Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 37 contracts
Samples: Correspondent Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Correspondent Servicing Agreement (Structured Asset Securities Corp), Correspondent Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-18)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerOwner, which consent shall not be withheld unreasonably, provided, however, if the Owner does not respond within 30 days after receipt of request for consent, the Owner shall have been deemed to consent to such transfer. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts and/or money market accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 35 contracts
Samples: Master Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 28 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-10), Servicing Agreement (Structured Asset Securities Corp Trust 2005-3), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-20)
Protection of Accounts. The Servicer Seller may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Seller shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Seller be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer Seller shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerSeller) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Seller in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Seller and may be withdrawn at any time by the ServicerSeller. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Seller out of its own funds immediately as realized.
Appears in 27 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22)
Protection of Accounts. The Servicer Company may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Company shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Company be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer Company shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerCompany) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Company in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Company and may be withdrawn at any time by the ServicerCompany. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Company out of its own funds immediately as realized.
Appears in 25 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investmentrelated Remittance Date, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 23 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Special Servicer shall be made only upon obtaining give notice to the consent Master Servicer of any change in the location of the Owner Custodial Account or Escrow Account no later than 30 days after any such transfer is made and deliver to the Master ServicerServicer a certification notice in the form of Exhibit B or Exhibit C, which consent shall not be withheld unreasonablyas applicable, with respect to such Eligible Institution. The Special Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Special Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than three days prior to the Determination Date next following the date of such Eligible Investment, Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository Eligible Institution (other than the Special Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Special Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Special Servicer and may be withdrawn at any time by the Special Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Special Servicer out of its own funds immediately as realized.
Appears in 20 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-5), Servicing Agreement (Lehman Mortgage Trust 2006-7), Servicing Agreement (Lehman Mortgage Trust 2006-5)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 19 contracts
Samples: Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-6xs), Subservicing Agreement (Structured Asset Investment Loan Trust 2005-7), Subservicing Agreement (Structured Asset Investment Loan Trust 2004-9)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall give notice to the Master Servicer and the NIMS Insurer of any change in the location of the Custodial Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 19 contracts
Samples: Servicing Agreement (Lehman XS Trust 2006-5), Servicing Agreement (Lehman XS Trust, Series 2006-8), Servicing Agreement (LXS 2007-3)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account no later than 30 days after any such transfer is made and deliver to the Master Servicer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 17 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2006-6), Servicing Agreement (Lehman Mortgage Trust 2007-5), Servicing Agreement (Lehman Mortgage Trust 2006-7)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer of any change in the location of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyCustodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 17 contracts
Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1), Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2), Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3)
Protection of Accounts. The Servicer Company may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Company shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Company be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer Company shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day prior to the Remittance Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerCompany) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Company in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Company and may be withdrawn at any time by the ServicerCompany. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Company out of its own funds immediately as realized.
Appears in 15 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-16)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 15 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8), Securitization Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time, provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer and the NIMS Insurer of any change in the location of the Owner Custodial Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the Master ServicerNIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, which consent shall not be withheld unreasonablyas applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 15 contracts
Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi), Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Servicing Agreement (Structured Asset Investment Loan Trust 2006-1)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time, provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer and the NIMS Insurer of any change in the location of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyCustodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 15 contracts
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-6xs), Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp)
Protection of Accounts. The Servicer Company may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Company shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Company be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer Company shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day prior to the Remittance Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerCompany) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Company in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Company and may be withdrawn at any time by the ServicerCompany. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Company out of its own funds immediately as realized.
Appears in 14 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs), Servicing Agreement (Lehman Mortgage Trust 2007-3), Servicing Agreement (Lehman Mortgage Trust 2007-2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of the Owner NIMS Insurer and the Master ServicerServicer of of any change in the location of the Custodial Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, which consent shall not be withheld unreasonablyas applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 14 contracts
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2006-Bnc1), Subservicing Agreement (Sasco 2006-Bc2), Subservicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 14 contracts
Samples: Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5), Subservicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9), Subservicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 14 contracts
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2004-Ff7), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-8), Securitization Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyOwner. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 13 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2007-4f), Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Oh1), Flow Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investmentrelated Remittance Date, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 13 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 30), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003-16), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-14)
Protection of Accounts. The Servicer may transfer the Custodial Account, the Escrow Account, any Liquidity Reserve Account or the Escrow any Litigation Reserve Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerOwner, which consent shall not be withheld unreasonablyunreasonably withheld. The Servicer shall bear any expenses, losses or damages sustained by notify the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accountsin writing of any such transfer fifteen (15) Business Days prior to such transfer. Amounts on deposit in the Custodial Account and Account, the Escrow Account, any Liquidity Reserve Account or any Litigation Reserve Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account, the Escrow Account, any Liquidity Reserve Account or the Escrow any Litigation Reserve Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, the Escrow Account, any Liquidity Reserve Account or the Escrow any Litigation Reserve Account, by the Servicer out of its own funds immediately as realizedrealized with no right to reimbursement.
