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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FFA.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062005-FFAS2.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S2)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. Chase Manhattan Mortgage Corporation in trust for U.S. Deutsche Bank National AssociationTrust Company, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062004-FFA.” The 1”. Any Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and and, if required, the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. GMAC Mortgage Corporation in trust for U.S. Bank National AssociationXxxxx Fargo Bank, N.A., as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 20062005-FFAS6.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S6)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FFAFF12.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff12)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesGMAC Mortgage, Inc. LLC, as servicer, in trust for U.S. Bank National Association, as Trustee for the First Franklin benefit of the Holders of GreenPoint Mortgage Loan TrustFunding Trust Mortgage Pass-Through Certificates, Series 20062007-FFAAR1.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar1)

Establishment of and Deposits to Escrow Account. The Servicer Subservicer 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 assets. The Servicer or the Seller shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, “National City Home GMAC Mortgage Corporation, as subservicer for Aurora Loan ServicesServices LLC, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Lxxxxx XS Trust Mortgage Loan TrustPass-Through Certificates, Series 2006-FFA4N, and various Mortgagors.” The Escrow Accounts shall be an Eligible Deposit Account established by the Servicer with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. The Seller shall be responsible for all bank charges associated with the establishment and maintenance of the Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Subservicer in accordance with Section 3.06. The creation of any Escrow Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerSubservicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Subservicer shall deposit in the Escrow Account or Accounts on a daily basis basis, within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer Subservicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Subservicer shall remit to the Servicer shall be entitled to retain in accordance with Section 4.01 any interest paid on funds deposited in the Escrow Account by the depository institution, other than less interest on escrowed funds required by law to be paid to the Mortgagor which the Subservicer shall be entitled to retain for such payment to the Mortgagor. To the extent required by law, the Servicer Subservicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-4n)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services"GMAC Mortgage Corporation, Inc. in trust for U.S. Bank National AssociationOwners of Residential Fixed and Adjustable Rate Mortgage Loans, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FFA.” and various Mortgagors". The Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 3.062.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit C 5 hereto, in the case of an account held by a depository other than the Servicer. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerOwner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) therein all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) . The Servicer shall deposit in a suspense account on a daily basis, and retain therein all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The suspense account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.062.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account or a suspense account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Oak Street Financial Services Inc)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesXxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062005-FFAGEL3 trust fund.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two one (21) Business Days Day of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesXxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan Trust, Series 2006-FFANC1.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished Date (and to the Master Servicer and the NIMS InsurerInsurer upon request). The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sasco 2006-Nc1)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Structured Asset Securities Corporation Series 2005-GEL1 Trust, Series 2006-FFA.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receiptDay following receipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Mortgage Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC9.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC8.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Deutsche Bank National AssociationTrust Company, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062004-FFA1.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to 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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. HomEq Servicing Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062005-FFA.” HE2”. The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, Date a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis basis, within two (2) Business Days of receiptreceipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Services Inc. in trust for U.S. Bank National Association, as Indenture Trustee for the First Franklin SASCO Mortgage Loan Trust, Series 2006Trust 2004-FFAGEL3.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification notice in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer and the NIMS InsurerIndenture Trustee and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC8.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to 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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062005-FFA3.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receiptDay following receipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Mortgage Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. Chase Manhattan Mortgage Corporation in trust for U.S. HSBC Bank National AssociationUSA, as Trustee for the First Franklin Fieldstone Mortgage Loan Trust, Series 2006Investment Corp. 2003-FFA.” 1”. The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-1)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062005-FFA1.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receipt, Day following receipt thereof and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-1)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. "Chase Manhattan Mortgage Corporation in trust for U.S. Bank National AssociationCitibank, N.A., as Trustee for the First Franklin Mortgage Loan TrustSASCO, Series 20062004-FFA.” 22". The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerServicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062005-FFA7.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receiptDay following receipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Mortgage Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. HomEq Servicing Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062005-FFA.” AR1”. The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, Date a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis basis, within two (2) Business Days of receiptreceipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Securities Corp 2005-Ar1)

