Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) hereof. The creation of any the 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 3 heretoB. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent Owner. owner of the Mortgage Loans. (b) The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and the Servicing Standard); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02related Mortgage Loan documents and the Servicing Standard; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the General Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties amounts received from the seller of a Mortgage Loan or premiums received any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; and; (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a LPMI or PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the General Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

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 “Avelo Mortgage, L.L.C., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagorsthe benefit of GSAA Home Equity Trust 2007-7.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. If the depository in which the Custodial Account is held ceases to be a Qualified Depository, the Servicer shall transfer the Custodial Account within thirty (30) days to a substitute Qualified Depository. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (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 Proceeds and any amounts received with respect to REO Property; (ivd) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (ve) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vif) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (viig) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viiih) 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ixi) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xj) 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. 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 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 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account Custodial Account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account Custodial Account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date). (o) The definition of “Qualified Depository” set forth in Article I shall be deleted in its entirety and replaced with the following:

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-7)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, to be maintained in trust for the Purchaser and titled “Avelo Mortgage"IndyMac Bank, L.L.C.F.S.B., in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Sutton Funding LLC as Purchaser of Mortgage Loans, and various Mortgagors." The Custodial Account shall Accounx xxxxl be established with a Qualified Depository acceptable to the OwnerPurchaser. The Servicer Seller and the Owner Purchaser intend that the Custodial Account be a Special Deposit Accountspecial deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. 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 ServicerSeller, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser. The Servicer Seller shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, on a daily basis and retain therein, the following collections received by the Servicer Seller and payments made by the Servicer Seller after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, Cut-off Date or received by the Servicer Seller prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xviii) any amounts required to be deposited by the Servicer Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Income, Income need not be deposited by the Servicer Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Seller and the Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Trust Agreement (BCAP LLC Trust 2007-Aa1)

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 “Avelo Mortgage, L.L.C., HomeBanc Mortgage Corporation. in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed as Trustee, for the HomeBanc Mortgage Trust 2007-1 Mortgage Pass-Through Certificates” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as a “Custodial Account.” The Each Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable up to the Rating AgenciesFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof; provided, however that any such Eligible Investment shall not be sold or disposed of prior to its maturity. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.054.02(e) hereof. 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 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account within two (2) Business Days Account, no later than 48 hours after receipt of receipt thereoffunds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by it subsequent to the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer it prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date: (i1) all payments on account of principal principal, including Principal Prepayments and related penalties, on the Mortgage Loans including all Principal PrepaymentsLoans; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Loan Remittance Rate; (iii3) all Net Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (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 2.10 (4.02(j), other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)Accepted Servicing Practices, the Mortgage Loan Documents or applicable law; (v6) all Condemnation Proceeds affecting any Mortgaged Property which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Accepted Servicing Practices, the loan documents or applicable law; (vi7) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Monthly Advances; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) 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 therefore up to a maximum amount per month of one-half of the 's aggregate Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; andthe related Prepayment Period; (x9) any amounts required to be deposited by the Servicer pursuant to Section 2.11 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer's own funds, without reimbursement therefor; and (10) any other amounts required to be deposited in the Custodial Account 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary 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 2.054.02(e). With The amount of any losses incurred in respect to each Securitization Transaction, of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized. (ii) The Servicer agrees that it shall establish a separate custodial account 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 related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization TransferTrustee, 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 as soon as possible thereafter (but not to exceed 48 hours after such date)in connection with, a Mortgage Loan.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (HomeBanc 2007-1)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the each Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., PNMAC Loan Svc LLC ITF PNMAC Mtg Opp Inv LLC ttee and/or bailee for PNMAC LLC and/or pmnts of var mtgrs and/or other owners of int in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.loans- P&I” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the ServicerServicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, on or prior to any subsequent Ownerthe execution of this Servicing Agreement. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer (such collections being those received by Servicer within two Business Days prior to actual deposit into the Custodial Account) and payments made by the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Date, or received by the Servicer prior subsequent to the related Subsequent Servicing Transfer Date but allocable pursuant to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), and Section 2.11; (v) all Condemnation Proceeds which affecting any Mortgaged Property that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.092.15, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement[reserved]; (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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans[reserved]; (ix) any prepayment penalties or premiums Prepayment Penalties received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from Servicer’s own funds, without reimbursement therefor. 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 Ancillary Income, Prepayment Penalties and the Owner’s share of all late charges need not be deposited by the Servicer into the Custodial Account. Any interest paid by the depository institution on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to may retain and withdraw any such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)interest.

