Common use of Servicer Accounts Clause in Contracts

Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, and advances made from the Servicer's own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof. (b) [Reserved]; (c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, each Servicer shall withdraw or shall cause to be withdrawn from the related Servicer Accounts and shall immediately deposit or cause to be deposited in the Master Servicer Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing: (i) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicers pursuant to the Servicing Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees; (ii) Full Principal Prepayments and any Net Liquidation Proceeds received by the Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees; (iii) Partial Principal Prepayments received by the Servicers for such Mortgage Loans in the related Prepayment Period; (iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement; and (v) Any amount to be used as a Monthly Advance or Compensating Interest Payment. (d) Withdrawals may be made from a Servicer Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for Monthly Advances which have been recovered by subsequent collection from the related Mortgagor; to remove amounts deposited in error; to remove fees, charges or other such amounts deposited on a temporary basis; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicers may be retained by them and need not be deposited in the Master Servicer Collection Account.

Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, Subsequent Recoveries and advances made from the Servicer's own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof. (b) [Reserved]; (c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, each Servicer shall withdraw or shall cause to be withdrawn from the related Servicer Accounts and shall immediately deposit or cause to be deposited in the Master Servicer Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing: (i) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicers pursuant to the Servicing Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees; (ii) Full Principal Prepayments and any Net Liquidation Proceeds received by the Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees, and any Subsequent Recoveries received in the related Prepayment Period; (iii) Partial Principal Prepayments received by the Servicers for such Mortgage Loans in the related Prepayment Period; (iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement; and (v) Any amount to be used as a Monthly Advance or Compensating Interest Payment. (d) Withdrawals may be made from a Servicer Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for Monthly Advances which have been recovered by subsequent collection from the related Mortgagor; to remove amounts deposited in error; to remove fees, charges or other such amounts deposited on a temporary basis; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicers may be retained by them and need not be deposited in the Master Servicer Collection Account.

Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, and advances made from the Servicer's own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof. (b) [Reserved]; (c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, each Servicer shall withdraw or shall cause to be withdrawn from the related Servicer Accounts and shall immediately deposit or cause to be deposited in the Master Servicer Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing: (i) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicers pursuant to the Servicing Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees; (ii) Full Principal Prepayments and any Net Liquidation Proceeds received by the Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees; (iii) Partial Principal Prepayments received by the Servicers for such Mortgage Loans in the related Prepayment Period; (iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement; and (v) Any amount to be used as a Monthly Advance or Compensating Interest Payment. (d) Withdrawals may be made from a Servicer an Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for Monthly Advances which have been recovered by subsequent collection from the related Mortgagor; to remove amounts deposited in error; to remove fees, charges or other such amounts deposited on a temporary basis; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicers may be retained by them and need not be deposited in the Master Servicer Collection Account.

Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, Subsequent Recoveries and advances made from the Servicer's own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof. (b) [Reserved]; (c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, each Servicer shall withdraw or shall cause to be withdrawn from the related Servicer Accounts and shall immediately deposit or cause to be deposited in the Master Servicer Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing: (i) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicers pursuant to the Servicing Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees; ; (ii) Full Principal Prepayments and any Net Liquidation Proceeds received by the Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees; Fees and any Subsequent Recoveries received in the related Prepayment Period; (iii) Partial Principal Prepayments received by the Servicers for such Mortgage Loans in the related Prepayment Period; ; (iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement; and and (v) Any amount to be used as a Monthly Advance or Compensating Interest Payment. (d) Withdrawals may be made from a Servicer Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for Monthly Advances which have been recovered by subsequent collection from the related Mortgagor; to remove amounts deposited in error; to remove fees, charges or other such amounts deposited on a temporary basis; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicers may be retained by them and need not be deposited in the Master Servicer Collection Account.

