Servicing Accounts. (a) The Servicer will establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the 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 Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by the Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of the Servicer, the Servicing compensation, in whatever form and amounts as permitted by the Servicing Agreement) and all other amounts to be deposited in the Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the Servicing Account for purposes required or permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Servicing 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. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing 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 12.01 hereof.
(b) [Reserved];
(c) To the extent provided in the Servicing Agreement and subject to this Article IV, on or before each Servicer Remittance Date, the Servicer shall withdraw or shall cause to be withdrawn from the related Servicing Account and shall immediately remit or cause to be remitted to the Trustee for deposit into the Distribution Account, amounts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) Monthly Payments on the Mortgage Loans received or any related portion thereof advanced by the Servicer pursuant to the Servicing Agreement which were due on or before the related Due Date, net of the amount thereof comprising the Servicing Fees and Lender-Paid Mortgage Insurance Fees, if any;
(ii) Principal Prepayments in full and any Liquid...
Servicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer shall be required to establish and maintain a Subservicing Account which shall be an Eligible Account. The Subservicer shall be required to deposit into the Subservicing Account, not later than the first Business Day after receipt, all proceeds of Mortgage Loans received by the Subservicer, less its subservicing compensation to the extent permitted by the Subservicing Agreement, and to remit such proceeds to the Servicer for deposit in the Custodial Account not later than the tenth day of each month, or if such tenth day is not a Business Day, the immediately succeeding Business Day. For purposes of this Agreement, the Servicer shall be deemed to have received payments on the Mortgage Loans when the Subservicer has received such payments pursuant to the Subservicing Agreement.
Servicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer shall be required to establish and maintain a Subservicing Account which shall be an Eligible Account. All amounts held in a Subservicing Account shall be held in trust for the benefit of Servicer. The Subservicer shall be required to deposit into the Subservicing Account not later than the first Business Day after receipt all proceeds of Mortgage Loans received by the Subservicer, less its subservicing compensation to the extent permitted by the Subservicing Agreement, and to remit such proceeds to Servicer for deposit in the Custodial Account not later than the tenth day of each month, or if such tenth day is not a Business Day, the immediately succeeding Business Day. For purposes of this Agreement, Servicer shall be deemed to have received payments on the Mortgage Loans when the Subservicer has received such payments pursuant to the Subservicing Agreement.
Servicing Accounts. IFS shall service the Servicing Accounts in accordance with the standards and procedures set forth in subsection (a) of this Section VII. IFS shall remit all amounts received by it in respect of any Servicing Accounts to the Hospital for application against such Servicing Accounts in the order of priority established pursuant to subsection (b) of this Section VII. In consideration for IFS servicing the Servicing Accounts, the Hospital shall pay IFS the Servicing Account Fee with respect to all amounts collected by IFS relating to the Servicing Accounts, which amount shall be paid by deducting it from the amount paid over to the Hospital pursuant to the previous sentence.
Servicing Accounts. In those cases where a Servicer is servicing a Mortgage Loan pursuant to a Warranty and Servicing Agreement, the Servicer will, pursuant to the Warranty and Servicing Agreement, be required to establish and maintain one or more Servicing Accounts. The Servicer will be required thereby to deposit into the Servicing Account on a daily basis all proceeds of Mortgage Loans received by the Servicer, subject to withdrawal to the extent permitted by such Warranty and Servicing Agreement. All amounts held in the Servicing Accounts shall be held in trust for the Trustee for the benefit of the Certificateholders. On the Servicer Remittance Date, the Servicer will, pursuant to the related Warranty and Servicing Agreement, be required to remit to the Master Servicer for deposit in the Certificate Account an amount equal to the sum of (i) all amounts received by the Servicer with respect to the Mortgage Loans serviced by it as of the Servicer Remittance Date, except (a) any monthly payment prepaid for a Due Date subsequent to the month in which the Servicer Remittance Date occurs, (b) any amounts received by such Servicer with respect to such Mortgage Loans that constitute a late recovery with respect to an advance previously made by such Servicer with respect to such Mortgage Loans, and (c) any Retained Yield payable to such Servicer under the terms of such Warranty and Servicing Agreement; (ii) all partial Principal Prepayments received in the calendar month prior to the month of the Servicer Remittance Date or applied as of the Due Date in the month of the Servicer Remittance Date; (iii) all Principal Prepayments in full received in the calendar month prior to the month of the Servicer Remittance Date, in each case together with a full month's interest thereon at the Mortgage Rate (net of the related servicing compensation and any Retained Yield payable to such Servicer under the terms of such Warranty and Servicing Agreement) whether or not received from the Mortgagor; (iv) all Insurance Proceeds and Liquidation Proceeds (net of Liquidation Expenses) received in the calendar month prior to the month of the Servicer Remittance Date; and (v) with respect to each Mortgage Loan for which the monthly payment due on the immediately preceding Due Date was delinquent as of the Servicer Remittance Date, an amount equal to such payment net of the servicing compensation and any Retained Yield payable to such Servicer (a "Servicer Advance"). The Servicer may deduct from each r...