Establishment of and Deposits to Escrow Account. The Servicer Company 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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services"Wells Fargo Bank, Inc. N.A., in trust for U.S. Bank National Associationthe Purchaser under the Sellex'x Xarranties and Servicing Agreement dated as of August 1, as Trustee for the First Franklin 2004 and/or subsequent purchasers of Mortgage Loan TrustLoans, Series 2006-FFA.” and various Mortgagors - T & I." The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.064.7. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of the Company's receipt, and retain therein: (i1) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and; (ii2) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and (3) all amounts representing proceeds of any Primary Mortgage Insurance Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.064.7. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, . The Company shall reimburse the accounts are maintained at an Eligible Institution selected by Escrow Account for any losses incurred as a result of the Servicerinvestment of amounts on deposit in the Escrow Account.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Trustee Trustee, for the First Franklin HomeBanc Mortgage Loan Trust, Series 2006Trust 2007-FFA1 Mortgage Pass-Through Certificates.” The Escrow Accounts shall be an Eligible Deposit Account. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.064.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C D hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerServicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days basis, and in the Escrow Account or Accounts no later than 48 hours after receipt of receiptfunds, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, if required, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; andAgreement to be paid by the related Mortgagor to the Servicer; (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and (iii) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.064.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titledtitled “NYMT Servicing Corporation (or [ ], “National City Home Loan Services, Inc. as Subservicer) in trust for U.S. Bank National Association[ ], as Trustee Indenture Trustee, for the First Franklin New York Mortgage Loan Trust, Series 2006-FFA2005-[ ].” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.064.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C F hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerServicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.064.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (NYMT Securities CORP)

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, in the form of time deposit or demand accounts, titled, “National City Home "Aurora Loan ServicesServices Inc., Inc. in trust for U.S. Bank National AssociationLxxxxx Capital, as Trustee for the First Franklin A Division of Lxxxxx Brothers Holdings Inc., owner of Residential Mortgage Loan TrustLoans, Series 2006Group No. 1997-FFA.” ALSI, and various Mortgagors". The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a D. A copy of such certification or letter agreement shall be furnished to the Master Servicer and Owner and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC5.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062004-FFA10.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receipt, Day following receipt thereof and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2004-10)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesGMAC Mortgage, Inc. LLC, as servicer, in trust for U.S. Bank National Association, as Trustee for the First Franklin benefit of the Holders of Xxxxxx XS Trust Mortgage Loan TrustPass-Through Certificates, Series 20062007-FFA.15N.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Escrow Account. The To the extent required by the related Mortgage Note, the Servicer shall segregate establish and hold maintain one or more accounts (each, an "Escrow Account") titled "Chase Home Finance as subservicer for JPMorgan Chase Bank, National Association in trust for Goldman Sachs Mortgage Company and various mortgagors," and shall dxxxxxx axx xxtain therein all funds collected collections from the Mortgagors for the payment of taxes, assessments, hazard and received pursuant to a Mortgage Loan constituting Escrow Payments flood insurance premiums or comparable items for the account of the Mortgagors separate and apart from any of its own funds and general assets and assets. Nothing herein shall require the Servicer to compel a Mortgagor to establish and maintain one or more an Escrow Accounts, Account in the form violation of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FFA.” applicable law. The Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository, in a manner that which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and Owner and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) : all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) and all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FFAFFB.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. Chase Manhattan Mortgage Corporation in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 20062002-FFA.” FF3”. The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home as directed by the Master Servicer, "Aurora Loan Services, Inc. Services LLC in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062005-FFA1.” The " Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-1)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062004-FFA1.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Amortizing Residential Collateral Trust, Series 2004-1)

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, in the form of time deposit or demand accounts, titled, “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National City Home Loan Services, Inc. Association in trust for U.S. Bank National AssociationXxxxx Fargo Bank, N.A., as Trustee for the First Franklin BNC Mortgage Loan Trust, Series 2006Trust 2007-FFA4 and various mortgagors.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, if required, the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis Accounts, within two (2) Business Days of receiptreceipt by the Servicer, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by applicable law to be paid to the Mortgagor. To the extent required by applicable law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. Chase Manhattan Mortgage Corporation in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 20062003-FFAFFB.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerServicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. HomEq Servicing in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan Trust, Series 2006Trust 2007-FFABC2.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, Date a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis basis, within two (2) Business Days of receiptreceipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc2)

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC3.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to 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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National AssociationCitibank, N.A., as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan Trust, Series Trust 2006-FFAS4.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification notice in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-S4)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. GMAC Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 20062005-FFAS4.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062004-FFA8.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006Structured Asset Securities Corporation 2005-FFAGEL2 trust fund.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. C. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 2006-FFA3.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer no later than 30 days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sail 2006-3)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesXxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 20062005-FFAS1.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and upon request by the NIMs Insurer, to the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two one (21) Business Days Day of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062004-FFA2.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004 2)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC4.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc4)

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC9.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Services Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062004-FFAS4.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Wells Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC6.” The Escrow Accounts shall be an Eligible Deposit Account established esxxxxxshed with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Trustee, the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062005-FFA1.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receiptDay following receipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Mortgage Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-1)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006-FFAFF10.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff10)

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006Structured Asset Securities Corporation 2005-FFAGEL1 trust fund.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. titled "Option One Mortgage Corporation in trust for U.S. Bank One, National Association, as Trustee for the First Franklin Mortgage Loan ARC 2001-BC6 Trust, Series 2006-FFA." The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Trustee, the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesXxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062005-FFAGEL2 trust fund.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two one (21) Business Days Day of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2)

