Common use of Principal and Interest Account Clause in Contracts

Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Holders of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.

Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Holders Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.

Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Holders of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all scheduled payments of principal and interest due and received, received and all Prepayments received after the Cut-Off Date.

Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Holders Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt). On the Startup Day, the Sponsor and/or the Servicer shall deposit to the Principal and Interest Account all scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.