Appears in 1 contract

Samples: Flow Servicing Agreement (Pennymac Financial Services, Inc.)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage 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 “Avelo Mortgage, L.L.C., Option One Mortgage Corporation in trust for [insert Owner’s name]LaSalle Bank National Association, Residential Fixed as Trustee for Structured Asset Investment Loan Trust, 2003-BC13” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as the “Trust Custodial Account.” The Trust Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Trust Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) hereof . The creation of any the Trust 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer, the NIMS Insurer and, upon request, to any subsequent Owner. owner of the Mortgage Loans. (b) The Servicer shall deposit in the Trust Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertythe Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of equal to the Servicing Fee actually received for such month for Compensating Interest Maximum Amount; (viii) all Monthly Advances made by the Mortgage LoansServicer or an Advancing Person pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Trust Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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, unless otherwise provided herein, foregoing payments in the nature of (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income, Income and (iv) the Servicing Fee need not be deposited by the Servicer into the Trust Custodial Account. Any interest paid on funds deposited in the Trust Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Trust Custodial Account pursuant to Section 2.053.04 (iv) of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Trust Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13)

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 “Avelo Mortgage, L.L.C."ABN AMRO Mortgage Group Inc., in trust for [insert Owner’s name]the Purchaser of Residential Mortgage Loans serviced under a Company's Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mortgage Loansdated as of August 1, 2001, and various Mortgagors.” Mortgagors - P & I", or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Pass-Through Transfer. The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the Owner. The Servicer Purchaser and within ten (10) days thereof, the Owner intend that Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted allowed by the FDIC and as otherwise acceptable to the Rating Agenciesapplicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 2.054.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer Company shall deposit in the Custodial Account within one Business Day (or two (2) Business Days in the case of receipt thereofthe amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments, but not including Payaheads; (ii) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.134.14), Section 4.11 and Section 4.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.154.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.014.01, 2.095.01, 3.015.03, 4.01 6.01 or 4.026.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementSection 2.03, 3.03 or 6.02; (viii) with respect to each Principal Prepayment in full or in partincluding, for this purpose, the Prepayment Interest Shortfall Amountprincipal portion of Insurance Proceeds, if anyCondemnation Proceeds, for and Liquidation Proceeds an amount (to be paid by the month Company out of distribution. Such deposit shall be made from the Servicer’s its own funds, without reimbursement therefore up to a maximum amount per month but not in excess of one-half of the its aggregate Servicing Fee actually received for such month for the related Due Period) which, when added to all amounts allocable to interest received in connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage LoansLoan Remittance Rate; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer Company pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 6.01, need not be deposited by the Servicer Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer Company and the Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)4.05.

Appears in 1 contract

Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage 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 “Avelo Mortgage, L.L.C."GMAC Mortgage Corporation, in trust for [insert Owner’s name], Residential Company Name] re: Fixed and Adjustable Rate Sub-Prime Residential Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The , it being acknowledged that any Qualified Depository that is an Affiliate of Servicer and is hereby deemed acceptable to the Owner intend that the Custodial Account be a Special Deposit AccountOwner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC under applicable law and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within no more than two (2) Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.14, or 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (xviii) 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. 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, 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 2.052.05 or retain such other benefits, as the case may be. With respect to each Securitization Transaction, the The Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)make P & I Advances.

Appears in 1 contract

Samples: Servicing Agreement (Oak Street Financial Services 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 titled, as directed by the Master Servicer, Avelo Mortgage, L.L.C., Aurora Loan Services Inc. in trust for [insert Owner’s name]LaSalle Bank National Association, Residential Fixed and Adjustable Rate Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors2004-9.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2004-9)

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, Avelo Mortgage, L.L.C., Aurora Loan Services LLC in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed and Adjustable Rate Mortgage Loansas Trustee for the Structured Asset Securities Corporation, and various Mortgagors2005-S1.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 Sections 3.07 and 3.21 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy or a Pool Insurance Policy; (xii) any amounts received by the Servicer under a PMI, LPMI Policy or Pool Insurance Policy pursuant to Section 3.07 or Section 3.21; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

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

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 “Avelo Mortgage, L.L.C., HomeBanc Mortgage Corporation. in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed as Trustee, for the HomeBanc Mortgage Trust 2006-1 Mortgage Pass-Through Certificates” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as a “Custodial Account.” The Each Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable up to the Rating AgenciesFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof; provided, however that any such Eligible Investment shall not be sold or disposed of prior to its maturity. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.054.02(e) hereof. 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 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account within two (2) Business Days Account, no later than 48 hours after receipt of receipt thereoffunds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by it subsequent to the Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer it prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date: (i1) all payments on account of principal principal, including Principal Prepayments and related penalties, on the Mortgage Loans including all Principal PrepaymentsLoans; (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Loan Remittance Rate; (iii3) all Net Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (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 2.10 (4.02(j), other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)Accepted Servicing Practices, the Mortgage Loan Documents or applicable law; (v6) all Condemnation Proceeds affecting any Mortgaged Property which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Accepted Servicing Practices, the loan documents or applicable law; (vi7) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Monthly Advances; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) 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 therefore up to a maximum amount per month of one-half of the 's aggregate Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; andthe related Prepayment Period; (x9) any amounts required to be deposited by the Servicer pursuant to Section 2.11 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer's own funds, without reimbursement therefor; and (10) any other amounts required to be deposited in the Custodial Account 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary 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 2.054.02(e). With The amount of any losses incurred in respect to each Securitization Transaction, of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized. (ii) The Servicer agrees that it shall establish a separate custodial account 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 related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization TransferTrustee, 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 as soon as possible thereafter (but not to exceed 48 hours after such date)in connection with, a Mortgage Loan.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (HomeBanc 2006-1)

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo MortgageGreenPoint Mortgage Funding, L.L.C., Inc. in trust for [insert Owner’s name]Xxxxxxx Xxxxx Mortgage Company, Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Owner Purchaser intend that the Custodial Account be a Special Deposit Accountspecial deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 2.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Interim Servicer after the related Transfer Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement;; and (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgagetitled, L.L.C.as directed by the Master Servicer, "Aurora Loan Services LLC in trust for [insert Owner’s name]LaSalle Bank National Association, Residential Fixed and Adjustable Rate Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors2005-1." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan 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 “Avelo Mortgage"Waterfield Mortgage Company, L.L.C., in Xxx. xx trust for [insert Owner’s name]Centre Capital Group, Residential Inc., owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Master 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 “Avelo MortgageOcwen Loan Servicing, L.L.C., LLC in trust for [insert Owner’s name]Citibank, Residential Fixed and Adjustable Rate N.A., as Trustee for the Structured Asset Securities Corporation Mortgage LoansLoan Trust, and various Mortgagors2006-S2.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.09 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. 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 3 B hereto. Not later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Custodial Account within two (2) on a daily basis on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15the related Mortgage Loan documents and Accepted Servicing Practices; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase this Agreement; (viii) with respect to each Principal Prepayment in full or in partpart occurring after the Servicing Transfer Date, 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 therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties amounts received from the Seller of the Mortgage Loan or premiums received any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; and; (x) all Monthly Advances made by the Servicer pursuant to Section 4.02; (xi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.10 in connection with the deductible clause in any blanket hazard insurance policy; (xii) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xiii) any amounts required to be deposited by the Servicer pursuant to Section 3.15 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, 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, 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 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Trust Agreement (Sasco 2006-S2)

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, Avelo Mortgage, L.L.C., Aurora Loan Services Inc. in trust for [insert Owner’s name]LaSalle Bank National Association, Residential Fixed and Adjustable Rate Mortgage Loansas Trustee for the Structured Asset Investment Loan Trust, and various Mortgagors2004-8.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2004-8)