Appears in 12 contracts
Samples: Servicing Agreement (PennyMac Mortgage Investment Trust), Flow Servicing Agreement (PennyMac Financial Services, Inc.), Flow Servicing Agreement (PennyMac Financial Services, Inc.)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer of any change in the location of the Owner Custodial Account and deliver to the Master ServicerServicer a certification notice in the form of Exhibit B or Exhibit C, which consent shall not be withheld unreasonablyas applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 12 contracts
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-11), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-3)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Trust Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 11 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-7), Servicing Agreement (Structured Asset Investment Loan Trust 2004-6), Servicing Agreement (Structured Asset Investment Loan Trust 2004-8)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyunreasonably and the Servicer shall give notice to the Master Servicer and the NIMS Insurer of any change in the location of the Custodial Amount. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 11 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-S2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such ; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution; provided, further, that such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account or Escrow Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may shall at the option direction of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 11 contracts
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp4), Securitization Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar5)
Protection of Accounts. The Servicer Company may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Company shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Company be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer Company shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerCompany) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Company in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Company and may be withdrawn at any time by the ServicerCompany. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Company out of its own funds immediately as realized.
Appears in 11 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10), Master Seller’s Warranties and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar5), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerOwner, which consent shall not be withheld unreasonably, provided, however, if the Owner does not respond within 10 days after receipt of request for consent, the Owner shall have been deemed to consent to such transfer. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts and/or money market accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that the depository institution with which the Custodial Account or Escrow Account is maintained at any time fails to qualify as a Qualified Depository, the Servicer shall be obligated to invest any amounts on deposit in the Custodial Account or the Escrow Account which exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 10 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Master Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account or Escrow Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one (1) Business Day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 10 contracts
Samples: Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-2), Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi), Securitization Servicing Agreement (Sasco 2007-Bnc1)
Protection of Accounts. The Servicer may transfer the Custodial Account, Buydown Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. All suspense and clearing account in which funds relating to the Mortgage Loans are deposited shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder.
Appears in 10 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining notice to the consent Master Servicer of any change in the location of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyCustodial Account or Escrow Account. The Special Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Special Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than three days prior to the Determination Date next following the date of such Eligible Investment, Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository Eligible Institution (other than the Special Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Special Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Special Servicer and may be withdrawn at any time by the Special Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Special Servicer out of its own funds immediately as realized.
Appears in 9 contracts
Samples: Servicing Agreement (Lehman Mortgae Trust 2005-3), Servicing Agreement (Structured Asset Securities Corp. 2005-17), Servicing Agreement (Structured Asset Securities Corp Trust 2005-6)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 9 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp. Mortgage Loan Trust 2005-7xs), Servicing Agreement (Lehman XS Trust, Series 2005-6)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account or Escrow Account no later than 30 days after any such transfer is made. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 9 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-2), Securitization Servicing Agreement (Structured Asset Securities Corp. 2005-Rms1), Securitization Servicing Agreement (Structured Asset Securities Corp)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerOwner, which consent shall not be withheld unreasonably, provided, however, if the Owner does not respond within 30 days after receipt of request for consent, the Owner shall have been deemed to consent to such transfer. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 9 contracts
Samples: Master Servicing Agreement (Structured Asset Securities Corp 2004-18h), Master Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003-7h), Master Servicing Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-22h)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Trust Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 9 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc9), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8), Servicing Agreement (Structured Asset Inv Loan Mort Pass THR Certs Ser 2003-Bc6)
Protection of Accounts. The Servicer Seller may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Seller shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Seller be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer Seller shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerSeller) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Seller in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Seller and may be withdrawn at any time by the ServicerSeller. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Seller out of its own funds immediately as realized.
