Common use of Establishment of Custodial Account; Deposits in Custodial Account Clause in Contracts

Establishment of Custodial Account; Deposits in Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, with respect to the accounts maintained by any one Servicer, its "Custodial Account"), in the form of time deposit or demand accounts, which may be interest bearing, titled, with respect to the Servicer, "Greenpoint Mortgage Funding, Inc., in trust for Goldman Sachs Mortgage Company as Owxxx, xxd any successor Owner." Such Custodial Account shall be an Eligible Account. (b) With respect to each Mortgage Loan, the Servicer shall not later than the end of the second Business Day following receipt thereof, deposit in the Custodial Account and retain therein the following payments and collections received by the Servicer subsequent to the Cut-off Date:

Appears in 1 contract

Samples: Trust Agreement (GSAA Home Equity Trust 2005-4)

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