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

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 "Fremont Investment & Loan, in trust for Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipt, and retain therein, the following collections received by the Interim Servicer after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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 in connection with the repurchase of any Mortgage Loan pursuant to the Purchase Agreement; and (viii) any prepayment penalties received with respect to any Mortgage Loan. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late 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.

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)

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Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & LoanWells Fargo Bank, N.A., in trust for Goldman Sachs Mortgage Companythe Purchaser of Residential Mortgxxx Xoans serviced under a Seller's Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx dated 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 PurchaserPurchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.5. The creation of any Custodial Account Company 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than within one Business Day (or two Business Days in the date which is two days after case of the amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i1) all payments on account of principal on the Mortgage 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; (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, 3.04, 4.01 6.1 or 4.026.2; (vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.3, 3.3 or 6.2; (8) with respect to each Principal Prepayment an amount (to be paid by the Purchase AgreementCompany 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; (9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (viii10) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.016.1, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.

Appears in 2 contracts

Samples: Trust Agreement (GSAA Home Equity Trust 2005-3), Trust Agreement (GSAA Home Equity Trust 2005-3)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & LoanIndyMac Bank, F.S.B., in trust for Goldman Sachs Barclays Bank PLC as Purchaser of Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsLoans." The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer Seller and the Purchaser Intend intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 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 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaserpurchaser. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipt, on a daily basis and retain therein, the following collections received by the Interim Servicer Seller and payments made by the Seller after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, Date or received by the Servicer Seller prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation ProceedsProceeds and any 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, 3.04, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement; and (viii) any prepayment penalties received amounts required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to the deductible clause in any Mortgage Loanblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption feesunless otherwise provided herein, to the extent permitted by Section 4.01, Ancillary Income need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05.

Appears in 2 contracts

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

Establishment of and Deposits to Custodial Account. The Interim Servicer Company shall segregate and hold all funds collected and received pursuant to the a Mortgage Loans Loan or a Letter of Credit 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 "Fremont Investment & Loanentitled “Xxxxx Fargo Bank, N.A., in trust for Goldman Sachs the Purchaser of Residential Mortgage CompanyLoans serviced under the Amended and Restated Master Seller’s Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." dated as of March 1, 2006 - 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 Securitization Transaction. The Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of the PurchaserPurchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.05. The creation of any Custodial Account Company 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than within one (1) Business Day (or two (2) Business Days in the date which is two days after case of the amounts described in clauses (3) through (5) below) of the Company’s receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related each Cut-off Date Date, other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i1) all payments on account of principal on the Mortgage 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; (iv4) all Insurance Proceeds 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 2.014.01, 2.095.01, 3.015.03, 3.04, 4.01 6.01 or 4.026.02; (vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.03, 3.03 or 6.02; (8) with respect to each Principal Prepayment an amount (to be paid by the Purchase AgreementCompany 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; (9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; (10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16; (11) an amount from the Buydown Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note; (12) an amount from the Subsidy Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note; (13) with respect to a Pledged Asset Mortgage Loan, any amounts required to be deposited by the Company pursuant to Section 4.25 of this Agreement in connection with a Letter of Credit; and (viii14) all amounts representing proceeds of any prepayment penalties received with respect to any Mortgage LoanPMI Policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.016.01, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.05. The Company shall reimburse the Custodial Account for any losses incurred as a result of the Company’s investment of any amounts on deposit in the Custodial Account.

Appears in 2 contracts

Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & Loan, “GreenPoint Mortgage Funding Inc. in trust for Goldman Sachs Mortgage CompanyLxxxxx Capital, A Division of Lxxxxx Brothers Holdings Inc., Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx Mortgage Loans, Group No 2006-FLOW and various Mortgagors." ”. The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 Interim 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is on a daily basis, within two days after (2) Business Days of receipt, and retain therein, the following collections received by the Interim Servicer Seller after the related 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 Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto:LPMI Fee): (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.01, 3.042.17, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the terms of the Purchase Agreement; and (viii) any amounts required to be deposited by the Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. (ix) any prepayment penalties penalties, late payment charges and assumption fees received in connection with respect to any the Mortgage LoanLoans. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05.

Appears in 2 contracts

Samples: Flow Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp2), Flow Interim Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & LoanXxxxx Fargo Bank, N.A., in trust for Goldman Sachs the Purchaser and/or subsequent purchasers of Mortgage CompanyLoans, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors.Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaseran Eligible Institution. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim 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 Interim ServicerCompany, 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. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Interim Servicer Company shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after within one (1) Business Day of Company’s receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer Company prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) any Principal Prepayment charges received in connection with a Mortgage Loan; (iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iiiiv) all Liquidation Proceeds; (ivv) 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; (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 2.154.14; (vivii) any amount required to be deposited in the Custodial Account pursuant to Section 2.014.01, 2.095.03, 3.01, 3.04, 4.01 6.01 or 4.026.02; (viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Purchase AgreementCompany in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (ix) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate; (x) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (viiixi) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.016.01, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.05.

Appears in 2 contracts

Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf2), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf1)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & Loan, “GreenPoint Mortgage Funding Inc. in trust for Goldman Sachs Mortgage CompanyXxxxxx Brothers Bank, FSB, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Mortgage Loans, Group No. 2007-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 Interim 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is on a daily basis, within two days after (2) Business Days of receipt, and retain therein, the following collections received by the Interim Servicer Seller after the related 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 Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto:LPMI Fee): (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.01, 3.042.17, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the terms of the Purchase Agreement; and; (viii) any amounts required to be deposited by the Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ix) any prepayment penalties penalties, late payment charges and assumption fees received in connection with respect to any the Mortgage LoanLoans. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05.