Servicer Accounts. (aA) The Master Servicer shall enforce Schedule III hereto contains a true and complete list of all accounts maintained for the obligation purpose of each Servicer to establish and maintain one or more Servicer Accounts in accordance with receiving Collections (each, a "Local Deposit Account"). In the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts event that any Local Deposit Account shall be deposited within 48 hours (or as of such other time specified held in the related Servicing Agreement) name of receipt all collections of principal and interest a party other than the Trustee, on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, and advances made from the Servicer's own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits or prior to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain paymentsinitial Closing Date, such as taxes and insuranceparty shall, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer such Local Deposit Account, (i) cause such Local Deposit Account to be transferred into the contents of which are acceptable to the parties hereto as name of the date hereof Trustee and changes to which shall not be made unless enter into a Deposit Account Agreement in respect of such changes are made in accordance with the provisions of Section 11.02 hereofaccount, or (ii) terminate such Local Deposit Account. (bB) [Reserved];Such party shall not establish any new Local Deposit Accounts unless such party shall have first given notice to the Trustee of such new Local Deposit Account (which notice shall constitute an amendment of Schedule III hereto) and entered into a Deposit Account Agreement in respect of such account. (cC) To the extent provided Each Local Deposit Account shall be in the related Servicing Agreement name of the Trustee and subject to this Article IV, on or before each applicable Servicer Remittance Date, each Servicer shall withdraw or shall cause to be withdrawn from bear a designation clearly indicating that the related Servicer Accounts and shall immediately deposit or cause to be funds deposited in therein are held solely for the Master Servicer Collection Account amounts representing benefit of the following collections and payments Beneficiaries. (other than with respect to principal of or interest on the Mortgage Loans due on D) On or before the Cut-off Datedate hereof, such party shall have entered into an agreement (a "Collection Servicer Agreement") with respect to each a Collection Servicer who shall act solely at the instruction of the Mortgage Loans it Trustee. Each such Collection Servicer Agreement shall provide that each day Collections are received in the Dedicated Zip Code, such party shall cause one of its employees (who shall at all times be covered by a fidelity bond and errors and omissions policy substantially similar to that referred to in Section 3.10 hereof) to deliver the contents thereof to the Servicer for processing, and upon completion of such processing to deposit all such Collections into a Local Deposit Account. The Collection Servicer Agreement with Union Bank of California, dated March 25, 1994 between the Servicer and Union Bank of California, is servicing:hereby preapproved. In the event of the termination thereof, the Servicer shall forthwith establish a successor Collection Servicer Agreement. Any successor, replacement or additional Collection Servicer Agreement shall be in form and substance satisfactory to the Certificateholders as evidenced by a Consent of the Certificateholders. (iE) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicers pursuant to the Servicing Agreements which were due on On or before the related Due Datedate hereof, net such party shall cause its Dedicated Zip Code to be transferred into the name of the amount thereof comprising Trustee. The Servicer shall cause the Servicing Fees; (ii) Full Principal Prepayments and any Net Liquidation Proceeds received terms of each Charge Account to provide that all payments made by the Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest mail shall be addressed to the date Servicer at the Dedicated Zip Code. The Servicer shall not change said address or payment instructions without the Consent of prepayment or liquidationCertificateholders, net of the amount thereof comprising the Servicing Fees; (iii) Partial Principal Prepayments received by the Servicers for such Mortgage Loans in the related Prepayment Period; (iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement; and (v) Any amount not to be used as a Monthly Advance or Compensating Interest Paymentunreasonably withheld. (d) Withdrawals may be made from a Servicer Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for Monthly Advances which have been recovered by subsequent collection from the related Mortgagor; to remove amounts deposited in error; to remove fees, charges or other such amounts deposited on a temporary basis; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicers may be retained by them and need not be deposited in the Master Servicer Collection Account.

Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, and advances made from the Servicer's ’s own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof. (b) [Reserved]; (c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, each Servicer shall withdraw or shall cause to be withdrawn from the related Servicer Accounts and shall immediately deposit or cause to be deposited in the Master Servicer Collection Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing: (i) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicers pursuant to the Servicing Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees; (ii) Full Principal Prepayments and any Net Liquidation Proceeds received by the Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing Fees; (iii) Partial Principal Prepayments received by the Servicers for such Mortgage Loans in the related Prepayment Period; (iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement; and (v) Any amount to be used as a Monthly Advance or Compensating Interest Payment. (d) Withdrawals may be made from a Servicer Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for Monthly Advances which have been recovered by subsequent collection from the related Mortgagor; to remove amounts deposited in error; to remove fees, charges or other such amounts deposited on a temporary basis; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicers may be retained by them and need not be deposited in the Master Servicer Collection Account.

Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, Subsequent Recoveries and advances made from the Servicer's ’s own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof. (b) [Reserved]; (c) To the extent provided in the related Servicing Agreement and subject to this Article IV, on or before each applicable Servicer Remittance Date, each Servicer shall withdraw or shall cause to be withdrawn from the related Servicer Accounts and shall immediately deposit or cause to be deposited in the Master Servicer Collection Distribution Account amounts representing the following collections and payments (other than with respect to principal of or interest on the Mortgage Loans due on or before the Cut-off Date) with respect to each of the Mortgage Loans it is servicing: (i) Scheduled Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicers pursuant to the Servicing Agreements which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees; (ii) Full Principal Prepayments and any Net Liquidation Proceeds received by the Servicers with respect to such Mortgage Loans in the related Prepayment Period, with interest to the date of prepayment or liquidation, net of the amount thereof comprising the Servicing FeesFees and any Subsequent Recoveries received in the related Prepayment Period; (iii) Partial Principal Prepayments received by the Servicers for such Mortgage Loans in the related Prepayment Period; (iv) Prepayment Penalty Amounts, if any, and only if required under the related Servicing Agreement; and (v) Any amount to be used as a Monthly Advance or Compensating Interest Payment. (d) Withdrawals may be made from a Servicer Account only to make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer for Monthly Advances which have been recovered by subsequent collection from the related Mortgagor; to remove amounts deposited in error; to remove fees, charges or other such amounts deposited on a temporary basis; or to clear and terminate the account at the termination of this Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due to the Servicers may be retained by them and need not be deposited in the Master Servicer Collection Distribution Account.