Dedicated Collection Account definition

Dedicated Collection Account. For each MBS Trust, the segregated, non-commingled account or accounts, specified in the related Designated Servicing Agreement, into which the Servicer is required to deposit Collections with respect to the Mortgage Loans serviced under that Designated Servicing Agreement, which may be called a “Certificate Account,” a “Custodial Account,” a “Custodial P&I Account,” a “Principal and Interest Account” or be known by another name specified in the related Designated Servicing Agreement.
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Dedicated Collection Account. For each Mortgage Pool, the segregated, non-commingled account or accounts, specified in the related Designated Servicing Agreement, into which the Servicer is required to deposit Collections with respect to the Mortgage Loans serviced under that Designated Servicing Agreement, which may be called a “Certificate Account,” a “Custodial Account,” a “Custodial P&I Account,” a “Principal and Interest Account” or be known by another name specified in the related Designated Servicing Agreement.
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Dedicated Collection Account means in respect of each Originator, the bank account(s) identified in Schedule 7 (List of Dedicated Collection Accounts per Originator) and the account(s) replacing such accounts, with the prior written consent of the Purchaser, or any further account(s) held in the name of such Originator as notified by the relevant Originator to the Purchaser in writing.
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Examples of Dedicated Collection Account in a sentence

  • The Servicer generally has the right to remit amounts held for distribution to the MBS Trustee in a future month (“Amounts Held for Future Distribution”) on deposit in each Dedicated Collection Account, to the related MBS Trustee as part of the Servicer’s monthly P&I Advances required under the related Designated Servicing Agreement.

  • The Servicer shall cause the Subservicer to withdraw Advance Reimbursement Amounts from the appropriate Dedicated Collection Account to reimburse any Advance which the Subservicer shall have determined will not be recoverable from proceeds of the related Mortgage Loan, promptly after making such determination of non-recoverability.

  • If the Servicer remits Collections through one or more intermediate steps in the course of transfer from its clearing account to the related Dedicated Collection Account, or from the related Dedicated Collection Account to the Collection and Funding Account, the Servicer shall identify each such account in writing to each Administrative Agent.

  • Each Originator shall ensure that at least 95% of the amount of Collections owed to it by any Eligible Obligor (or any obligor under or in connection with the Purchased Receivables) is credited into a Dedicated Collection Account in the name of such Originator which is subject to a Security under an Account Pledge Agreement.

  • The Servicer shall, or shall cause the Subservicer to, withdraw Advance Reimbursement Amounts from the appropriate Dedicated Collection Account to reimburse any Advance which the Servicer or Subservicer, as applicable, shall have determined will not be recoverable from proceeds of the related Mortgage Loan, promptly after making such determination of non-recoverability.

  • On any date for Facility Eligible Receivables included in the Trust Estate, the aggregate of the Receivable Balances of such Facility Eligible Receivables minus the portion of aggregate P&I Advances that were funded using Amounts Held for Future Distribution which have not yet been restored by the Servicer to the related Dedicated Collection Account.

  • Each Servicer and/or Originator must ensure that the amount of Collections owed to it by any Eligible Obligor (or any obligor under or in connection with the Purchased Receivables) is credited into the relevant Dedicated Collection Account.

  • For any particular Designated Servicing Agreement on any date, the aggregate balance of all Advances outstanding under such Servicing Agreement minus the portion thereof that was funded using Amounts Held for Future Distribution which have not yet been restored by the Servicer to the related Dedicated Collection Account.

  • The Servicer shall withdraw Advance Reimbursement Amounts from the appropriate Dedicated Collection Account to reimburse any Advance which the Servicer shall have determined will not be recoverable from proceeds of the related Mortgage Loan, promptly after making such determination of non-recoverability.

  • The Servicers irrevocably authorise each of the Purchaser and Transaction Administrator to instruct to debit their accounts held with the Dedicated Collection Account Bank with the amount of any such payment.


More Definitions of Dedicated Collection Account

Dedicated Collection Account means in respect of each Seller, the trust account to be established with the Collection Account Bank on or prior to the Payment Instruction Date pursuant to a Trust Account Bank Mandate.
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Related to Dedicated Collection Account

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).

  • Principal Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Principal Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "JPMorgan Chase Bank, as Trustee f/b/o holders of Structured Asset Mortgage Investments Inc., Bear Stearns ARM Trust, Mortgage Pass- Thrxxxx Xxrtificates, Series 2003-1 - Master Servicer Collection Account." The Master Servicer Collection Account shall be an Eligible Account.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Exchange Note Collection Account means the account established under Section 4.1(a) of the Servicing Supplement.

  • Principal Collection Subaccount The meaning specified in Section 10.2(a).

  • Servicing Account The account or accounts created and maintained pursuant to Section 3.09.

  • Collection Accounts As defined in Section 3.10(a).

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Finance Charge Account is defined in Section 4.9(a).

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Sub-Servicing Account An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.

  • Principal Account as set forth in the Standard Terms and Conditions of Trust shall be replaced with the term "Capital Account."

  • Administration Account As defined in Section 7.02.

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Subservicing Account An account established by a Subservicer in accordance with Section 3.08.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Collection Account Agreement means each agreement substantially in the form of Exhibit VI, or such other form as may be acceptable to the Agent, among the applicable Originator, a Seller, Collection Bank and the Agent, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time.

  • Collection Account Bank means any of the banks or other financial institutions holding one or more Collection Accounts.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.