Appears in 9 contracts
Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Lehman Sarm 2005-5), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-17), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1)
Protection of Accounts. The Interim Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Interim Servicer shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Interim Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Interim Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Interim Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Interim Servicer in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Interim Servicer and may be withdrawn at any time by the Interim Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Interim Servicer out of its own funds immediately as realized.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (Gsaa Home Equity Trust 2004-5), Interim Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such ; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution; provided, further, that such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account or Escrow Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than three days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 8 contracts
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-FFB), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ffa), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff14)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of the Owner Trustee and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Xxxxxxxxx Mortgage Securities Trusts, as their interests may appear. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 8 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-4), Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Servicing Agreement (Thornburg Mortgage Securities Trust 2008-1)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be either deposited into a separate Custodial Account or invested in Eligible Investments.
Appears in 7 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-7), Securitization Servicing Agreement (Fremont Home Loan Trust 2004-3), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-He1)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account or Escrow Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 7 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2006-Bnc1), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2006-1), Securitization Servicing Agreement (Sail 2006-2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of Trustee and the Owner NIMs Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Homestar Mortgage Securities Trusts, as their interests may appear. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-1), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-2), Pooling and Servicing Agreement (Homestar Mortgage Acceptance Corp Asset-Backed Pass-Through Certificates, Series 2004-4)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 7 contracts
Samples: Servicing Agreement (Lehman Abs Corp Mortgage Pass THR Certs Ser 2003-1), Servicing Agreement (Lehman Abs Corp), Servicing Agreement (Structured Asset Securities Corp Mo Pa Th Ce Ser 2003-25xs)
Protection of Accounts. The Servicer Seller may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Seller shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Seller be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer Seller shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerSeller) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Seller in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Seller and may be withdrawn at any time by the ServicerSeller. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Seller out of its own funds immediately as realized.
Appears in 7 contracts
Samples: Flow Interim Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2), Flow Interim Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4), Flow Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer and the Indenture Trustee of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accountsEligible Accounts. Amounts on deposit in the Custodial Account and the Escrow Account may be invested at the option of the Servicer be invested Servicer, but only in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment with respect to the Custodial Account shall mature no later than two (2) Business Days prior to the Determination Servicer Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 7 contracts
Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2006-1), Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2005-4), Transfer and Servicing Agreement (Structured Asset Securities Corp)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of an Eligible Institution (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 6 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-1), Securitization Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-3)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time, provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer and the NIMS Insurer of any change in the location of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyCustodial Account no later than 30 days after any such transfer is made. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 6 contracts
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-4), Servicing Agreement (Structured Asset Investment Loan Trust 2005-2), Servicing Agreement (Structured Asset Investment Loan Trust 2005-5)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such ; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution; provided, further, that such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 6 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S6), Securitization Subservicing Agreement (Structured Asset Securities Corp. 2005 S-3), Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S4)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of the Owner Trustee and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Xxxxxxxxx Mortgage Securities Trusts, as their interests may appear. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 6 contracts
Samples: Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4), Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3), Servicing Agreement (Structured Asset Sec Corp Thornburg Mort Sec Trust 2003 6)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyunreasonably and the Servicer shall give notice to the Trustee, the Master Servicer and the NIMS Insurer of any change in the location of the Custodial Amount. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 5 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3), Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Protection of Accounts. The Servicer Seller may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Seller shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Seller be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer Seller shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerSeller) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Seller in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Seller and may be withdrawn at any time by the ServicerSeller. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Seller out of its own funds immediately as realized.
Appears in 5 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-10), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-5), Servicing Agreement (LXS 2007-3)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer and the Indenture Trustee of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accountsEligible Accounts. Amounts on deposit in the Custodial Account and the Escrow Pre-Funding Account may be invested at the option of the Servicer be invested and the Seller, respectively, but only in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment with respect to the Custodial Account shall mature no later than two (2) Business Days prior to the Determination Servicer Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) and may be withdrawn at any time by the ServicerServicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account). Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account or the Pre-Funding Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 5 contracts
Samples: Transfer and Servicing Agreement (NYMT Securities CORP), Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP), Transfer and Servicing Agreement (Asset Backed Sec Corp Fieldstone Mort Inv Tr Ser 2004-2)
Protection of Accounts. The Interim Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Interim Servicer shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Interim Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Interim Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Interim Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Interim Servicer in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Interim Servicer and may be withdrawn at any time by the Interim Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Interim Servicer out of its own funds immediately as realized.