Appears in 2 contracts

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

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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs U.S. Bank National Association, as Trustee for the Structured Asset Securities Corporation Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsLoan Trust 2007-BC3." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request, to any subsequent Purchaser). The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

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

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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for Structured Asset Investment Loan Trust, 2006-BNC3." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request, to any subsequent Purchaser). The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sail 2006-Bnc3)

Establishment of and Deposits to Custodial Account. (a) 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 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 "Fremont Investment & Loan, “Chase Manhattan Mortgage Corporation in trust for Goldman Sachs Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the Structured Asset Investment Loan Trust, 2003-BC3” and referred to herein as the “Custodial Account” and the second titled “Chase Manhattan Mortgage Company, Residential Fixed Corporation in trust for Xxxxxx Brothers Holdings Inc. and Adjustable Rate Mxxxxxxx Xxxxx the various Mortgagors under the DA Dividend Program” and various Mortgagorsreferred to herein as the “DA Reserve Account." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Interim 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 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. B. A copy of such certification or letter agreement shall be furnished to the Purchaser Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent Purchaser. owner of the Mortgage Loans. (b) The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later on a daily basis, but not more than two (2) Business Days after receipt by the date which is two days after receipt, Servicer and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) 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 Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) 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) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from First Franklin or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xiii) any amounts received by the Servicer under a PMI or LPMI Policy; and (xiv) any other amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 3.04, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the Purchase this Agreement; and (viii) any prepayment penalties received with respect to any Mortgage Loan. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the 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 be entitled to retain and withdraw such interest from the DA Reserve Account in accordance with Section 3.04(b).

Appears in 1 contract

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

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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs U.S. Bank National Association, as Trustee for the BNC Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsLoan Trust 2007-1." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request, to any subsequent Purchaser). The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2007-1)

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 "Fremont Investment & Loan“Saxon Mortgage Services, Inc., in trust for Goldman Sachs Xxxxxx Xxxxxxx Mortgage CompanyCapital Holdings LLC and/or subsequent Owners, Residential and various Mortgagors, re: Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Residential Mortgage Loans”. The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Owner, it being acknowledged that any Qualified Depository that is an Affiliate of Servicer and is hereby deemed acceptable to the Purchaser 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 under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on by the Interim 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 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 Purchaser Owner and, upon request, to any subsequent PurchaserOwner. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account generally within two (2) Business Days following receipt thereof, but in no later event more than the date which is two days after receipt, three (3) Business Days following receipt thereof and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date applicable Servicing Transfer Date, other than payments of principal and interest due on or before the related Cut-off Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Servicing 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 RateMortgage; (iiic) all Liquidation ProceedsProceeds and any 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, 3.04, 4.01 3.04 or 4.02; (viig) any amounts payable in connection with the repurchase amount of any Mortgage Loan pursuant to Compensating Interest which shall be made from the Purchase Agreement; andServicer’s own funds, without reimbursement therefore; (viiih) any prepayment penalties 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 (j) 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 late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 or any other non-interest benefits 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 2.052.05 or retain such other benefits, as the 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 Interim 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 "Fremont Investment & LoanIndyMac Bank, F.S.B., in trust for Goldman Sachs Sutton Funding LLC as Purchaser of Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsLoans." The Custodial Account shall Accounx xxxxl be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer Seller and the Purchaser Intend intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 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 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaserpurchaser. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipt, on a daily basis and retain therein, the following collections received by the Interim Servicer Seller and payments made by the Seller after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, Date or received by the Servicer Seller prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage; (iii) all Liquidation ProceedsProceeds and any 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, 3.04, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement; and (viii) any prepayment penalties received amounts required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to the deductible clause in any Mortgage Loanblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption feesunless otherwise provided herein, to the extent permitted by Section 4.01, Ancillary Income need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & LoanWells Fargo Bank, N.A., in trust for Goldman Sachs Mortgage Companythe Purchaser of Residential Xxxxxage Loans serviced under a Seller's Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx dated 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 PurchaserPurchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.5. The creation of any Custodial Account Company 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than within one Business Day (or two Business Days in the date which is two days after case of the amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i1) all payments on account of principal on the Mortgage 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; (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, 3.04, 4.01 6.1 or 4.026.2; (vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.3, 3.3 or 6.2; (8) with respect to each Principal Prepayment an amount (to be paid by the Purchase AgreementCompany 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; (9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (viii10) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.016.1, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the 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 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 "Fremont Investment & Loan“American Home Mortgage Servicing, Inc., in trust for Goldman Sachs Bank of America, National Association and/or subsequent purchasers of Mortgage CompanyLoans, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Mortgagors - P & I.” The Custodial Account shall be established with a Qualified Depository acceptable to the PurchaserDepository. The Interim Servicer and Upon request of the Purchaser Intend that and within ten (10) days thereof, the Servicer shall provide the Purchaser with written confirmation of the existence of such Custodial Account be a special deposit accountAccount. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after (2) Business Days of Servicer’s receipt, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i1) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor or the Servicer pursuant to Section 4.22 of this Agreement); (ii2) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation Proceeds; (iv4) all Insurance Proceeds 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 amounts required to be deposited in the Custodial Account pursuant to Section 2.014.01, 2.095.01, 3.015.03, 3.04, 4.01 6.01 or 4.026.02; (vii7) any amounts payable in connection with the repurchase of or substitution for any Mortgage Loan pursuant to Section 3.03; (8) with respect to each Principal Prepayment an amount (to be paid by the Purchase AgreementServicer 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; (9) any amounts required to be deposited by the Servicer pursuant to Section 4.10 in connection with the deductible clause in any blanket hazard insurance policy; and (viii10) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges charges, assumption fees and assumption feesother ancillary income (other than Prepayment Premiums), to the extent permitted by Section 4.016.01, 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 2.054.05. The Servicer shall maintain adequate records with respect to all deposits and withdrawals made pursuant to this Section 4.04 and Section 4.05. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.