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin BNC Mortgage Loan Trust, Series Trust 2006-FFA1.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer no later than 30 days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC12.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to 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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series 2006Structured Asset Securities Corporation 2005-FFAGEL3 trust fund.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. C. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 2006-FFA4.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer no later than 30 days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series Structured Asset Securities Corporation 2006-FFAS1 trust fund.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. C. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. HomEq Servicing Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062005-FFA.” HE3”. The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, Date a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis basis, within two (2) Business Days of receiptreceipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesXxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062005-FFAGEL4 trust fund.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two one (21) Business Days Day of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC8.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to 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, in the form of time deposit or demand accounts, titledtitled “Fieldstone Servicing Corp. (or Chase Home Finance, “National City Home Loan ServicesLLC as subservicer for JPMorgan Chase Bank, Inc. in trust for U.S. Bank National Association, as Trustee Subservicer) in trust for HSBC Bank USA, National Association, as Indenture Trustee, for the First Franklin Fieldstone Mortgage Loan Investment Trust, Series 2006-FFA3 and for various mortgagors.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.064.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C F hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerServicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within but not more than two (2) Business Days of receiptafter receipt by the Servicer, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.064.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesXxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan Trust, Series Trust 2006-FFABC1.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished Date (and to the Master Servicer and the NIMS InsurerInsurer upon request). The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sasco 2006-Bc1)

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC10.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to 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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Services Inc. in trust for U.S. Bank National Association, as Indenture Trustee for the First Franklin SASCO Mortgage Loan Trust, Series 2006Trust 2004-FFAGEL2.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification notice in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement notice shall be furnished to the Master Servicer and the NIMS InsurerIndenture Trustee and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC5.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062003-FFA39EX.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest interest-bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC8.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 2006-FFA2.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receiptDay following receipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Mortgage Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sail 2006-2)

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062005-FFAS3.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp. 2005 S-3)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan Trust, Series SASCO 2006-FFABC6.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receipt, Day following receipt thereof and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC1.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. GMAC Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 20062005-FFA.” S2”. The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S2)

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National AssociationCitibank, N.A., as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan Trust, Series Trust 2006-FFAS3.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-S3)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. Bank One, National Association, as Trustee trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC7.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Trustee, the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062004-FFA11.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) basis, on or prior to the Second Business Days of receiptDay following receipt thereof, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Mortgage Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesGMAC Mortgage, Inc. LLC, as servicer, in trust for U.S. Bank National Association, as Trustee for the First Franklin benefit of the Holders of GreenPoint Mortgage Loan TrustFunding Trust Mortgage Pass-Through Certificates, Series 20062007-FFAAR2.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Inc. Services LLC in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062005-FFAS5.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S5)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. titled "Option One Mortgage Corporation in trust for U.S. Bank One, National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC2." The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Trustee, the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Escrow Account. The Servicer NYMT Servicing 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, in the form of time deposit or demand accounts, titledtitled “NYMT Servicing Corporation (or Cenlar FSB as subservicer for NYMT Servicing Corporation, “National City Home Loan Servicesa federal savings bank, Inc. as Subservicer) in trust for U.S. Bank National Association, as Trustee Trustee, for the First Franklin New York Mortgage Loan Trust, Series Trust 2006-FFA1 Mortgage-Backed Pass-Through Certificates.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require NYMT Servicing to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer NYMT Servicing in accordance with Section 3.064.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C F hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerServicer. The Servicer NYMT Servicing shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the NYMC Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer NYMT Servicing shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.064.02(g). The Servicer NYMT Servicing shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer NYMT Servicing shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (NYMT Securities CORP)

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC2.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2003-Bc2)

Establishment of and Deposits to Escrow Account. The Servicer Subservicer 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 assets. The Servicer or the Seller shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, “National City Home GMAC Mortgage Corporation, as subservicer for Aurora Loan ServicesServices LLC, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Lxxxxx XS Trust Mortgage Loan TrustPass-Through Certificates, Series 2006-FFAGP2, and various Mortgagors.” The Escrow Accounts shall be an Eligible Deposit Account established by the Servicer with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. The Seller shall be responsible for all bank charges associated with the establishment and maintenance of the Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Subservicer in accordance with Section 3.06. The creation of any Escrow Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerSubservicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Subservicer shall deposit in the Escrow Account or Accounts on a daily basis basis, within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer Subservicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Subservicer shall remit to the Servicer shall be entitled to retain in accordance with Section 4.01 any interest paid on funds deposited in the Escrow Account by the depository institution, other than less interest on escrowed funds required by law to be paid to the Mortgagor which the Subservicer shall be entitled to retain for such payment to the Mortgagor. To the extent required by law, the Servicer Subservicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC8.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