Appears in 5 contracts
Samples: Interim Servicing Agreement (Lehman XS Trust Series 2006-4n), Interim Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Oh1), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-12)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 5 contracts
Samples: Securitization Servicing Agreement (Fieldstone Mortgage Investment CORP), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-1), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of Trustee and the Owner NIMs Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Homestar Mortgage Securities Trusts, as their interests may appear. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Opteum Mortgage Acceptance CORP Trust 2006-2), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-5), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than three days prior to the Determination Remittance Date next following the date of such Eligible Investmentin each month, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 4 contracts
Samples: Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 4 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002-Bc8), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer and the Indenture Trustee of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accountsEligible Accounts. Amounts on deposit in the Custodial Account and the Escrow Account may be invested at the option of the Servicer be invested Servicer, but only in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment with respect to the Custodial Account shall mature no later than [two] Business Days prior to the Determination Servicer Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (CWHEQ, Inc.), Sale and Servicing Agreement (Cwalt Inc), Sale and Servicing Agreement (CWMBS Inc)
Protection of Accounts. The Servicer Company may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Company shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Company be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer Company shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, ; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerCompany) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Company in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Company and may be withdrawn at any time by the ServicerCompany. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Company out of its own funds immediately as realized.
Appears in 4 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Warranties and Servicing Agreement (Banc of America Funding 2007-a Trust)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp 2005-S5), Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp 2005-S4)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of the Owner NIMS Insurer and the Master ServicerServicer of any change in the location of the Custodial Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, which consent shall not be withheld unreasonablyas applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Trust Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6), Servicing Agreement (Sail 2006-2), Servicing Agreement (Sasco 2006-Opt1)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such ; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution; provided, further, that such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably. The , and the Servicer shall bear give notice to the Master Servicer of any expenses, losses or damages sustained by change in the Owner because location of the Custodial Account and/or the or Escrow Account are not demand deposit accountsno later than 30 days after any such transfer is made and deliver to the Subservicer, the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. Amounts on deposit in the Custodial Account and the Escrow Account may shall at the option direction of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Seller and may shall be withdrawn at any time remitted by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by Subservicer to the Servicer out of its own funds immediately as realizedin accordance with Section 4.01.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp1), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp2), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-4n)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account no later than 30 days after any such transfer is made and deliver to the Master Servicer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 3 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2006-1), Servicing Agreement (LMT 2006-4), Servicing Agreement (Lehman Mortgage Trust 2006-2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably. , and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account.The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of an Eligible Institution (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-8), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1), Securitization Subservicing Agreement (Finance America Mortgage Loan Trust 2004-1)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such ; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution; provided, further, that such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account or Escrow Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the NIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, as applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp2), Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp1), Securitization Servicing Agreement (Lehman XS Trust Series 2006-4n)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such ; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution; provided, further, that such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than three days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff9), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff3), Securitization Servicing Agreement (Structured Asset Securities Corp 2005-S4)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account within thirty days of such change. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (SASCO Mortgage Pass Through Certificates, Series 2005-Nc2), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-9), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-8)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerOwner, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp/Ny), Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (American Residential Eagle Inc)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of Trustee and the Owner Certificate Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account and the Escrow Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more UBS Mortgage Securities Trusts, as their interests may appear. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 3 contracts
Samples: Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Servicing Agreement (MASTR Alternative Loan Trust 2006-1), Servicing Agreement (MASTR Asset Securitization Trust 2006-3)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time, provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-9xs)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of the Owner Trustee and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Thornburg Mortgage Securities Trusts, as their interests may appear. All income Xxx xxxxxe on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-1), Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerOwner, which consent shall not be withheld unreasonably. The Servicer shall notify the Owner in writing of any such transfer fifteen (15) Business Days prior to such transfer. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one Business Day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realizedrealized with no right to reimbursement. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. All suspense and clearing accounts in which funds relating to the Mortgage Loans are deposited shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder.