Appears in 1 contract

Samples: Master Bulk Sale and Servicing Agreement (Banc of America Funding Corp)

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 "Fremont Investment & Loan“Avelo Mortgage, in trust L.L.C., for Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsthe benefit of GSAA Home Equity Trust 2007-8." The Custodial Account shall be established with a Qualified Depository acceptable to the PurchaserOwner. The Interim Servicer and the Purchaser Intend Owner 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 under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the 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 Purchaser Owner and, upon request, to any subsequent PurchaserOwner. 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 Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt(2) Business Days of receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date Transfer Date, other than payments of principal and interest due on or before the related Cut-off Subsequent Transfer Date, or received by the Servicer prior to the related Cut-off Subsequent 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 Rate; (iiic) all Liquidation ProceedsProceeds 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, 3.04, 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; and; (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 the Servicing Fee actually received for such month for the Mortgage Loans; i) any prepayment penalties received with respect to any Mortgage Loan; and j) 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 late payment charges and assumption fees, to the extent permitted by Section 4.01Ancillary Income, 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). (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 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 accountsSpecial Deposit Accounts, titled "Fremont Investment & LoanCountywide Home Loans Servicing LP, in trust for Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." [Name of Trust]". The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser 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 under applicable law. Funds deposited in by the Custodial Account FDIC and as otherwise acceptable to the Rating Agencies and any amounts therein may be drawn on by the Interim 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 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 Purchaser Owner and, upon request, to any subsequent PurchaserOwner. 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 Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than on or prior to the date which is two days after receiptsecond Business Day following receipt thereof, and retain therein, the following collections received by the Interim Servicer after the related Cut-off Date other than and payments of principal and interest due on or before the related Cut-off Date, or received made by the Servicer prior pursuant to the related Cut-off Date but allocable to a period subsequent theretothis Agreement: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsProceeds and any 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, 3.04, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the related Purchase Agreement; and. (viii) any prepayment penalties received with respect to any Mortgage Loan; and (ix) 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 late payment charges and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 may retain any such interest. With respect to any Mortgage Loan subject to a Securitization Transfer, the Servicer shall be entitled establish a separate custodial account for the related securitization and deposit all amounts that have been or are subsequently received with respect to retain and withdraw such interest from Mortgage Loan into the Custodial Account pursuant custodial account created for the securitization on the date of the Securitization Transfer, or as soon as possible thereafter (but not to Section 2.05exceed 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 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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for Structured Asset Investment Loan Trust, 2006-2." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request, to any subsequent Purchaser) . The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sail 2006-2)

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Fremont Investment & Loantitled, as directed by the Master Servicer, “Aurora Loan Services LLC in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for the Structured Asset Investment Loan Trust, 2006-4." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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. B. A copy of such certification or letter agreement notice shall be furnished to the Purchaser Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after Business Days of receipt, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date, ) or received by the Servicer prior to the related Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.04, 4.01 or 4.02Mortgagor; (vii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution, made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts payable required to be deposited by the Servicer in connection with the repurchase of deductible clause in any Mortgage Loan blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Purchase AgreementServicer 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 (viiixiii) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2006-4)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & Loan, “GreenPoint Mortgage Funding Inc. in trust for Goldman Sachs Mortgage CompanyLxxxxx Brothers Bank, FSB, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Mortgage Loans, Group No. 2007-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 Interim 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is on a daily basis, within two days after (2) Business Days of receipt, and retain therein, the following collections received by the Interim Servicer Seller after the related 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 Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto:LPMI Fee): (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.01, 3.042.17, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the terms of the Purchase Agreement; and; (viii) any amounts required to be deposited by the Seller pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and (ix) any prepayment penalties penalties, late payment charges and assumption fees received in connection with respect to any the Mortgage LoanLoans. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. (a) 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 initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accounts, account titled "Fremont Investment & Loan, “New Century Mortgage Corporation in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed as Trustee for Structured Asset Investment Loan Trust, Series 2005-9” and Adjustable Rate Mxxxxxxx Xxxxx 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 Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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. B. A copy of such certification or letter agreement shall be furnished to the Purchaser Trustee, the Master Servicer, if required, the NIMS Insurer and, upon request, to any subsequent Purchaser. owner of the Mortgage Loans within thirty days of the establishment of such account. (b) The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later on a daily basis, but not more than two (2) Business Days after receipt by the date which is two days after receipt, Servicer and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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 2.15the related Mortgage Loan documents and the Servicing Standard; (vivii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; and (xiii) any other amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 3.04, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the Purchase this Agreement; and (viii) any prepayment penalties received with respect to any Mortgage Loan. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-9)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & Loan“PHH Mortgage Corporation, in trust for Goldman Sachs Xxxxxxx Xxxxx Credit Corporation, its successors and assigns and/or subsequent Servicers of Mortgage CompanyLoans — 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, Residential Fixed separate and Adjustable Rate Mxxxxxxx Xxxxx apart from the Qualified Depository’s own funds and various Mortgagors." general assets, and 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 Purchaser. The Interim Subservicer shall provide the Servicer and with written confirmation of the Purchaser 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 under applicable law. form attached hereto as Exhibit I. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Subservicer in accordance with Section 2.052.09. The creation of any Custodial Account Subservicer shall be evidenced by deposit in a certification in the form of Exhibit 2 hereto, in the case of an mortgage clearing 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis (such funds deposited and deposit 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 other mortgage loans or with funds serviced for other investors or for the Subservicer’s own portfolio), and in the Custodial Account no later than the date which is within two days after (2) Business Days of Subservicer’s receipt, and retain therein, the following collections received by the Interim Servicer Subservicer and any other amounts required to be deposited by the Subservicer pursuant to this Agreement after the Effective Date, or received by the Subservicer prior to the related Cut-off Servicing Date but allocable to a period subsequent thereto, other than payments of principal and interest due on or before the related Cut-off Effective Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas follows: (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 RateLoans; (iii) all Liquidation Proceeds; (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, 3.04, 4.01 or 4.02this Agreement; (vii) any amounts payable required to be deposited by the Subservicer pursuant to Section 2.23 in connection with the repurchase of deductible clause in any Mortgage Loan pursuant to the Purchase Agreement; andblanket hazard insurance policy; (viii) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.012.17, need not be deposited by the Interim 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 Interim Servicer Subservicer and the Interim Servicer Subservicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.052.09.