Servicing Accounts. In those cases where a Servicer is servicing a Mortgage Loan pursuant to a Servicing Agreement, the Servicer will be required to establish and maintain one or more accounts (collectively, the "Servicing Account"). The Servicing Account shall be an Eligible Account and shall comply with all requirements of this Agreement relating to the Collection Account. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, all proceeds of Mortgage Loans received by the Servicer less its servicing compensation to the extent permitted by the Servicing Agreement, and shall thereafter deposit such amounts in the Servicing Account, in no event more than two Business Days after the receipt of such amounts. The Servicer shall thereafter remit such proceeds to the Master Servicer for deposit in the Master Servicer's Account not later than the related Servicer Remittance Date. For purposes of this Agreement, the Master Servicer shall be deemed to have received payments on the Mortgage Loans when the Servicer receives such payments.
Servicing Accounts. 38 SECTION 3.10 Collection of Taxes, Assessments and Similar Items; Escrow Accounts...................... 39 SECTION 3.11 Access to Certain Documentation and Information Regarding the Mortgage Loans.... 40 SECTION 3.12 Permitted Withdrawals from the Certificate Account..................................... 40 SECTION 3.13 Maintenance of the Pool Insurance Policy, Primary Mortgage Insurance Policies, FHA Insurance and VA Loan Guarantees; Collections Thereunder...................... 42 SECTION 3.14 Maintenance of Hazard Insurance, the Special Hazard Insurance Policy and Other Insurance............................. 44 SECTION 3.15 Enforcement of Due-on-Sale Clauses; Assumption Agreements....................... 47 SECTION 3.16 Realization Upon Defaulted Mortgage Loans... 49
Servicing Accounts. 60 Section 5.02. Collection Account ............................................................................. 62 Section 5.03. Permitted Withdrawals and Transfers from the Collection Account ................................ 63 Section 5.04. The Note Account ............................................................................... 65 Section 5.05. Yield Maintenance Account ...................................................................... 66 Section 5.06. Payments from the Note Account ................................................................. 67 Section 5.07. Allocation of Losses and Net Interest Shortfalls ............................................... 69 Section 5.08. The Certificate Account ........................................................................ 70 Section 5.09. Control of the Trust Accounts .................................................................. 70 Section 5.10. Statements ..................................................................................... 74 Section 5.11. Advances ....................................................................................... 76 Section 5.12. Compensating Interest Payments ................................................................. 77 ARTICLE VI MASTER SERVICER EVENTS OF DEFAULT ................................................................. 77
Servicing Accounts. Pursuant to the Servicing Agreements, each Servicer shall be required to establish and maintain one or more Servicing Accounts (collectively, the "Servicing Accounts"). The Servicer is required to deposit into the Servicing Account all funds received by them with respect to the Mortgage Loans less any amount which the Servicers are permitted to retain pursuant to the Servicing Agreements. On each Servicer Remittance Date, the Servicer is required to remit from the Servicing Account to the Interim Servicer the scheduled servicer remittance plus all other amounts with respect to the Mortgage Loans deposited by the Servicer into the Servicing Account as of the Servicer Remittance Date which amount shall be deposited by the Interim Servicer into the Certificate Account.
Servicing Accounts. CitiMortgage will establish and maintain servicing accounts with Depositories, and will deposit therein all collections of taxes, assessments, primary mortgage or hazard insurance premiums or comparable items for the account of the mortgagors. CitiMortgage may withdraw funds from the servicing account, but only · to effect payment of taxes, assessments, primary mortgage or hazard insurance premiums or comparable items, · to reimburse the relevant servicer for costs incurred in effecting the timely payment of taxes and assessments on a mortgaged property, for servicing account advances, and for payments made pursuant to section 3.1 regarding timely payment of taxes and assessments, section 3.10 regarding premiums on primary mortgage insurance policies, and section 3.11 regarding premiums on standard hazard insurance policies, or · to refund to a mortgagor any amounts determined to be overages, or to pay interest owed to mortgagors on such account to the extent required by law, or to clear and terminate such accounts at the termination of this agreement in accordance with section 9.1. The servicing account may commingle collections from other series that have the same Trustee. The servicing account will be a non-interest bearing account unless the Series Terms state that the servicing account is an investment account. Any costs incurred by the relevant servicer in effecting the timely payment of taxes and assessments on a mortgaged property will not, for the purpose of calculating monthly distributions to certificate holders, be added to the amount owing under the related mortgage loan, even if the terms of the mortgage loan so permit.