Appears in 2 contracts
Samples: Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-1)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of Trustee, the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Subservicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Ass Sec Cor a R Col Tr MRT Ps THR CRT Ser 01-Bc6)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerIndenture Trustee, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of an Eligible Institution (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Indenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3), Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4), Securitization Servicing Agreement (Structured Asset Securities Corp)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer of any change in the location of the Owner and the Master Servicer, which consent shall not be withheld unreasonablyCustodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10), Securitization Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of the Owner Trustee and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Thornburg Mortgage Securities Trusts, as their interests may appear. All income Xxx xxxxme on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-2), Servicing Agreement (Thornburg Mortgage Securities Trust 2006-6)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Trust Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Trust Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Protection of Accounts. The Servicer Seller may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Seller shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Seller be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer Seller shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination third (3rd) calendar day prior to the Remittance Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Seller in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Seller and may be withdrawn at any time by the ServicerSeller. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Seller out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-15n), Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-7n)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the DA Reserve Account shall, at the option of the Servicer, be invested in Eligible Investments that shall mature no later than the two (2) Business Days prior to the related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the DA Reserve Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for benefit of the Trustee. All income or gain realized from any such Eligible Investments shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the DA Reserve Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Ff3)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer, the Indenture Trustee and the Swap Counterparty of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accountsEligible Accounts. Amounts on deposit in the Custodial Account and the Escrow Account may be invested at the option of the Servicer be invested and the Seller, respectively, but only in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment with respect to the Custodial Account shall mature no later than two (2) Business Days prior to the Determination Servicer Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 2 contracts
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP), Transfer and Servicing Agreement (Fieldstone Mortgage Investment Trust, Series 2005-1)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of Trustee, the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Trust Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Servicing Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account or Escrow Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of an Eligible Institution (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi), Trust Agreement (Sasco 2006-S2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Seller or applicable Participants if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investmentrelated Remittance Date, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerSeller and applicable Participants. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Participation Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Participation Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of the Owner Trustee and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Txxxxxxxx Mortgage Securities Trusts, as their interests may appear. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-4), Servicing Agreement (Thornburg Mortgage Securities Trust 2004-2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer, the Indenture Trustee and the Swap Counterparty of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accountsEligible Accounts. Amounts on deposit in the Custodial Account and the Escrow Pre-Funding Account may be invested at the option of the Servicer be invested and the Seller, respectively, but only in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment with respect to the Custodial Account shall mature no later than two (2) Business Days prior to the Determination Servicer Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) and may be withdrawn at any time by the ServicerServicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account). Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account or the Pre-Funding Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 2 contracts
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP), Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of Trustee, the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 2 contracts
Samples: Subservicing Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6), Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc7)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer of the Owner location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and the Master Servicer, which consent shall not be withheld unreasonablyprior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Trust Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Servicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel1)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1)
Protection of Accounts. The Servicer may transfer the Custodial Account, the Escrow Account, any Liquidity Reserve Account or the Escrow any Litigation Reserve Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerOwner, which consent shall not be withheld unreasonablyunreasonably withheld. The Servicer shall bear any expenses, losses or damages sustained by notify the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accountsin writing of any such transfer fifteen (15) Business Days prior to such transfer. Amounts on deposit in the Custodial Account and Account, the Escrow Account, any Liquidity Reserve Account or any Litigation Reserve Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than one day prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account, the Escrow Account, any Liquidity Reserve Account or the Escrow any Litigation Reserve Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the 33 Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, the Escrow Account, any Liquidity Reserve Account or the Escrow any Litigation Reserve Account, by the Servicer out of its own funds immediately as realizedrealized with no right to reimbursement.
