Common use of Subservicing Accounts Clause in Contracts

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer will be required to establish and maintain one or more accounts (collectively, the "Subservicing Account"). The Subservicing Account shall be insured by the FDIC to the limits established by such corporation, and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by Seller. All funds deposited in the Subservicing Account shall be held for the benefit of Seller. The Subservicer shall deposit in the Subservicing Account on a daily basis all amounts of the type described in clauses (a) through (f) of Section 10.09, received by the Subservicer with respect to the Mortgage Loans. On the date set forth in the related Subservicing Agreement (the "Subservicer Remittance Date"), the Subservicer will be required to remit all such amounts to Seller, except, if applicable, any Monthly Payment received which constitutes a late recovery with respect to which a Subservicer Advance (as defined below) was previously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance Date, an amount equal to such Monthly Payment net of the related Subservicing Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees to which it is then entitled to the extent not previously paid to or retained by it. Seller is not obligated to require in a Subservicing Agreement that any Subservicer make Subservicer Advances as described above.

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer will be required to establish and maintain one or more accounts (collectively, the "Subservicing Account"). The Subservicing Account shall be insured by the FDIC to the limits established by such corporationcorporation and in no event shall amounts on deposit therein exceed such limits, and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by Seller. All funds deposited depos-ited in the Subservicing Account shall be held for the benefit of Seller. The Subservicer shall deposit in the Subservicing Account on a daily basis all amounts of the type described in clauses (a) through (f) of Section 10.09, received by the Subservicer with respect to the Mortgage Loans. On the date set forth in the related Subservicing Agreement (the "Subservicer Remittance Date"), the Subservicer will be required to remit all such amounts to Seller, except, if applicable, any Monthly Payment received which constitutes a late recovery with respect to which a Subservicer Advance (as defined below) was previously previ-ously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance Date, an amount equal to such Monthly Payment net of the related Subservicing Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees to which it is then entitled to the extent not previously paid to or retained by it. Seller is not obligated to require in a Subservicing Agreement that any Subservicer make Subservicer Advances as described above.

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer will be required to establish and maintain one or more accounts (collectively, the "“Subservicing Account"”). The Subservicing Account shall be insured by the FDIC an Eligible Account and shall otherwise be acceptable to the limits established by such corporation, and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by SellerMaster Servicer. All funds deposited amounts held in the a Subservicing Account shall be held in trust for the Trustee for the benefit of Sellerthe Certificateholders. Any investment of funds held in such an account shall be in Permitted Investments maturing not later than the Business Day immediately preceding the next Subservicer Remittance Date. The Subservicer shall will be required to deposit in into the Subservicing Account on a daily basis no later than two Business Days after receipt all amounts proceeds of the type described in clauses (a) through (f) of Section 10.09, Mortgage Loans received by the Subservicer with respect Subservicer, less its servicing compensation and any unreimbursed expenses and advances, to the Mortgage Loansextent permitted by the Subservicing Agreement. On the date set forth in the related Subservicing Agreement (the "each Subservicer Remittance Date"), Date the Subservicer will be required to remit to the Master Servicer for deposit in the Custodial Account all such amounts to Seller, except, if applicable, any Monthly Payment received which constitutes a late recovery funds held in the Subservicing Account with respect to which a Subservicer Advance (as defined below) was previously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each any Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance Date, after deducting from such remittance an amount equal to such Monthly Payment net of the related Subservicing Fee servicing compensation (a "Subservicer Advance"). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees including interest on Permitted Investments) and unreimbursed expenses and advances to which it is then entitled pursuant to the related Subservicing Agreement, to the extent not previously paid to or retained by it. Seller is not obligated In addition, on each Subservicer Remittance Date the Subservicer will be required to require in a remit to the Master Servicer any amounts required to be advanced pursuant to the related Subservicing Agreement that Agreement. The Subservicer will also be required to remit to the Master Servicer, within five Business Days of receipt, the proceeds of any Principal Prepayment made by the Mortgagor, and, on each Subservicer make Subservicer Advances as described aboveRemittance Date, the amount of any Insurance Proceeds or Liquidation Proceeds received during the related Prepayment Period.

