Common use of Principal and Interest Accounts; Escrow Accounts Clause in Contracts

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).

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 YorkBankers Trust Company, as Trustee under the Pooling and Servicing Agreement relating to the AMRESCO Residential Securities Corporation Mortgage Loan Trust 19971998-2 1 dated as of June February 1, 19971998. 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).

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 3 dated as of June September 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).

Principal and Interest Accounts; Escrow Accounts. (a) Each The Servicer and the Special Servicer shall each 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 or Special Servicer] on behalf of The Norwest Bank of New YorkMinnesota, National Association, as Trustee under the Pooling and Servicing Agreement relating to the AMRESCO Residential Securities Corporation Mortgage Loan Trust 19971998-2 3 dated as of June September 1, 19971998. 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 or the case of a Principal and Interest Account Special Servicer shall, within 30 15 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 or the Special 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 the Servicer and the Special 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).

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 YorkChase Manhattan Bank, as Trustee under the Pooling and Servicing Agreement relating to the AMRESCO Residential Securities Corporation Mortgage Loan Trust 19971996-2 5 dated as of June December 1, 19971996. 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 Seller, the Certificate Insurer 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).