Common use of Segregated Custodial Account Clause in Contracts

Segregated Custodial Account. The Servicer shall establish a Custodial Account pursuant to Subsection 11.04 of the Sale and Servicing Agreement which shall be titled “First Republic Bank, in trust for U.S. Bank National Association, as trustee of the Sequoia Mortgage Trust 2012-1” (the “2012-1 Custodial Account”), which shall be the Custodial Account under this Agreement for all purposes. If the 2012-1 Custodial Account is no longer an Eligible Account, the Servicer shall transfer the 2012-1 Custodial Account to an account that is an Eligible Account. The 2012-1 Custodial Account shall qualify as an Eligible Account. Such account may be the same as the account established pursuant to the Flow Mortgage Loan Sale and Servicing Agreement dated as of July 1, 2010, between Assignor and the Bank, as modified by the Assignment, Assignment, Assumption and Recognition Agreement dated the date hereof among the Assignor, the Depositor, the Trustee and the Bank.

Segregated Custodial Account. The Servicer shall establish a Custodial Account pursuant to Subsection 11.04 of the Sale and Servicing Agreement which shall be titled “First Republic Bank, in trust for U.S. Bank National Association, as trustee of the Sequoia Mortgage Trust 20122011-12” (the “20122011-1 2 Custodial Account”), which shall be the Custodial Account under this Agreement for all purposes. If the 20122011-1 2 Custodial Account is no longer an Eligible Account, the Servicer shall transfer the 20122011-1 2 Custodial Account to an account that is an Eligible Account. The 20122011-1 2 Custodial Account shall qualify as an Eligible Account. Such account may be the same as the account established pursuant to the Flow Mortgage Loan Sale and Servicing Agreement dated as of July 1April 8, 20102011, between the Bank and DLJ Mortgage Capital, Inc., as modified by the Assignment, Assumption and Recognition Agreement dated the date hereof between DLJ Mortgage Capital, Inc., the Assignor and the Bank, Bank and as further modified by the Assignment, Assignment, Assumption and Recognition Agreement dated the date hereof among the Assignor, the Depositor, the Trustee and the Bank.