Establishment of and Deposits to Escrow Account. The Servicer Company 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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services"SunTrust Mortgage, Inc. Inc., in trust for U.S. Bank National Associationthe Purchaser under the Amended and Restated Flow Seller's Warranties and Servicing Agreement dated as of December 1, as Trustee for the First Franklin 2005 and/or subsequent purchasers of Mortgage Loan Trust, Series 2006-FFALoans." The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository, in a manner that which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 3.064.7. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of the Company's receipt, and retain therein: (i1) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and; (ii2) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and (3) all amounts representing proceeds of any Primary Mortgage Insurance Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.064.7. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that. Notwithstanding the forgoing, the accounts are maintained at an Eligible Institution selected by Company shall be responsible to reimburse the ServicerPurchaser for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1)

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, in the form of time deposit or demand accounts, titled, “National City Home "Aurora Loan ServicesServices Inc., Inc. in trust for U.S. Bank National AssociationXxxxxx Capital, as Trustee for the First Franklin A Division of Xxxxxx Brothers Holdings Inc., owner of Residential Mortgage Loan TrustLoans, Series 2006Group No. 1997-FFA.” ALSI, and various Mortgagors". The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a D. A copy of such certification or letter agreement shall be furnished to the Master Servicer and Owner and, upon request, to any subsequent owner of the NIMS InsurerMortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. GMAC Mortgage Corporation in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 20062005-FFA.” S1”. The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC13.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesGMAC Mortgage Corporation, Inc. as servicer, in trust for U.S. Bank National Association, as Trustee for the First Franklin benefit of the Holders of GreenPoint Mortgage Loan TrustFunding Trust Mortgage Pass-Through Certificates, Series 2006-FFAAR5.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 2006-FFABC3.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer no later than 30 days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-Bc3)

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, in the form of time deposit or demand accounts, titled, “Chase Home Finance, LLC as subservicer for JPMorgan Chase Bank, National City Home Loan Services, Inc. Association in trust for U.S. Bank National AssociationXxxxx Fargo Bank, N.A., as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass Through Certificates, Series 20062007-FFAOSI and various mortgagors.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and and, if required, the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis Accounts, within two (2) Business Days of receiptreceipt by the Servicer, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Loan Services, Inc. Option One Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC7.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Subservicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)

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, in the form of time deposit or demand accounts, titled, “National City Home titled "Aurora Loan Services, Services Inc. in trust for U.S. Xxxxx Fargo Bank Minnesota, National Association, as Trustee for the First Franklin Mortgage Loan Amortizing Residential Collateral Trust, Series 20062002-FFABC5." The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan Services, Inc. Chase Manhattan Mortgage Corporation in trust for U.S. LaSalle Bank National Association, as Trustee for the First Franklin Mortgage Structured Asset Investment Loan Trust, Series 20062003-FFABC11.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a A copy of such certification or letter agreement shall be furnished to the Master Servicer and and, if required, the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesXxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 2006-FFABC5.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished Date (and to the Master Servicer and the NIMS InsurerInsurer upon request). The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

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

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, in the form of time deposit or demand accounts, titled, titled National City Home Aurora Loan Services, Services Inc. in trust for U.S. Bank National AssociationCitibank, N.A., as Trustee for the First Franklin Structured Asset Securities Corporation, Mortgage Loan TrustPass-Through Certificates, Series 20062003-FFAS1.” The Escrow Accounts shall be an Eligible Deposit Account established with an Eligible Institution a Qualified Depository in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)

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, in the form of time deposit or demand accounts, titled, as directed by the Master Servicer, National City Home Aurora Loan Services, Services Inc. in trust for U.S. Bank National Association, as Trustee for the First Franklin Mortgage Loan TrustStructured Asset Securities Corporation, Series 20062004-FFAS3.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Securities Corp 2004-S3)

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, in the form of time deposit or demand accounts, titled, “National City Home Loan ServicesWxxxx Fargo Bank, Inc. N.A. in trust for U.S. Bank National Association, as Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 2006-FFABC3.” The Escrow Accounts shall be an Eligible Deposit Account Accounts established with an Eligible Institution in a manner that shall provide maximum available insurance thereunderInstitution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement certification in the form of Exhibit C hereto. No A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished Date (and to the Master Servicer and the NIMS InsurerInsurer upon request). The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of the Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Sasco 2006-Bc3)

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, in the form of time deposit or demand accounts, titledtitled “Aurora Loan Services LLC, “National City Home Loan Services, Inc. in trust for U.S. Bank National Association, as the Trustee for the First Franklin Structured Asset Securities Corporation Mortgage Loan TrustPass-Through Certificates, Series 2006-FFABC4.” The Each Escrow Accounts Account shall be an Eligible Deposit Account established with an Eligible Institution in a manner that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 3.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS InsurerInsurer no later than 30 days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis within two (2) Business Days of receiptbasis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 3.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Sasco 2006-Bc4)

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