Common use of Principal and Interest Account Clause in Contracts

Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish and maintain at one or more Designated Depository Institutions in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer, as their interests may appear, a Principal and Interest Account. The establishment of the Principal and Interest Account shall be evidenced by the Master Servicer's delivery of a notice in the form of Exhibit B hereto, properly completed. Subject to Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt).

Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish and maintain at one or more Designated Depository Institutions in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer, as their interests may appear, a Principal and Interest Account. The establishment of the Principal and Interest Account shall be evidenced by the Master Servicer's delivery of a notice in the form of Exhibit B C hereto, properly completed. Subject to Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt).

Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish and maintain at one or more Designated Depository Institutions in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer, as their interests may appear, a Principal and Interest Account. The establishment of the Principal and Interest Account shall be evidenced by the Master Servicer's delivery of a notice in the form of Exhibit B C hereto, properly completed. Subject to Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt).