Common use of Permitted Withdrawals from the Custodial Account Clause in Contracts

Permitted Withdrawals from the Custodial Account. The Servicer may, from time to time, make withdrawals from the Custodial Account for the following purposes: (i) to make payments to the Owner in the amounts and in the manner provided for in Section 5.01; (ii) to reimburse itself for unreimbursed Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to Liquidation Proceeds, Condemnation Proceeds, and Insurance Proceeds and REO Disposition Proceeds related to such Mortgage Loan; (iii) to pay to itself as servicing compensation (a) any interest earned on funds in the Custodial Account (all such interest to be withdrawn monthly not later than each Remittance Date) and (b) any Servicing Fee to which the Servicer is entitled in accordance with the terms hereof to the extent such Servicing Fee has not been paid to or retained by the Servicer; (iv) to reimburse itself for any Nonrecoverable Advances; (v) to transfer funds to another Qualified Depository in accordance with Section 4.09 hereof; (vi) to remove funds deposited in the Custodial Account in error by the Servicer; and (vii) to clear and terminate the Custodial Account upon the termination of this Agreement.

Permitted Withdrawals from the Custodial Account. The Servicer may, from time to time, make withdrawals from the Custodial Account for the following purposes: (i) to make payments to the Owner in the amounts and in the manner provided for in Section 5.01; (ii) to reimburse itself for unreimbursed Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (ii) with respect to any Mortgage Loan being limited to Liquidation Proceeds, Condemnation Proceeds, and Insurance Proceeds and REO Disposition Proceeds related to such Mortgage Loan; (iii) to pay to itself as servicing compensation (a) any interest earned on funds in the Custodial Account (all such interest to be withdrawn monthly not later than each Remittance Date) and ); (b) any Servicing Fee to which the Servicer is entitled in accordance with the terms hereof to the extent such Servicing Fee has not been paid to or retained by the Servicer; (c) any late or other ancillary fees collected by the Servicer; and (d) fifty percent (50%) (or other amount set forth in the related Transmission) of any prepayment penalty collected by the Servicer; (iv) to reimburse itself for any Nonrecoverable Advances; (v) to transfer funds to another Qualified Depository Eligible Account in accordance with Section 4.09 hereof; (vi) to remove funds deposited in the Custodial Account in error by the Servicer; and (vii) to clear and terminate the Custodial Account upon the termination of this Agreement.