Appears in 1 contract

Samples: Mortgage Loan Subservicing Agreement (PHH Corp)

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 "Fremont Investment & Loantitled, as directed by the Master Servicer, “Aurora Loan Services LLC in trust for Goldman Sachs the Trustee for Xxxxxx XS Trust Mortgage CompanyPass-Through Certificates, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Series 2007-17H.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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. B. A copy of such certification or letter agreement notice shall be furnished to the Purchaser Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after Business Days of receipt, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date, ) or received by the Servicer prior to the related Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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); (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, 3.04, 4.01 or 4.02Mortgagor; (vii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution, made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts payable required to be deposited by the Servicer in connection with the repurchase of deductible clause in any Mortgage Loan blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Purchase AgreementServicer 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 (viiixiii) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Lehman XS Trust 2007-17h)

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 "Fremont Investment & Loantitled, as directed by the Master Servicer, “Aurora Loan Services LLC in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for the Structured Asset Securities Corporation 2006-S1 trust fund." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Interim 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 heretoB. No later than 30 days after the Closing Date, 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 notice shall be furnished to the Purchaser Master Servicer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after Business Days of receipt, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date, ) or received by the Servicer prior to the related Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.04, 4.01 or 4.02Mortgagor; (vii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution, made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts payable required to be deposited by the Servicer in connection with the repurchase of deductible clause in any Mortgage Loan blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Purchase AgreementServicer 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 (viiixiii) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp 2006-S1)

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 "Fremont Investment & Loan, New Century Mortgage Corporation in trust for Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx Rxxx Xxxtxxxx Loans, and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend intend that the Custodial Account Accounts shall be a special deposit accountaccounts. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipton a daily basis, and retain therein, the following collections received by the Interim Servicer after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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 in connection with the repurchase of any Mortgage Loan pursuant to the Purchase Agreement; and (viii) any prepayment penalties received with respect to any Mortgage Loan. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late 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.

Appears in 1 contract

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

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 "Fremont Investment & Loan“Wells Fargo Bank, N.A. in trust for Goldman Sachs Mortgage CompanyLaSalle Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for Structured Asset Securxxxxx Corporation Trust 2005-WMC1." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser andMaster Servicer no later than 30 days after the Closing Date and to the NIMS Insurer, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than within one (1) Business Day of the date which is two days after Servicer’s receipt, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Wells Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income need not be deposited by the Interim Servicer into the Custodial AccountAccoxxx. 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (SASCO Mortgage Pass-Through Certifidates, Series 2005-Wmc1)

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 "Fremont Investment & Loan“Saxon Mortgage Services, Inc., in trust for Goldman Sachs Xxxxxx Xxxxxxx Mortgage CompanyCapital Holdings LLC and/or subsequent Owners, Residential and various Mortgagors, re: Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Residential Mortgage Loans”. The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Owner, it being acknowledged that any Qualified Depository that is an Affiliate of Servicer and is hereby deemed acceptable to the Purchaser 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 under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on by the Interim 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 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 Purchaser Owner and, upon request, to any subsequent PurchaserOwner. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account generally within two (2) Business Days following receipt thereof, but in no later event more than the date which is two days after receipt, three (3) Business Days following receipt thereof and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date applicable Servicing Transfer Date, other than payments of principal and interest due on or before the related Cut-off Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Servicing 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 RateMortgage; (iii) all Liquidation ProceedsProceeds and any 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, 3.04, 4.01 3.04 or 4.02; (vii) any amounts payable in connection with the repurchase amount of any Mortgage Loan pursuant to Compensating Interest which shall be made from the Purchase Agreement; andServicer’s own funds, without reimbursement therefore; (viii) any prepayment penalties 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 late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 or any other non-interest benefits 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 2.052.05 or retain such other benefits, as the case may be.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & LoanNational City Mortgage Co., in trust for Goldman Sachs the Purchaser of Residential Mortgage CompanyLoans serviced under the Second Amended and Restated Flow Seller's Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." dated as of March 1, 2004", 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 the PurchaserDepository. The Interim Servicer and Upon request of the Purchaser Intend that and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account be a special deposit accountAccount. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.5. The creation of any Custodial Account Company 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than within one Business Day (or two Business Days in the date which is two days after case of the amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related each Cut-off Date Date, other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Servicer Company prior to the related Cut-off Date but allocable to a period subsequent thereto: (i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments, but not including Payaheads; (ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate; (iii3) all Liquidation Proceeds; (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, 3.04, 4.01 6.1 or 4.026.2; (vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.3, 3.3 or 6.2; (8) with respect to each Principal Prepayment including, for this purpose, the Purchase Agreementprincipal portion of Insurance Proceeds, Condemnation Proceeds, and Liquidation Proceeds an amount (to be paid by the Company out of its own funds, but not in excess of its aggregate Servicing Fee 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 Loan Remittance Rate; (9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (viii10) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.016.1, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.

