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

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The 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 (1) or more Escrow Accounts which accounts shall be Eligible Accounts, in the form of time deposit or demand accounts. The creation of any Escrow Account shall be evidenced by a letter agreement in the form shown in Exhibit D hereto. A copy of such letter agreement shall be furnished to the Purchaser upon request.

Establishment of Escrow Accounts; Deposits in Escrow Accounts. The Servicer 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 (1) or more Escrow Accounts which accounts shall be Eligible Accounts, in the form of time deposit or demand accounts. The creation of any Escrow Account shall be evidenced by a letter agreement in the form shown in Exhibit D hereto8 to this Agreement. A copy of such letter agreement shall be furnished to the Purchaser upon request.