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Servicer shall cause the Subservicer will be required pursuant to the Subservicing Agreement to establish and maintain one or more accounts (collectively, the "Subservicing Account"). The Subservicing Account shall be insured by the FDIC a segregated Eligible Account and shall otherwise be acceptable to the limits established by such corporation, and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by SellerServicer. All funds deposited amounts held in the a Subservicing Account shall be held in trust for the benefit of Sellerthe Certificateholders. The Subservicer shall will be required to deposit in into the Subservicing Account on a daily basis no later than the first Business Day after receipt all amounts proceeds of the type described in clauses (a) through (f) of Section 10.09, Mortgage Loans received by the Subservicer with respect Subservicer, including the proceeds of any Principal Prepayment in Full made by the Mortgagor and any Insurance Proceeds or Liquidation Proceeds, less its servicing compensation (which shall in no event exceed the Servicing Fee) and any unreimbursed expenses and advances, to the Mortgage Loansextent permitted by the Subservicing Agreement. On each remittance date required under the date set forth in the related applicable Subservicing Agreement (the each a "Subservicer Remittance SubDetermination Date"), ) the Subservicer will be required to remit to the Servicer for deposit in the Collection Account all such amounts to Seller, except, if applicable, any Monthly Payment received which constitutes a late recovery funds held in the Subservicing Account with respect to which a Subservicer Advance (as defined below) was previously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each any Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance SubDetermination Date, after deducting from such remittance an amount equal to such Monthly Payment net of the related Subservicing Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees servicing compensation and unreimbursed expenses and advances to which it is then entitled pursuant to the related Subservicing Agreement, to the extent not previously paid to or retained by it. Seller In addition, on each SubDetermination Date the Subservicer will be required to remit to the Servicer any amounts required to be advanced pursuant to the related Subservicing Agreement. The Subservicer will also be required to remit to the Servicer for deposit in the Collection Account, within one Business Day of receipt, the proceeds of any Principal Prepayment in full made by the Mortgagor and any Insurance Proceeds or Liquidation Proceeds. Any institution maintaining the Subservicing Account may at the written direction of the Servicer invest the funds as so directed in such account in Eligible Investments, which shall mature not later than the Business Day immediately preceding the SubDetermination Date next following the date of such investment (except that if such Eligible Instrument is an obligation of the institution that maintains such account, then such Eligible Instrument shall mature not obligated later than such SubDetermination Date) and shall not be sold or disposed of prior to require its maturity. All such Eligible Investments shall be registered in a the name of the Servicer (in its capacity as servicer hereunder) or its nominee with respect to the Subservicing Agreement that Account. All income and gain realized from any Subservicer make Subservicer Advances such investment, as described abovewell as any interest earned on deposits, in the Subservicing Account, shall be for the benefit of the Servicer. The Servicer shall deposit in the Subservicing Account an amount equal to the amount of any loss incurred in respect of any such investment immediately upon realization of such loss.

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer will be required to establish and maintain one or more accounts (collectively, the "Subservicing Account"). The Subservicing Account shall be insured by the FDIC to the limits established by such corporationan Eligible Account, and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by Seller. All funds deposited in the Subservicing Account with respect to the Mortgage Loans shall be held for the benefit of SellerPurchaser. The Subservicer shall deposit in the Subservicing Account on a daily basis all amounts of the type described in clauses (a) through (f) of Section 10.09, received by the Subservicer with respect to the Mortgage Loans. On the date set forth in the related Subservicing Agreement (the "Subservicer Remittance Date"), the Subservicer will be required to remit all such amounts to Seller, except, if applicable, any Monthly Payment received which constitutes a late recovery with respect to which a Subservicer Advance (as defined below) was previously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance Date, an amount equal to such Monthly Payment net of the related Subservicing Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees to which it is then entitled to the extent not previously paid to or retained by it. Seller is not obligated to require in a Subservicing Agreement that any Subservicer make Subservicer Subservicing Advances as described above; provided, however, that Seller shall be responsible for making Servicing Advances with respect to such Mortgage Loans.