Appears in 1 contract

Samples: Master Servicing and Trust Agreement (GS Mortgage GSAA Home Eq. Trust 2004-7)

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 "Fremont Investment & Loan“Avelo Mortgage, in trust L.L.C., for Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsthe benefit of GSAA Home Equity Trust 2007-7." The Custodial Account shall be established with a Qualified Depository acceptable to the PurchaserOwner. The Interim Servicer and the Purchaser Intend Owner 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 under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the 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 Purchaser Owner and, upon request, to any subsequent PurchaserOwner. 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 Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt(2) Business Days of receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date Transfer Date, other than payments of principal and interest due on or before the related Cut-off Subsequent Transfer Date, or received by the Servicer prior to the related Cut-off Subsequent 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 Rate; (iiic) all Liquidation ProceedsProceeds 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, 3.04, 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; and; (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 the Servicing Fee actually received for such month for the Mortgage Loans; i) any prepayment penalties received with respect to any Mortgage Loan; and j) 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 late payment charges and assumption fees, to the extent permitted by Section 4.01Ancillary Income, 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). (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 Interim 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 "Fremont Investment & Loan[NAME OF COMPANY], in trust for Goldman Sachs Mortgage CompanySunTrust Robinson Humphrey Funding, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors.LLC and/or subsequent purchasers of Mortxxxx Xxxxx, xxx xarious Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository acceptable to the PurchaserDepository. The Interim Servicer and Upon request of the Purchaser Intend that and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account be a special deposit accountAccount. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.05. The creation of any Custodial Account Company 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after within one Business Day of Company's receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer Company prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor or the Company pursuant to Section 4.01 of this Agreement]); (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Section 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 amounts required to be deposited in the Custodial Account pursuant to Section 2.014.01, 2.095.01, 3.015.03, 3.04, 4.01 6.01 or 4.026.02; (vii) any amounts payable in connection with the repurchase of or substitution for any Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment an amount (to be paid by the Purchase AgreementCompany 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; (ix) any amounts required to be deposited by the Company pursuant to Section 4.10 in connection with the deductible clause in any blanket hazard insurance policy; and (viiix) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges charges, assumption fees and assumption feesother ancillary income (other than Prepayment Premiums), to the extent permitted by Section 4.016.01, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.05. The Company shall maintain adequate records with respect to all deposits and withdrawals made pursuant to this Section 4.04 and Section 4.05. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.

Appears in 1 contract

Samples: Mortgage Loan Flow Purchase, Sale and Servicing Agreement (SunTrust Real Estate Trust, LLC)

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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for Structured Asset Investment Loan Trust, 2006-4." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request, to any subsequent Purchaser). The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2006-4)

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Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & Loan“Option One Mortgage Corporation, in trust for Goldman Sachs Bank of America, National Association and/or subsequent purchasers of Mortgage CompanyLoans, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Mortgagors - P & I.” The Custodial Account shall be established with a Qualified Depository acceptable to the PurchaserDepository. The Interim Servicer and Upon request of the Purchaser Intend that and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account be a special deposit accountAccount. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawavailable from the FDIC. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.06. The creation of any Custodial Account Company shall deposit in a clearing account (which must 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 Qualified Depository) 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify which it customarily deposits payments and segregate collections on behalf of the Purchaser mortgage loans in connection with its mortgage loan servicing activities on a daily basis and in no event later than one (1) Business Day following receipt thereof and shall thereafter, in no event more than one (1) Business Day after the deposit of such funds in the clearing account, deposit in the Custodial Account no later than the date which is two days after receiptAccount, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor or the Company pursuant to Section 4.22 of this Agreement); (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 4.11 (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 2.134.15), Section 4.12 and Section 4.16; (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 2.154.15; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 2.014.01, 2.09, 3.01, 3.04, 4.01 6.01 or 4.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.04 and all amounts required to be deposited by the Purchase Agreement; andCompany in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.04; (viii) any prepayment penalties amounts required to be deposited by the Company pursuant to Section 4.12 in connection with the deductible clause in any blanket hazard insurance policy; and (ix) any amounts received with respect to or related to any Mortgage LoanREO Property and all REO Disposition Proceeds pursuant to Section 4.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges charges, assumption fees and assumption feesother ancillary income (other than Prepayment Premiums), to the extent permitted by Section 4.016.01, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.06. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.06.

Appears in 1 contract

Samples: Flow Sale and Servicing Agreement (ABFC 2006-Opt2 Trust)

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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs U.S. Bank National Association, as Trustee for the Structured Asset Securities Corporation Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsLoan Trust 2007-BNC1." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request, to any subsequent Purchaser). The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sasco 2007-Bnc1)

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 "Fremont Investment & Loan“Avelo Mortgage, in trust L.L.C., for Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsthe benefit of GSAA Home Equity Trust 2007-9." The Custodial Account shall be established with a Qualified Depository acceptable to the PurchaserOwner. The Interim Servicer and the Purchaser Intend Owner 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 under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the 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 Purchaser Owner and, upon request, to any subsequent PurchaserOwner. 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 Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt(2) Business Days of receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date Transfer Date, other than payments of principal and interest due on or before the related Cut-off Subsequent Transfer Date, or received by the Servicer prior to the related Cut-off Subsequent 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 Rate; (iiic) all Liquidation ProceedsProceeds 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, 3.04, 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; and; (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 the Servicing Fee actually received for such month for the Mortgage Loans; i) any prepayment penalties received with respect to any Mortgage Loan; and j) any amounts required to be deposited by the Servicer pursuant to Section 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 late payment charges and assumption fees, to the extent permitted by Section 4.01Ancillary Income, 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). (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 Interim 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 "Fremont Investment & Loan, SIB Mortgage Corp. in trust for Goldman Sachs Mortgage CompanyLehman Brothers Bank, FSB, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx Mortxxxx Xoans, Group No. 2002-2 and various Mortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 Interim 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipton a daily basis, and retain therein, the following collections received by the Interim Servicer Seller after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.01, 3.042.17, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8 of the Purchase Agreement; and (viii) any prepayment penalties received amounts required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to the deductible clause in any Mortgage Loanblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05.

Appears in 1 contract

Samples: Interim Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & Loan, Greenpoint Mortgage Funding Inc. in trust for Goldman Sachs Lehman Brothers Bank, purchaser of Conventional Residential Adjustable axx Xxxed Rate Mortgage CompanyLoans, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Group No. 2003-FLOW". The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 Interim 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaserpurchaser of the Mortgage Loans. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipton a daily basis, and retain therein, the following collections received by the Interim Servicer Seller and payments made by the Seller after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal 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; (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, 3.045.20, 4.01 6.01, 6.03 or 4.027.02; (viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 4.03; (ix) any amounts required to be deposited by the Purchase AgreementSeller 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 Seller's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (viiixiii) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO Property and all REO Disposition Proceeds pursuant to Section 5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, Ancillary Income need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.055.05.

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 Interim 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 "Fremont Investment & LoanSunTrust Mortgage, Inc. in trust for Goldman Sachs Mortgage CompanyXxxxxx Capital, A Division of Xxxxxx Brothers Holdings Inc., Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Mortgage Loans, Group No. 2006-FLOW". The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 1 hereto, in the case of an account established with the Interim ServicerSeller, or by a letter agreement in the form of Exhibit 3 2 hereto, in the case of an account held by a depository other than the Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipton a daily basis, and retain therein, the following collections received by the Interim Servicer Seller after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds and FHA/VA Claim Proceeds; (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, 3.01, 3.042.17, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8 of the Purchase Agreement; and (viii) any prepayment penalties received amounts required to be deposited by the Seller pursuant to Section 2.11 in connection with respect to the deductible clause in any Mortgage Loanblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05.

Appears in 1 contract

Samples: Flow Interim Servicing Agreement (Lehman XS Trust Series 2006-10n)

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 "Fremont Investment & LoanSaxon Mortgage Services, Inc. in trust for Goldman Sachs Mortgage Company, Residential Company re: Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Residexxxxx Xoxxxxxe Loans". The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be as 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 under applicable law. Funds deposited in by the Custodial Account FDIC and as otherwise acceptable to the Rating Agencies and any amounts therein may be drawn on by the Interim 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 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than on or prior to the date which is two days after receiptsecond Business Day following receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date Transfer Date, other than payments of principal and interest due on or before the related Cut-off Transfer Date, or received by the Servicer prior to the related Cut-off 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 ProceedsProceeds and any 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, 3.04, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 9 of the Purchase Agreement; and; (viii) any prepayment penalties received with respect to any Mortgage Loan; and (ix) any amounts required to be deposited by the Servicer pursuant to Section 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 late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.052.07.

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 Interim 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 "Fremont Investment & LoanABN AMRO Mortgage Group Inc., in trust for Goldman Sachs the Purchaser of Residential Mortgage Loans serviced under a Company's Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx dated 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 the PurchaserDepository. The Interim Servicer and Upon request of the Purchaser Intend that and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account be a special deposit accountAccount. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.05. The creation of any Custodial Account Company 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than within one Business Day (or two Business Days in the date which is two days after case of the amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal 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; (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, 3.04, 4.01 6.01 or 4.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.03, 3.03 or 6.02; (viii) with respect to each Principal Prepayment including, for this purpose, the Purchase Agreementprincipal portion of Insurance Proceeds, Condemnation Proceeds, and Liquidation Proceeds an amount (to be paid by the Company out of its own funds, but not in excess of its aggregate Servicing Fee 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 Loan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (viiix) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.016.01, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.05.

