Custodial Account for P&I. The Custodial Account for principal and interest established and maintained by each Servicer pursuant to its Selling and Servicing Contract and caused by the Master Servicer to be established and maintained pursuant to Section 3.02 (a) with the corporate trust department of the Trustee or another financial institution approved by the Master Servicer such that the rights of the Master Servicer, the Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the applicable Servicer and of any creditors or depositors of the institution in which such account is maintained, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Servicer or (c) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (b) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established. Any amount that is at any time not protected or insured in accordance with the first sentence of this definition of "Custodial Account for P&I" shall promptly be withdrawn from such Custodial Account for P&I and be remitted to the Investment Account.
Custodial Account for P&I. A custodial account for principal and interest established and maintained by the Servicer pursuant to Section 3.02 either (a) with the corporate trust department of the Trustee or another financial institution approved by the Servicer such that the rights of the Servicer, the Trustee, the Trust, the Delaware Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors or depositors of the institution in which such account is maintained, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by the Servicer or (c) as a separate account at an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (b) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established. In the event that a Custodial Account for P&I is established pursuant to clause (c) it shall be entitled "[Name of Servicer] in trust for holders of WaMu Mortgage Pass-Through Certificates, Series [____]."
Custodial Account for P&I. The custodial account for principal and interest established and maintained by, or at the direction of, the Servicer and caused by the Servicer to be established and maintained pursuant to Section 3.2(b) (i) with the corporate trust department of the Trustee or another financial institution approved by the Servicer such that the rights of such Servicer, the Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the Servicer and of any creditors or depositors of the institution in which such account is maintained, (ii) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to each Rating Agency) created and maintained, by or at the direction of the Servicer, and monitored by the Servicer or (iii) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (ii) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established.
Examples of Custodial Account for P&I in a sentence
Any amounts collected under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property) shall be deposited into the Custodial Account for P&I, subject to withdrawal pursuant to the applicable Selling and Servicing Contract and pursuant to Section 3.03 and Section 3.05.
Upon the Payoff or scheduled maturity of any Mortgage Loan, the Master Servicer shall cause such final payment to be immediately deposited in the related Custodial Account for P&I or the Investment Account.
No expenses incurred in connection with such satisfaction or assignment shall be payable to the Master Servicer by the Trustee or from the Certificate Account, the related Investment Account or the related Custodial Account for P&I.
As compensation for its activities under the applicable Selling and Servicing Contract, the applicable Servicer shall be entitled to withhold or withdraw from the related Custodial Account for P&I the amounts provided for in such Selling and Servicing Contract to the extent not inconsistent with this Agreement (including Section 3.05(d)).
Proceeds received with respect to individual Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty, Primary Insurance Policy or other insurance policy (other than any Special Primary Insurance Policy) covering such Mortgage Loans, if required for the restoration or repair of the related Mortgaged Property, may be deposited either in the Custodial Account for Reserves or the Custodial Account for P&I.
More Definitions of Custodial Account for P&I
Custodial Account for P&I. A custodial account for principal and interest established and maintained by the Servicer pursuant to Section 3.02 either (a) with the corporate trust department of the Trustee or another financial institution selected by the Servicer such that the rights of the Servicer, the Trustee, the Trust, the Delaware Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors or depositors of the institution in which such account is maintained, (b) within FDIC insured accounts created, maintained and monitored by the Servicer or (c) as a separate account at an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (b) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established. In the event that a Custodial Account for P&I is established pursuant to clause (c) it shall be entitled "[Name of Servicer] in trust for holders of WaMu Mortgage Pass-Through Certificates, Series 2007-OA1."
Custodial Account for P&I. The Custodial Account for Principal and Interest established and maintained by the Servicer and caused by the Servicer to be established and maintained pursuant to Section 3.2(b) with the corporate trust department of the Trustee or another financial institution approved by the Servicer such that the rights of such Servicer, the Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the Servicer and of any creditors or depositors of the institution in which such account is maintained, (a) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to each Rating Agency) created, maintained and monitored by the Servicer or (b) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (a) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established.
Custodial Account for P&I. A custodial account for principal and interest established and maintained by the Servicer pursuant to Section 3.02 either (a) with the corporate trust department of (i) the Trustee or (ii) another federal or state-chartered depository institution or trust company selected by the Servicer and subject to the regulations regarding fiduciary funds held by it similar to 12 C.F.R. §9.10(b) that has corporate trust powers and is acting in its fiduciary capacity or (b) as a separate account at an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (b) above it shall be entitled "[Name of Servicer] in trust for holders of Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-OC2." In the event that a Custodial Account for P&I is established pursuant to clause (b) above and the debt obligations of the institution at which such account is held are downgraded to a rating lower than any of the applicable ratings specified in the definition of “Eligible Institution,” such account shall within 30 calendar days of such downgrade be moved by the Servicer to another institution that satisfies the requirements of this definition of “Custodial Account for P&I.”
Custodial Account for P&I. The Custodial Account for principal and interest established and maintained by each Servicer pursuant to its Selling and Servicing Contract and caused by the Master Servicer to be established and maintained pursuant to Section 3.02 (a) with the corporate trust department of the Trustee or another financial institution approved by the Master Servicer such that the rights of the Master Servicer, the Trust, the Trustee, the Delaware Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the applicable Servicer and of any creditors or depositors of the institution in which such account is maintained, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Servicer or (c) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (b) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established. Any amount that is at any time not protected or insured in accordance with the first sentence of this definition of "Custodial Account for P&I" shall promptly be withdrawn from such Custodial Account for P&I and be remitted to the Investment Account.
Custodial Account for P&I. The custodial account for principal and interest established and maintained by, or at the direction of, the Servicer and caused by the Servicer to be established and maintained pursuant to Section 3.2(b) (i) with the corporate trust department of the Trustee or another financial institution approved by the Servicer such that the rights of such Servicer, the Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the Servicer and of any creditors or depositors of the institution in which such account is maintained, (ii) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to each Rating Agency) created and maintained, by or at the direction of the Servicer, and monitored by the Servicer or (iii) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (ii) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established. Custodian: A custodian which shall initially be U.S. Bank National Association. Any Custodian so appointed shall act as agent on behalf of the Trustee. The Trustee shall remain at all times responsible under the terms of this Agreement, notwithstanding the fact that certain duties have been assigned to the Custodian. Cut-Off Date: December 1, 2003.
Custodial Account for P&I. The custodial account for principal and interest established and maintained by, or at the direction of, the Servicer and caused by the Servicer to be established and maintained pursuant to Section 3.2(b) (i) with the corporate trust department of the Trustee or another financial institution approved by the Servicer such that the rights of such Servicer, the Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the Servicer and of any creditors or depositors of the institution in which such account is maintained, (ii) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to each Rating Agency) created and maintained, by or at the direction of the Servicer, and monitored by the Servicer or (iii) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (ii) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established. CUSTODIAN: A custodian which shall initially be U.S. Bank National Association. Any Custodian so appointed shall act as agent on behalf of the Trustee. The Trustee shall remain at all times responsible under the terms of this Agreement, notwithstanding the fact that certain duties have been assigned to the Custodian. CUT-OFF DATE: November 1, 2003.
Custodial Account for P&I. As defined in Section 5(b).