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

Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts. Each Escrow Account shall be an Eligible Account. Funds deposited in the Escrow Account may be withdrawn by the Servicer in accordance with Section 3.07 of this Agreement. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit B attached hereto and incorporated

Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts. Each Escrow Account shall be an Eligible Account. Funds deposited in the Escrow Account may be withdrawn by the Servicer in accordance with Section 3.07 of this Agreement. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit B attached hereto and incorporatedincorporated herein.