Principal and Interest Accounts; Escrow Accounts Sample Clauses

Principal and Interest Accounts; Escrow Accounts. (a) Each Servicer shall establish in its name on behalf of the Trustee for the benefit of the Owners of the Certificates and maintain or cause to be maintained at a Designated Depository Institution a Principal and Interest Account to be held as a trust account. The Principal and Interest Accounts shall be identified on the records of the Designated Depository Institution as follows: [Name of Servicer] on behalf of The Bank of New York, as Trustee under the Pooling and Servicing Agreement relating to the AMRESCO Residential Securities Corporation Mortgage Loan Trust 1997-2 dated as of June 1, 1997. If the institution at any time holding a Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the related Servicer in the case of a Principal and Interest Account shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If such party fails to name such a successor institution, then the Trustee shall cause such Account to be held as a trust account with a qualifying Designated Depository Institution. The related Servicer shall notify the Trustee, the Seller and the Depositor if there is a change in the name, account number or institution holding a Principal and Interest Account. Subject to Subsection (c) below, each Servicer shall deposit all receipts related to the Mortgage Loans into the related Principal and Interest Accounts on a daily basis (but no later than the second Business Day after receipt).
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Principal and Interest Accounts; Escrow Accounts. (a) Each Servicer shall establish in its name on behalf of the Trustee for the benefit of the Owners of the Certificates and maintain or cause to be maintained at a Designated Depository Institution a Principal and Interest Account to be held as a trust account. The Principal and Interest Accounts shall be identified on the records of the Designated Depository Institution as follows: [Name of Servicer] on behalf of Norwest Bank Minnesota, National Association, as Trustee under the Pooling and Servicing Agreement relating to the AMRESCO Residential Securities Corporation Mortgage Loan Trust 1998-2 dated as of June 1, 1998. If the institution at any time holding a Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the related Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If such party fails to name such a successor institution, then the Trustee shall cause such Account to be held as a trust account with a qualifying Designated Depository Institution. The related Servicer shall notify the Trustee, the Seller and the Depositor if there is a change in the name, account number or institution holding a Principal and Interest Account. Subject to Subsection (c) below, each Servicer shall deposit all receipts related to the Mortgage Loans into the related Principal and Interest Accounts on a daily basis (but no later than the second Business Day after receipt).
Sample 1

Related to Principal and Interest Accounts; Escrow Accounts

  • Principal and Interest Account (a) The Servicer shall establish and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust [2006-__] Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Home Equity Loans to the Principal and Interest Account on a daily basis (but no later than the second Business Day after receipt).

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Collection Account (a) On the Closing Date, the Master Servicer shall open and shall thereafter maintain a segregated account held in trust (the “Collection Account”), entitled “Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-5.” The Collection Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Collection Account shall not be commingled with any other monies.

  • DEPOSITS TO THE ESCROW ACCOUNT The Master 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 the Master Servicer's receipt thereof, and shall thereafter deposit in the Escrow 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, and retain therein:

  • Distributions from Certificate Account and Special Payments Account (a) On each Regular Distribution Date with respect to a series of Certificates or as soon thereafter as the Trustee has confirmed receipt of the payment of all or any part of the Scheduled Payments due on the Equipment Notes held (subject to the Intercreditor Agreement) in the related Trust on such date, the Trustee shall distribute out of the applicable Certificate Account the entire amount deposited therein pursuant to Section 4.01(a). There shall be so distributed to each Certificateholder of record of such series on the Record Date with respect to such Regular Distribution Date (other than as provided in Section 11.01 concerning the final distribution) by check mailed to such Certificateholder, at the address appearing in the Register, such Certificateholder’s pro rata share (based on the Fractional Undivided Interest in the Trust held by such Certificateholder) of the total amount in the applicable Certificate Account, except that, with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distribution shall be made by wire transfer in immediately available funds to the account designated by such Clearing Agency (or such nominee).

  • Capitalized Interest Account On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • Disbursements of Monies from Payment Account (a) Notwithstanding any other provision in this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 8.02 in accordance with the Payment Date Report and the following priorities (the “Priority of Payments”):

  • Collection of Mortgage Loan Payments; Collection Account; Distribution Account (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy.

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