Appears in 1 contract

Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & LoanABN AMRO Mortgage Group Inc., in trust for Goldman Sachs the Purchaser of residential Mortgage CompanyLoans serviced under a Seller's Warranties and Servicing Agreement, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx dated as of January 1, 2002, 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 the PurchaserDepository. The Interim Servicer and Upon request of the Purchaser Intend that and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account be a special deposit accountAccount. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer Company in accordance with Section 2.054.05. The creation of any Company shall deposit into the Custodial Account shall be evidenced by a certification in the form of Exhibit 2 hereto, within one Business Day (or two Business Days in the case of an account established with the Interim Servicer, or by a letter agreement amounts described 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf clauses (iii) through (v) below) of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after Company's receipt, and retain therein, the following collections received by the Interim Servicer Company and payments made by the Company after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal 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; (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, 3.04, 4.01 6.01 or 4.026.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.03, 3.03 or 6.02; (viii) with respect to each Principal Prepayment including, for this purpose, the Purchase Agreementprincipal portion of Insurance Proceeds, Condemnation Proceeds, and Liquidation Proceeds an amount (to be paid by the Company out of its own funds, but not in excess of its aggregate Servicing Fee 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 Loan Remittance Rate; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (viiix) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO 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, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.016.01, need not be deposited by the Interim 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 Interim Servicer Company and the Interim Servicer Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.054.05.

Appears in 1 contract

Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)

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 "Fremont Investment & Loan“Avelo Mortgage, in trust L.L.C., for Goldman Sachs Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsthe benefit of GSAA Home Equity Trust 2007-10." The Custodial Account shall be established with a Qualified Depository acceptable to the PurchaserOwner. The Interim Servicer and the Purchaser Intend Owner 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 under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the 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 Purchaser Owner and, upon request, to any subsequent PurchaserOwner. 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 Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt(2) Business Days of receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date Transfer Date, other than payments of principal and interest due on or before the related Cut-off Subsequent Transfer Date, or received by the Servicer prior to the related Cut-off Subsequent 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 Rate; (iiic) all Liquidation ProceedsProceeds 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, 3.04, 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; and; (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 the Servicing Fee actually received for such month for the Mortgage Loans; i) any prepayment penalties received with respect to any Mortgage Loan; and j) any amounts required to be deposited by the Servicer pursuant to Section 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 late payment charges and assumption fees, to the extent permitted by Section 4.01Ancillary Income, 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). (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 2007-10)

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 "Fremont Investment & Loan, ________________ in trust for Goldman Sachs Mortgage CompanyCentre Capital Group, Inc., Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx Mortgage Loans, Group No. 2000-1 and various Mortgagors." ". The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 2.052.04. 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 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after within 48 hours of receipt, and retain therein, the following collections received by the Interim Servicer after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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); (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 2.11 and Section 2.15; (viiv) 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; (viiv) any amounts payable required to be deposited by the Interim Servicer pursuant to Section 2.11 in connection with the repurchase of deductible clause in any Mortgage Loan pursuant to the Purchase Agreement; and (viii) any prepayment penalties received with respect to any Mortgage Loanblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late 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 2.052.04.

Appears in 1 contract

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

Establishment of and Deposits to Custodial Account. The Interim 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 "Fremont Investment & Loan, “Greenpoint Mortgage Funding Inc. in trust for Goldman Sachs Xxxxxx Brothers Bank, purchaser of Conventional Residential Adjustable and Fixed Rate Mortgage CompanyLoans, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." Group No. 2003-FLOW”. The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer 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 Interim 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 Interim ServicerSeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaserpurchaser of the Mortgage Loans. The Interim Servicer Seller shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipton a daily basis, and retain therein, the following collections received by the Interim Servicer Seller and payments made by the Seller after the related Cut-off Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) all payments on account of principal on the Mortgage Loans, including all Principal 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; (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, 3.045.20, 4.01 6.01, 6.03 or 4.027.02; (viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 4.03; (ix) any amounts required to be deposited by the Purchase AgreementSeller 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 Seller’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; and (viiixiii) any prepayment penalties amounts received with respect to or related to any Mortgage LoanREO Property and all REO Disposition Proceeds pursuant to Section 5.17. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, Ancillary Income need not be deposited by the Interim 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 Interim Servicer Seller and the Interim Servicer Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.055.05.

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 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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs U.S. Bank National Association, as Trustee for Structured Asset Securities Corporation Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsLoan Trust 2006-BC1." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request, to any subsequent Purchaser) . The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sasco 2006-Bc1)

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 "Fremont Investment & Loantitled, as directed by the Master Servicer, “Aurora Loan Services LLC in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx 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 Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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. B. A copy of such certification or letter agreement notice shall be furnished to the Purchaser Master Servicer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipton a daily basis, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date, ) or received by the Servicer prior to the related Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.04, 4.01 or 4.02Mortgagor; (vii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution, made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts payable required to be deposited by the Servicer in connection with the repurchase of deductible clause in any Mortgage Loan blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Purchase AgreementServicer 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 (viiixiii) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

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

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 "Fremont Investment & Loan, “Ocwen Federal Bank FSB in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for the Structured Asset Investment Loan Trust, 2005-3." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.09 hereof. Funds deposited in the Custodial Account may be drawn on by the Interim 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 Interim 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 Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent PurchaserMaster Servicer and the NIMS Insurer. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than on a daily basis on or prior to the date which is two days after receiptsecond Business Day following receipt thereof, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (ix) any amounts payable received from the Seller of the Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (x) all Monthly Advances made by the Servicer pursuant to Section 4.02; (xi) any amounts required to be deposited by the Purchase AgreementServicer pursuant to Section 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 (viiixiv) any prepayment penalties amounts received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

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

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 "Fremont Investment & LoanChevy Chase Bank, F.S.B. in trust for Goldman Sachs Purchaser of Conventional Residential Mortgage CompanyLoans, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagors." ". The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after within one Business Day of receipt, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date Date, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto: (i) a. all payments on account of principal on the Mortgage 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 ProceedsProceeds and any 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, 3.04, 4.01 3.03 or 4.02; (vii) g. any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 8.03 of the Purchase Agreement; and (viii) h. any prepayment penalties received amounts required to be deposited by the Servicer pursuant to section 2.11 in connection with respect to the deductible clause in any Mortgage Loanblanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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.

