Other Transaction Accounts Sample Clauses
Other Transaction Accounts
Collection Accounts (a) On behalf of the Trustee, each Servicer shall establish and maintain, or cause to be established and maintained, one or more separate Eligible Accounts (each such account or accounts, a "Collection Account"), held in trust for the benefit of the Trustee. On behalf of the Trustee, each Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after such Servicer's receipt thereof, and shall thereafter deposit in the related Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan; (iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices and Liquidation Proceeds; (iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the related Collection Account; (v) any amounts required to be deposited by such Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles; (vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and (vii) all Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by such Servicer. The foregoing requirements for deposit in the Collection Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees and charges need not be deposited by each Servicer in the related Collection Account and shall, upon collection, belong to the applicable Servicer as additional compensation for its servicing activities. In the event a Servicer shall deposit in the related Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from its Collection Account, any provision herein to the contrary notwithstanding. (b) Funds in the Collection Accounts may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. Each Servicer shall give notice to the Trustee of the location of the related Collection Account maintained by it when established and prior to any change thereof in accordance with Section 3.07(f).
Collection Account (a) JPMorgan Chase Bank is hereby appointed as the initial Collection Account Depository under this Indenture. Upon thirty (30) days' prior written notice to the Indenture Trustee, the Note Insurer, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty have been paid in full) and the Servicer, the Owner Trustee may, at any time and from time to time, appoint a successor Collection Account Depository for the Collection Account and, upon prior written notice to the Indenture Trustee and the Note Insurer certifying that the transfer complies with the provisions of this Section 5.04, transfer the Collection Account from a depository institution then serving as the Collection Account Depository to another Collection Account Depository. If at any time the institution then serving as the Collection Account Depository or the Collection Account ceases to qualify as an eligible Collection Account Depository or Eligible Account, respectively, then the Owner Trustee shall give written direction to the Indenture Trustee to transfer the Collection Account to an Eligible Account at an eligible Collection Account Depository chosen by the Owner Trustee and approved in writing by the Note Insurer. Upon any such transfer, such successor institution shall be deemed to be the Collection Account Depository with respect to the Collection Account so transferred. (b) The Owner Trustee shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Noteholders, the Swap Counterparty (unless the Interest Rate Swap Agreement has been terminated and all amounts owed to the Swap Counterparty have been paid in full) and the Note Insurer and the Indenture Trustee shall maintain the Collection Account with the Collection Account Depository as an account into which all amounts (including late payments) remitted directly by Obligors and all amounts received by the Servicer from or on behalf of Obligors under the terms of the Receivables, and all amounts required to be deposited therein pursuant to Section 5.02, will be deposited in accordance with the provisions of Section 5.02. The Collection Account Depository shall be deemed to hold all funds on deposit for the account of the Indenture Trustee and the Servicer shall transmit monthly statements on all amounts received in the Collection Account to the Indenture Trustee upon request. (c) The Indenture Trustee shall provide written instruction to the Collection Account Depository (an "Acknowledgment Letter"), to the effect that (i) the Collection Account Depository shall transfer cleared funds from the Collection Account as instructed by the Indenture Trustee unless revised instructions are given by the Indenture Trustee and (ii) the Collection Account Depository shall follow any written instructions provided by the Indenture Trustee with respect to the Collection Account. Such Acknowledgment Letter shall be acknowledged in writing by the Collection Account Depository as of the date hereof. The Owner Trustee shall obtain an Acknowledgment Letter from each successor Collection Account Depository on or prior to the effectiveness of the transfer of the Collection Account to such successor Collection Account Depository.