Common use of Establishment of Escrow Accounts; Deposits in Escrow Accounts Clause in Contracts

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Escrow Account or Accounts on a daily basis, 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth or in accordance with 8.08. The Seller 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 and, to the extent required by law, the Seller shall pay interest on escrowed funds to the Mortgagor notwith­standing that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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. A copy of such letter agreement shall be furnished to the Indenture Trustee upon request. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7an Eligible Account. The Seller Servicer shall deposit in the Escrow Account or Accounts on a daily basisbasis within two 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth in, or in accordance with 8.08with, Section 2.18. The Seller 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 Obligor and, to the extent required by lawthe related Mortgage Loan, the Seller Servicer shall pay interest on escrowed funds to the Mortgagor notwith­standing Obligor notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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. The Escrow Account shall be established with a Qualified Depository as a Special Deposit Account, in a manner which shall provide maximum available insurance thereunder. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Escrow Account or Accounts on a daily basis, 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth or in accordance with 8.08Section 11.06. The Seller 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 and, to the extent required by law, the Seller shall pay interest on escrowed funds to the Mortgagor notwith­standing notwithstanding that the Escrow Account is non-non interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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 . A copy of such letter agreement shall be furnished to the form of time deposit or demand accountsTrustee upon request. The creation of any Each Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7an Eligible Account. The Seller Servicer shall deposit in the Escrow Account or Accounts on a daily basisbasis within two 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth in, or in accordance with 8.08with, Section 2.07. The Seller 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 and, to the extent required by lawthe related Mortgage Loan or Applicable Regulations, the Seller Servicer shall pay interest on escrowed funds to the Mortgagor notwith­standing notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller Servicers shall segregate and hold all funds collected and received pursuant to each Mortgage Loan Asset which constitute Escrow Payments separate and apart from any of its their own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts. A copy of such letter agreement shall be furnished to the Trustee upon request. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7an Eligible Account. The Seller Servicers shall deposit in the Escrow Account or Accounts on a daily basisbasis within two Business Days of receipt, and retain therein, (i) therein all Escrow Payments collected on account of the Mortgage LoansAssets, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement, and (ii) all Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller Servicers shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth in, or in accordance with 8.08with, Section 3.07. The Seller Servicers 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 Obligor and, to the extent required by lawthe related Mortgage Asset or Applicable Regulations, the Seller Servicers shall pay interest on escrowed funds to the Mortgagor notwith­standing Obligor notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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. The creation of any Each Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7an Eligible Account. The Seller Servicer shall deposit in the Escrow Account or Accounts on a daily basisbasis within two 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth in, or in accordance with 8.08with, Section 2.07. The Seller 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 and, to the extent required by lawthe related Mortgage Loan or Applicable Regulations, the Seller Servicer shall pay interest on escrowed funds to the Mortgagor notwith­standing notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7. D. The Seller Servicer shall deposit in the Escrow Account or Accounts on a daily basis, 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth or in accordance with 8.08Section 4.08. The Seller 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 and, to the extent required by law, the Seller Servicer shall pay interest on escrowed funds to the Mortgagor notwith­standing notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 78. The Seller shall deposit in the Escrow Account or Accounts on a daily basis, 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth or in accordance with 8.08Section 11.07. The Seller 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 Borrower and, to the extent required by law, the Seller shall pay interest on escrowed funds to the Mortgagor notwith­standing Borrower notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, . Each Escrow Account shall be established with a Qualified Depository. Funds deposited in an Escrow Account may be drawn on by the form of time deposit or demand accountsServicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement a letter agreement in the form shown in Exhibit C. The original of Exhibit 7such letter agreement shall be furnished to the Owner, the Backup Servicer's and Lender upon request. The Seller Servicer shall deposit in the Escrow Account or Accounts on a daily basis, basis 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 are required under the terms of this Agreement, and ; (ii) all Insurance 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 Seller Servicer shall make withdrawals therefrom from an Escrow Account only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth or in and in accordance with 8.08Section 4.07. The Seller Servicer shall be entitled to retain any interest paid on funds deposited in the an Escrow Account by the depository institution Qualified Depository other than interest on escrowed funds required by law to be paid to the Mortgagor and, to the extent required by law, the Seller Servicer shall pay interest on escrowed funds to the Mortgagor notwith­standing notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute 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 . A copy of such letter agreement shall be furnished to the form of time deposit or demand accountsTrustee and the Master Reporting Agent upon request. The creation of any Each Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 7an Eligible Account. The Seller Servicer shall deposit in the Escrow Account or Accounts on a daily basisbasis within two 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 Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Seller Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as shall be as set forth in, or in accordance with 8.08with, Section 2.07. The Seller 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 and, to the extent required by lawthe related Mortgage Loan or Applicable Regulations, the Seller Servicer shall pay interest on escrowed funds to the Mortgagor notwith­standing notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes.