Establishment of Escrow Accounts; Deposits in Escrow. 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 or more Escrow Accounts, in the form of time deposit or demand accounts. Any funds deposited in the Escrow Accounts shall at all times be fully insured to the full extent permitted under applicable law. The creation of any Escrow Account shall be evidenced by a certification in the form shown on Exhibit 5.06-1 attached hereto, in the case of an account established with the Servicer, or a letter agreement in the form shown on Exhibit 5.06-2 attached hereto, in the case of an account held by a depository other than the Servicer, such depository having been consented to by the Purchaser. In either case, a copy of such certification or letter agreement shall be furnished to the Purchaser.
Appears in 7 contracts
Samples: Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2006-7), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2006-15xs), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2007-6xs)
Establishment of Escrow Accounts; Deposits in Escrow. 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 or more Escrow Accounts, in the form of time deposit or demand accounts. Any funds deposited in the Escrow Accounts shall at all times be fully insured to the full extent permitted under applicable law. The creation of any Escrow Account shall be evidenced by a certification in the form shown on Exhibit 5.06-1 attached hereto, in the case of an account established with the Servicer, or a letter agreement in the form shown on Exhibit 5.06-2 attached hereto, in the case of an account held by a depository other than the Servicer, such depository having been consented to by the Purchaser. In either case, a copy of such certification or letter agreement shall be furnished to the Purchaser.. The Servicer shall deposit in each Escrow Account within two Business Days of receipt, and retain therein, (i) all Escrow Payments collected on account of the related Mortgage Loans
Appears in 1 contract
Samples: Servicing Agreement (Sunset Financial Resources Inc)