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 “Avelo Mortgage, L.L.C., Option One Mortgage Corporation in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed as Trustee for Structured Asset Investment Loan Trust, 2005-7” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as the “Trust Custodial Account.” The Trust Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Trust Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) hereof . The creation of any the Trust 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 3 heretoB. Not later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer, the NIMS Insurer and, upon request, to any subsequent Owner. owner of the Mortgage Loans. (b) The Servicer shall deposit in the Trust Custodial Account within two (2) on a daily basis, on or prior to the second Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertythe Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and any amounts immediately applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Section 2.13Mortgagor); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of equal to the Servicing Fee actually received for such month for Compensating Interest Maximum Amount; (viii) all Monthly Advances made by the Mortgage LoansServicer or an Advancing Person pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Trust Custodial Account; (xii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of its obligations hereunder or under a PMI Policy; (xiii) any amounts received by it under any PMI Policy; and (xiv) any other amount required hereunder to be deposited by the Servicer in any blanket hazard insurance policythe 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, unless otherwise provided herein, foregoing payments in the nature of (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income, Income and (iv) the Servicing Fee need not be deposited by the Servicer into the Trust Custodial Account. Any interest paid on funds deposited in the Trust Custodial Account by the depository institution shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Trust Custodial Account pursuant to Section 2.053.04 (iv) of this Agreement. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Trust Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account accrue for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date benefit of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-7)

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 “Avelo "Wells Fargo Home Mortgage, L.L.C., Inc. in trust for [insert Owner’s name]Centre Capital Group, Residential Inc, oxxxx of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Master Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)

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 “Avelo MortgageU.S. Bank National Association, L.L.C.as Trustee for the Structured Asset Investment Loan Trust, in trust for [insert Owner’s name], Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors2006-3.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any Subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sail 2006-3)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C."Fleet Mortgage Corp., in trust for [insert Owner’s name]Xxxxxx Capital, Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” A Division of Xxxxxx Brothers Holdings Inc.," or such other designation as the Purchaser may direct. The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit an Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesinvested in Eligible Investments. Funds deposited in the Custodial Account may be drawn on withdrawn by the Servicer in accordance with Section 2.054.05. The creation of any Custodial Account shall be evidenced by a certification substantially in the form of Exhibit 2 D-1 hereto, in the case of an account established with the ServicerServicer or an affiliate thereof, or by a letter agreement substantially in the form of Exhibit 3 D-2 hereto, in the case of an account held by a depository other than the ServicerServicer or an affiliate thereof. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. Funds in a Custodial Account may be invested in Eligible Investments which shall mature not later than the earlier of the Business Day immediately preceding the next succeeding Remittance Date, and such Eligible Investments shall not be sold or disposed of prior to their maturity. All income and gain realized from any investment shall be for the benefit of the Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the related Custodial Account by the Servicer out of its own funds immediately as such loss is realized. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, as received, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)4.14) and Section 4.11; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Property; (vi) any amount (without duplication) required to be deposited in the Custodial Account pursuant to Section 2.01Sections 4.01, 2.094.16, 3.015.03, 4.01 6.01 or 4.026.02; (vii) any amounts received by the Servicer payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 3.04 and all amounts received by the related Purchase AgreementServicer which are required to be deposited by the Servicer in connection with a shortfall in principal amount of any Qualifying Substitute Mortgage Loan pursuant to Section 3.04; (viii) with respect to each Principal Prepayment received during the immediately preceding Prepayment Period, an amount (to be paid by the Servicer out of its funds as provided in full or Section 6.03 hereof) which, when added to all amounts allocable to interest received in partconnection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Remittance Rate, the Prepayment Interest Shortfall Amount, if any, aggregate of such payments by the Servicer for any month not to exceed the month aggregate of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the 's Servicing Fee actually received Fees for such month for the Mortgage Loansmonth; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer into the Custodial Account pursuant to Section 2.11 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of Ancillary Incomelate payment charges and assumption fees, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)4.05.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Servicer 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 “Avelo "Wells Fargo Home Mortgage, L.L.C., Inc. in trust for [insert Owner’s name]Centre Capital Group, Residential Xxx, owner of Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” " (provided, in the event that this Agreement is assigned to a third party, the Custodial Account(s) shall be reestablished in trust for such Assignee). The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesunder applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days 48 hours of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Closing Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) any amounts received from the Originator in connection with the repurchase of any Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds and any amounts received with respect to REO PropertyProceeds; (ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.12 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13)3.17) and Section 3.17; (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15Mortgagor; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, Sections 3.01, 4.01 3.10, 4.03, 5.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement5.02; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans;; and (ix) any prepayment penalties or premiums amounts received with respect to or related to any Mortgage Loan; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policyREO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of (a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.05. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Master Servicing Agreement (Structured Asset Securities Corp Mort Pass Thru Ser 2004-5h)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the in respect of any 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 “Avelo Mortgage, L.L.C."M&T Mortgage Corporation, in trust for [insert Owner’s name], Goldman Sachs Mortgage Company re: Fixxx xxx Xxxxxtable Rate Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC under applicable law and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account any amounts therein may be drawn on by the Servicer invested in accordance with Section 2.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account within two no more than one (21) Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Sale Date, other than payments of principal and interest due on or before the related Subsequent Transfer Sale Date, or received by the Servicer prior to the related Subsequent Transfer Sale Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 2.12 (other than proceeds to be held in the Escrow Account a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.16); (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.16; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.012.11, 2.092.14, 2.17, 3.01, 4.01 3.04 or 4.02; (vii) any amounts payable prepayment penalties received with respect to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase AgreementLoan; (viii) the amount of any Prepayment Interest Shortfall 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 therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the any Mortgage Loans; (ix) any prepayment penalties or premiums received with respect amounts required to any Mortgage Loanbe deposited by the Servicer pursuant to Section 3.04; and (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 2.13 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution or any other non-interest benefits shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction2.07 or retain such other benefits, as the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)case may be.

Appears in 1 contract

Samples: Trust Agreement (GSAA Home Equity 2005-12)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled titled, as directed by the Master Servicer, Avelo Mortgage, L.L.C., Aurora Loan Services Inc. in trust for [insert Owner’s name]LaSalle Bank National Association, as Trustee for the Amortizing Residential Fixed and Adjustable Rate Mortgage LoansCollateral Trust, and various Mortgagors2004-1.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Amortizing Residential Collateral Trust, 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 titled, as directed by the Master Servicer, Avelo Mortgage, L.L.C., Aurora Loan Services LLC in trust for [insert Owner’s name]Citibank, Residential Fixed and Adjustable Rate N.A., as Trustee for the Structured Asset Securities Corporation Mortgage LoansPass-Through Certificates, and various MortgagorsSeries 2006-S2.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. The creation of any Custodial Account shall be evidenced by a certification notice 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement notice shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofreceipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-S2)

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 two Custodial Accounts, both in the form of time deposit or demand accounts, titled “Avelo Mortgage, L.L.C., the first such Custodial Account entitled "Ocwen Federal Bank FSB in trust for [insert Owner’s name]Bank One, National Association, as Trustee for the Amortizing Residential Fixed Collateral Trust, 2002-BC2" and Adjustable Rate Mortgage Loansreferred to herein as the "Trust Custodial Account" and the second such Custodial Account entitled "Ocwen Federal Bank FSB in trust for Bank One, National Association, as trustee for Amortizing Residential Collateral Trust, 2002-BC2 and the various MortgagorsMortgagors under the DA Dividend Program" and referred to herein as the "DA Reserve Account.” The " Each such Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the either such Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) and funds deposited in the DA Reserve Accounting may be drawn on by the Servicer and applied in accordance with Section 3.04(b) hereof. The creation of any either 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 3 B hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Trust Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-Off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Cut-Off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate other than the applicable percentage (based on the DA Dividend Rate) of interest collections constituting DA Dividends, which interest payments shall be deposited into the DA Reserve Account pursuant to Section 3.03(c); (iii) all Liquidation Proceeds and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15the related Mortgage Loan documents and Accepted Servicing Practices; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase 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, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties amounts received from the seller of a Mortgage Loan or premiums 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; (xi) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (xii) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxiii) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.15 in connection with any unpaid claims that are a result of a breach by the deductible clause in Servicer or any blanket hazard insurance policysubservicer 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 Trust 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, 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 and the Servicer shall be entitled to retain and withdraw such interest from the Trust Custodial Account pursuant to Section 2.053.04. With respect 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 each Securitization Transactionthe Servicer. The Servicer shall deposit in the DA Reserve Account on a daily basis, and retain therein until their required withdrawal and distribution in accordance with Section 3.04(b), all DA Dividends attributable to a DAD Mortgage Loan. Any interest paid on funds deposited in the DA Reserve Account shall accrue to the benefit of the Servicer and the Servicer shall establish a separate custodial account for be entitled to retain and withdraw such interest from the related securitization and deposit all amounts that have been or are subsequently received DA Reserve Account in accordance with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such dateSection 3.04(b).

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in to be maintained under the form sole dominion and control of time deposit or demand accountsthe Purchaser and titled "IndyMac Bank, titled “Avelo Mortgage, L.L.C., F.S.B. in trust for [insert Owner’s name]Morgan Stanley Mortgage Capital Inc., Residential Fixed and Adjustable Rate owner of Conventional Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors.” ". The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountPurchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.05under applicable law. 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 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer shall deposit in the Custodial Account within two (2) on a daily basis on the Business Days of Day following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Cut-off Date, other than payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation Proceeds and any amounts amount received with respect to REO Property; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.132.14), Section 2.11 and Section 2.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.152.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 2.16, 3.01, 4.01 or 4.02; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any prepayment penalties or premiums received with respect to any Mortgage Loan; andLoan or payable by the Servicer pursuant to Section 2.01 (unless the related Purchase Price and Terms Agreement indicates otherwise); (xix) 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; and (x) with respect to each Principal Prepayment an amount (to be paid by the Servicer out of its funds) which, when added to all amounts allocable to interest received in connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. 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 Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05. With respect to each Securitization Transaction, the Servicer shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date).

Appears in 1 contract

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-2ax)

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 Avelo MortgageChase Home Finance, L.L.C.LLC as subservicer for JPMorgan Chase Bank, National Association in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed as Trustee for Structured Asset Securities Corporation Mortgage Loan Trust 2007-BNC1” and Adjustable Rate Mortgage Loans, and various Mortgagorsreferred to herein as the “Custodial Account.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Accountan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04(a) hereof. The creation of any the 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 3 heretoB. No later than 30 days after the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent Owner. owner of the Mortgage Loans. (b) The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereof, by the Servicer and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Cut-off Date) or the Servicing Rights Transfer Date, or received by the Servicer prior to the related Subsequent Transfer Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans 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 and any amounts received with respect to REO PropertyPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or and repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.13the related Mortgage Loan documents and the Servicing Standard); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02related Mortgage Loan documents and the Servicing Standard; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Chase Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties amounts received from the seller of a Mortgage Loan or premiums received any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; and; (x) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any Subservicer of the obligations hereunder or under the terms of a LPMI or PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the General Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Sasco 2007-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 “Avelo Mortgage, L.L.C., Aurora Loan Services Inc. in trust for [insert Owner’s name]U.S. Bank National Association, Residential Fixed and Adjustable Rate Mortgage Loansas Trustee for the Structured Asset Securities Corporation, and various Mortgagors2003-39EX.” The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit AccountDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted by the FDIC and as otherwise acceptable to the Rating Agenciesprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 2.053.04. 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 3 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two (2) Business Days of receipt thereofon a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Transfer Date, Cut-off Date (other than scheduled payments of principal and interest due on or before the related Subsequent Transfer Cut-off Date, ) or received by the Servicer prior to the related Subsequent Transfer Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans 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 and Prepayment Charges or any amounts received with respect Servicer Prepayment Charge Payment Amounts to REO Propertybe paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in the Escrow Account and amounts applied to the restoration or repair of the Mortgaged Property or to be immediately released to the Mortgagor in accordance with Section 2.13Accepted Servicing Practices); (vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 4.01 or 4.02Mortgagor; (vii) any amounts payable to the Owner in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Servicer’s own funds, without reimbursement therefore therefor up to a maximum amount per month of one-half of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any prepayment penalties or premiums amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (x) any amounts received with respect to or related to any Mortgage Loan; andREO Property or REO Disposition Proceeds; (xxi) any amounts required to be deposited by the Servicer pursuant to Section 2.11 3.07 in connection with any unpaid claims that are a result of a breach by the deductible clause Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xii) any amounts received by the Servicer under a PMI or LPMI Policy; and (xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any blanket hazard insurance policyNet 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, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.053.04. With respect to each Securitization TransactionAdditionally, any other benefit derived from the Servicer Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect accrue to the Mortgage Loans included in such Securitization Transaction into the custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to exceed 48 hours after such date)Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 39ex)

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