Establishment of and Deposits to Subsidy Account. (a) The Company shall segregate and hold all Subsidy Funds collected and received pursuant to the Subsidy Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Subsidy Accounts, in the form of time deposit or demand accounts, titled “Xxxxx Fargo Bank, N.A., in trust for the Purchaser, its successors or assigns, and/or subsequent purchasers of Residential Mortgage Loans, and various Mortgagors.” The Subsidy Accounts shall be established with a Qualified Depository, in a manner 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 Subsidy Account. Funds deposited in the Subsidy Account may be drawn on by the Company in accordance with this 4.22.
Appears in 9 contracts
Samples: Assumption and Recognition Agreement (GSR Mortgage Loan Trust 2007-Ar1), Assumption and Recognition Agreement (GSR Mortgage Loan Trust 2007-1f), Assumption and Recognition Agreement (GSR Mortgage Loan Trust 2007-2f)