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Servicer shall cause the Subservicer will be required pursuant to the Subservicing Agreement to establish and maintain one or more accounts (collectively, the "Subservicing Account"). The Subservicing Account shall be insured by the FDIC a segregated Eligible Account and shall otherwise be acceptable to the limits established by such corporation, Servicer and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by SellerCertificate Insurer. All funds deposited amounts held in the a Subservicing Account shall be held in trust for the benefit of Sellerthe Certificateholders. The Subservicer shall deposit Except as provided in the Subservicing Account on a daily basis all amounts last sentence of the type described in clauses (a) through (f) of Section 10.09, received by the Subservicer with respect to the Mortgage Loans. On the date set forth in the related Subservicing Agreement (the "Subservicer Remittance Date")this paragraph, the Subservicer will be required to deposit into the Subservicing Account no later than the first Business Day after receipt all proceeds of Mortgage Loans received by the Subservicer, including the proceeds of any Principal Prepayment in Full made by the Mortgagor and any Insurance Proceeds or Liquidation Proceeds, less its servicing compensation (which shall in no event exceed the Servicing Fee) and any unreimbursed expenses and advances, to the extent permitted by the Subservicing Agreement. On each remittance date required under the applicable Subservicing Agreement (each a "Subservicer Remittance Date") the Subservicer will be required to remit to the Servicer for deposit in the Collection Account all such amounts to Seller, except, if applicable, any Monthly Payment received which constitutes a late recovery funds held in the Subservicing Account with respect to which a Subservicer Advance (as defined below) was previously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each any Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance Date, after deducting from such remittance an amount equal to such Monthly Payment net of the related Subservicing Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees servicing compensation and unreimbursed expenses and advances to which it is then entitled pursuant to the related Subservicing Agreement, to the extent not previously paid to or retained by it. Seller In addition, on each Subservicer Remittance Date the Subservicer will be required to remit to the Servicer any amounts required to be advanced pursuant to the related Subservicing Agreement. The Subservicer will also be required to remit to the Servicer for deposit in the Collection Account, within one Business Day of receipt, the proceeds of any Principal Prepayment in full made by the Mortgagor and any Insurance Proceeds or Liquidation Proceeds. Any institution maintaining the Subservicing Account may at the written direction of the Servicer invest the funds as so directed in such account in Eligible Investments, which shall mature not later than the Business Day immediately preceding the Subservicer Remittance Date next following the date of such investment (except that if such Eligible Instrument is an obligation of the institution that maintains such account, then such Eligible Instrument shall mature not obligated later than such Subservicer Remittance Date) and shall not be sold or disposed of prior to require its maturity. All such Eligible Investments shall be registered in a the name of the Servicer (in its capacity as servicer hereunder) or its nominee with respect to the Subservicing Agreement that Account. All income and gain realized from any Subservicer make Subservicer Advances such investment, as described above.well as any interest earned on deposits, in the Subservicing Account, shall be for the benefit of the Servicer. The Servicer shall deposit in the Subservicing Account an amount equal to the amount of any loss incurred in respect of any such investment immediately upon realization of such loss. [End of Article V]

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer will be required to establish and maintain one or more accounts (collectively, the "“Subservicing Account"”). The Subservicing Account shall be insured by the FDIC to the limits established by such corporation, and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by SellerServicer. All funds deposited in the Subservicing Account shall be held for the benefit of SellerServicer. The Subservicer shall deposit in the Subservicing Account on a daily basis all amounts of the type described in clauses (a) through (f) of Section 10.09, received by the Subservicer with respect to the Mortgage Loans. On the date set forth in the related Subservicing Agreement (the "“Subservicer Remittance Date"”), the Subservicer will be required to remit all such amounts to SellerServicer, except, if applicable, any Monthly Payment received which constitutes a late recovery with respect to which a Subservicer Advance (as defined below) was previously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance Date, an amount equal to such Monthly Payment net of the related Subservicing Fee (a "“Subservicer Advance"”). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees to which it is then entitled to the extent not previously paid to or retained by it. Seller Servicer is not obligated to require in a Subservicing Agreement that any Subservicer make Subservicer Advances as described above.

Subservicing Accounts. In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer will be required to establish and maintain one or more accounts (collectively, the "“Subservicing Account"”). The Subservicing Account shall be insured by the FDIC to the limits established by such corporationan Eligible Account, and shall be segregated on the books of the Subservicer and relate only to the Mortgage Loans subject to this Agreement and other mortgage loans owned or serviced by Sellerthe Servicer. All funds deposited in the Subservicing Account shall be held for the benefit of Sellerthe Servicer. The Subservicer shall deposit in the Subservicing Account on a daily basis all amounts of the type described in clauses (a) through (fg) of Section 10.097.09, received by the Subservicer with respect to the Mortgage Loans. On the date set forth in the related Subservicing Agreement (the "“Subservicer Remittance Date"”), the Subservicer will be required to remit all such amounts to Sellerthe Servicer, except, if applicable, any Monthly Payment received which constitutes a late recovery with respect to which a Subservicer Advance (as defined below) was previously made; and, if the Subservicing Agreement so provides, the Subservicer will also be required to remit, with respect to each Mortgage Loan for which the Monthly Payment due on the immediately preceding Due Date was delinquent as of the Subservicer Remittance Date, an amount equal to such Monthly Payment net of the related Subservicing Fee (a "“Subservicer Advance"”). The Subservicer may deduct from each remittance, as provided above, an amount equal to Subservicing Fees to which it is then entitled to the extent not previously paid to or retained by it. Seller The Servicer is not obligated to require in a Subservicing Agreement that any Subservicer make Subservicer Advances as described above.