Appears in 1 contract

Samples: Servicing Agreement (Chevy Chase Preferred Capital Corp)

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 "Fremont Investment & Loan“Xxxxx Fargo Bank, N.A. in trust for Goldman Sachs U.S. Bank National Association, as Trustee for the BNC Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsLoan Trust 2006-1." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Institution. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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 Purchaser and, Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request, to any subsequent Purchaser). The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after receipt, (2) Business Days of receipt and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) all Insurance Proceeds 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, 3.04, 4.01 or 4.02this Agreement; (viiviii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds without reimbursement therefor up to a maximum amount per month of the 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 amounts payable received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan Loan; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the Purchase Agreementdeductible 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 (viiixv) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Xxxxx Fargo Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the 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, titled "Fremont Investment & Loantitled, as directed by the Master Servicer, “Aurora Loan Services LLC in trust for Goldman Sachs Mortgage CompanyU.S. Bank National Association, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various Mortgagorsas Trustee for the Structured Asset Investment Loan Trust, 2006-1." The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Interim 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 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. B. A copy of such certification or letter agreement notice shall be furnished to the Purchaser Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is within two days after Business Days of receipt, and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date, ) or received by the Servicer prior to the related Cut-off Date but allocable to a the period subsequent thereto) or Servicing Transfer Date, as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation ProceedsPrepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund; (iv) all Liquidation Proceeds; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 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, 3.04, 4.01 or 4.02Mortgagor; (vii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution, made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts payable required to be deposited by the Servicer in connection with the repurchase of deductible clause in any Mortgage Loan blanket hazard insurance policy; (x) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xi) any amounts required to be deposited by the Servicer pursuant to Section 3.07 in connection with any unpaid claims that are a result of a breach by the Purchase AgreementServicer 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 (viiixiii) any prepayment penalties received with respect 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 Mortgage LoanNet Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2006-1)

Establishment of and Deposits to Custodial Account. (a) 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 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 "Fremont Investment & Loan, “Chase Manhattan Mortgage Corporation in trust for Goldman Sachs Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage CompanyLoan Trust, Residential Fixed 2002-FF3” and Adjustable Rate Mxxxxxxx Xxxxx referred to herein as the “Custodial Account” and the second titled “Chase Manhattan Mortgage Corporation 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 Purchaser. The Interim Servicer and the Purchaser 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 under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Interim 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 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. B. A copy of such certification or letter agreement shall be furnished to the Purchaser Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent Purchaser. owner of the Mortgage Loans. (b) The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later on a daily basis, but not more than two (2) Business Days after receipt by the date which is two days after receipt, Servicer and retain therein, the following collections received by the Interim Servicer and payments made by the Servicer after the related Cut-off Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Servicer prior to the related Cut-off Date but allocable to a period subsequent theretoas applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges; (ii) 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 Prepayment Charges; (iv) all Liquidation Proceeds; (ivv) 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) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (viii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (ix) any amounts received from First Franklin or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan; (x) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; (xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (xii) any amounts required to be deposited by the Servicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy; (xiii) any amounts received by the Servicer under a PMI or LPMI Policy; and (xiv) any other amount required to be deposited in the Custodial Account pursuant to Section 2.01, 2.09, 3.01, 3.04, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to the Purchase this Agreement; and (viii) any prepayment penalties received with respect to any Mortgage Loan. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges the Servicing Fee and assumption fees, to the extent permitted by Section 4.01, Ancillary Income 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 2.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the 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 be entitled to retain and withdraw such interest from the DA Reserve Account in accordance with Section 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 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 "Fremont Investment & LoanEverBank, as Interim Servicer, in trust for Goldman Sachs Morgan Stanley Mortgage Company, Residential Fixed and Adjustable Rate Mxxxxxxx Xxxxx and various MortgagorsCapital Inc. and/or subsequent Purchasexx xx fxxxx xxd adjustable rate Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the Purchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 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 Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account no later than the date which is two days after receipton a daily basis, and retain therein, the following collections received by the Interim Servicer and payments made by the Interim Servicer after the related Cut-off Date (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Servicer prior which amounts shall be remitted to the related Cut-off Date but allocable to a period subsequent thereto:Interim Servicer). (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 RateLoans; (iii) all Liquidation ProceedsProceeds 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, 3.043.03, 4.01 or 4.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to in accordance with the Purchase Agreement; and; (viii) any prepayment penalties Prepayment Penalties received with respect to any Mortgage Loan; (ix) 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, payments in the nature of Ancillary Income, including late payment charges and assumption fees, to the extent permitted by Section 4.012.01, 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. Prior to changing the location of the Custodial Account, the Interim Servicer shall give notice to the 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 Custodial Account shall be held in trust for the 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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