Withdrawals From Escrow Account. Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.
Withdrawals From Escrow Account. 45 Subsection 11.08 Payment of Taxes, Insurance and Other Charges; Collections Thereunder......................46 Subsection 11.09
Withdrawals From Escrow Account. Withdrawals from the Escrow Account shall be made by Seller or the Subservicer only (a) to effect timely payments of ground rents, taxes, assessments, water rates, PMI premiums, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse Seller for any Servicing Advance made by Seller pursuant to Section 10.13 hereof with respect to a related Mortgage Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), such withdrawal to be made monthly not later than the Remittance Date or (h) to clear and terminate the Escrow Account upon the termination of this Agreement.
Withdrawals From Escrow Account. Withdrawals from the Escrow Account may be made by the Company only (a) to effect timely payments of taxes, assessments, Primary Insurance Policy premiums, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Company for any Servicing Advance made by the Company pursuant to Section 4.08 hereof with respect to a related Mortgage Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, for transfer to the Custodial Account of such amounts as are to be applied to the indebtedness of a Mortgage Loan in accordance with the terms thereof, (e) for application to restoration or repair of the Mortgaged Property, (f) to deposit into the Custodial Account the funds required to be deposited therein pursuant to Section 4.14, (g) to pay to itself amounts to which it is entitled pursuant to Section 4.14, (h) to withdraw any Escrow Payments related to a Mortgage Loan repurchased by the Company pursuant to Section 3.03, or (i) to clear and terminate the Escrow Account upon the termination of this Agreement.
Withdrawals From Escrow Account. (a) Disbursement Of 10% Of Escrow Funds. If the Escrow Agent receives, on or before the Termination Date, subscriptions in an aggregate amount of not less than $18,000,000 and written acceptance of each subscriber's subscription by OTEC, and OTEC has met the Release Conditions set forth in Paragraph 4(c) below, then the Escrow Agent shall disburse, upon written instruction from OTEC, substantially in the form attached hereto as Exhibit A, 10% of the subscription payments held in the Escrow Account to OTEC ("Initial Disbursement"). If the Escrow Agent receives additional subscription payments after the Initial Disbursement, the Escrow Agent shall deposit the subscription payments into the Escrow Account and upon receiving written instruction from OTEC, substantially in the form attached hereto as Exhibit A, shall disburse to OTEC 10% of all subscription payments received after the Initial Disbursement. The Escrow Agent shall retain the remaining 90% of all subscription payments in the Escrow Account to be disbursed as set forth in Section 4(b) below.
(b) Disbursement Of Remaining 90% Of Subscription Payments. Upon receipt by the Escrow Agent of written confirmation from OTEC that OTEC has received an executed commitment letter from a lender for the amount of debt financing that OTEC determines necessary ("Commitment Letter Notice"), and OTEC has met the Release Conditions set forth in Paragraph 4(c) below, the Escrow Agent shall disburse to OTEC, pursuant to written instruction from OTEC, substantially in the form attached hereto as Exhibit A, the remaining 90% of the subscription payments remaining in the Escrow Account in immediately available funds ("90% Disbursement"). If the Escrow Agent receives additional subscription payments after the 90% Disbursement, then the Escrow Agent shall disburse the subscription payments to OTEC upon written instruction from OTEC, substantially in the form attached hereto as Exhibit A. If the Escrow Agent does not receive the Commitment Letter Notice from OTEC by the Termination Date, then the Escrow Agent shall refund to subscribers with interest determined on a pro rata basis per subscriber, the remaining 90% of each Subscriber's subscription payment per written instruction from OTEC.
Withdrawals From Escrow Account. Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law,
Withdrawals From Escrow Account. 33 Subsection 11.08 Payment of Taxes, Insurance and Other Charges; Collections Thereunder.........................................34 Subsection 11.09 Transfer of Accounts...........................................34 Subsection 11.10 Maintenance of Hazard Insurance................................34 Subsection 11.11 Maintenance of Primary Mortgage Insurance Policy; Claims....
Withdrawals From Escrow Account. Withdrawals from the Escrow Account shall be made by the Servicer, only
(a) to effect timely payment of taxes, mortgage insurance premiums, flood, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage Loan;
(b) to reimburse the Servicer for any Servicing Advance made by the Servicer to effect the payment of taxes or insurance required under the terms of the related Mortgage Loan, but only from amounts received on the related Mortgage Loan which represent late payments or collections of Escrow Payments thereunder;
(c) to refund to any Borrower any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan;
(d) for application to restoration or repair of the Mortgaged Property
(e) to pay to the Borrower, to the extent required by law, any interest paid on the funds deposited in the Escrow Account;
(f) to pay to itself any interest earned on funds deposited in the Escrow Account;
(g) to remove any deposits made in error; or
(h) to clear and terminate the Escrow Account upon termination of this Agreement;
Withdrawals From Escrow Account. Payment of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage Insurance Policies.
Withdrawals From Escrow Account. Payment of Taxes, Insurance and Other Charges; Collections Thereunder.
