Common use of Segregation of Funds Clause in Contracts

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Trusts may be held. The Direct Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Xxx Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Trusts may be held. The Direct Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Primary Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Xxx Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Primary Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Trusts may be held. The Direct Primary Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.funds.‌

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Primary Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Primary Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Trusts may be held. The Direct Primary Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.funds.‌

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Primary Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Xxx Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Primary Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Mae Trusts may be held. The Direct Primary Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Primary Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Primary Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Trusts may be held. The Direct Primary Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Primary Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Xxx Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Primary Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Trusts may be held. The Direct Primary Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.

Segregation of Funds. The amounts set forth in Subsection 6.1(2) will be held in a Custodial Account. To the extent permitted by the related Servicing Contract, and except as provided in paragraph (b) of Subsection 6.1(1), a Direct Primary Servicer may commingle such funds only with collections on other mortgage loans that are not part of that Trust but are held for other Trusts or Other Xxxxxx Mae Xxx Trusts. Temporarily, however, prior to depositing such funds as contemplated by Subsection 6.1(2), a Direct Primary Servicer may hold such funds in a clearing account that is either in an Eligible Depository or is a deposit account insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor, and that in any case may include collections on other mortgage loans without regard to their ownership. In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Xxx Mae Trusts may be held. The Direct Primary Servicer will maintain records on a loan-by-loan basis regarding the sources of the commingled funds.funds.‌