Appears in 1 contract
Samples: Flow Servicing Agreement
Protection of Accounts. The Servicer Company may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Company shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Company be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer Company shall be obligated to invest the excess amount -------------- over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerCompany) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Company in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Company and may be withdrawn at any time by the ServicerCompany. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Company out of its own funds immediately as realized.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corporation)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Master Servicer and the NIMS Insurer of any change in the location of the Owner Custodial Account no later than 30 days after any such transfer is made and deliver to the Master Servicer and the Master ServicerNIMS Insurer a certification notice in the form of Exhibit B or Exhibit C, which consent shall not be withheld unreasonablyas applicable, with respect to such Eligible Institution. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Trust Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Servicing Agreement (Sasco 2006-Bc2)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give notice to the consent Trustee and the Guarantor of the Owner location of the Custodial Account maintained by it when established and the Master Servicer, which consent shall not be withheld unreasonablyprior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investmentrelated Remittance Date, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Sr 2001-Bc4)
Protection of Accounts. The Servicer may transfer the any Custodial Account or the any Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give notice to the consent of Trustee, the Owner NIMS Insurer and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of each Custodial Account maintained by it with respect to the Mortgage Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Trust Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Trust Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Trust Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Trust Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account by the Servicer out of its own funds immediately as realized. Amounts on deposit in the DA Reserve Account shall, at the option of the Servicer, be invested in Eligible Investments that shall mature no later than the Business Day immediately preceding the related Remittance Date; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the DA Reserve Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for benefit of the Trustee. All income or gain realized from any such Eligible Investments shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the DA Reserve Account by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerIndenture Trustee, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than two (2) Business Days prior to the Determination Remittance Date next following the date of such Eligible Investment, in each month; provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 1 contract
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer The Servicer shall be made only upon obtaining give written notice to the consent of the Owner Trustee and the Master Servicer, which consent shall not be withheld unreasonablyServicer of the location of the Custodial Account maintained by it with respect to the Securitized Loans when established and prior to any change thereof. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Trustee or the Master Servicer if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") ), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Business Day immediately preceding the related Remittance Date next following the or other date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Datewhich funds are needed to be disbursed. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Ownerone or more Thornburg Mortgage Securities Trusts, as their interests may appear. All income on or gain realized from any such frox xxx xxxh Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, Account by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investmentrelated Remittance Date, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 04 4xs)
Protection of Accounts. The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository Eligible Institution from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer, the Indenture Trustee and the Swap Counterparty of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Indenture Trustee if the Custodial Account and/or the Escrow Account are not demand deposit accountsEligible Accounts. Amounts on deposit in the Custodial Account and the Escrow Pre-Funding Account may be invested at the option of the Servicer be invested and the Seller, respectively, but only in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment with respect to the Custodial Account shall mature no later than two (2) Business Days prior to the Determination Servicer Remittance Date next following the date of such Eligible Investment, in each month; provided, ,however, that if such Eligible Investment is an obligation of a Qualified Depository an Eligible Institution (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such the related Servicer Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) in trust for the benefit of the OwnerIndenture Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) and may be withdrawn at any time by the ServicerServicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account). Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer (with respect to the Custodial Account) and the Seller (with respect to the Pre-Funding Account) out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account or the Pre-Funding Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (SunTrust Mortgage Securitization, LLC)
Protection of Accounts. The Servicer may transfer the Custodial Account or the any Escrow Account to a different Qualified Depository Eligible Institution from time to time; provided that in the event the Custodial Account or any Escrow Account is held in a depository institution or trust company that ceases to be an Eligible Institution, the Servicer shall transfer such Custodial Account or Escrow Account, as the case may be, to an Eligible Institution. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerNIMS Insurer, which consent shall not be withheld unreasonably, and the Servicer shall give notice to the Master Servicer of any change in the location of the Custodial Account. The Servicer shall bear any expenses, losses or damages sustained by the Owner because Master Servicer or the Trustee if the Custodial Account and/or the Escrow Account are is not demand deposit accounts. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments. Any such Eligible Investment shall mature no later than one day prior to the Remittance Date in each month; provided, however, that if such Eligible Investment is an obligation of an Eligible Institution (other than the Servicer) that maintains the Custodial Account, then such Eligible Investment may mature on the related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Trustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Escrow Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account, by the Servicer out of its own funds immediately as realized. If, at any time, the amount on deposit in the Custodial Account exceeds the amount of the applicable FDIC insurance, such excess above the amount of the applicable FDIC insurance shall be invested in Eligible Investments. Amounts on deposit in the Custodial Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount") ”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following Business Day immediately preceding the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such related Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the OwnerTrustee. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp 2005-S1)
Protection of Accounts. The Servicer Company may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master ServicerPurchaser, which consent shall not be withheld unreasonably. The Servicer Company shall bear any expenses, losses or damages sustained by the Owner Purchaser because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer Company be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "“Insured Amount"”) the Servicer Company shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination third (3rd) calendar day prior to the Remittance Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the ServicerCompany) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer Company in trust for the benefit of the OwnerPurchaser. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer Company and may be withdrawn at any time by the ServicerCompany. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer Company out of its own funds immediately as realized.
Appears in 1 contract