Servicer Custodial Accounts definition

Servicer Custodial Accounts. The separate accounts created and maintained by each of the Servicers pursuant to the applicable Servicing Agreement.
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Servicer Custodial Accounts. With respect to (a) each WF Servicer, the separate accounts created and maintained by each of the WF Servicers pursuant to the applicable Servicing Agreement and (b) each WMMSC Servicer, the custodial account for principal and interest established and maintained by each WMMSC Servicer and caused by the WMMSC Master Servicer to be established and maintained pursuant to Section 3.08 (i) with the corporate trust department of the Securities Administrator or another financial institution approved by the WMMSC Master Servicer such that the rights of the WMMSC Master Servicer, the Trust, the Trustee, the Securities Administrator and the Certificateholders thereto shall be fully protected against the claims of any creditors of the applicable WMMSC 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 the Rating Agencies) created, maintained and monitored by a WMMSC Servicer or (iii) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Servicer Custodial Account is established pursuant to clause (ii) of the preceding sentence, amounts held in such Servicer Custodial Account shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Servicer Custodial Account may be established. Any amount that is at any time not protected or insured in accordance with clause (b) of the first sentence of this definition of "Servicer Custodial Account" shall promptly be withdrawn from such Servicer Custodial Account and be remitted to the WMMSC Master Servicer Custodial Account.
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Servicer Custodial Accounts or any other account hereunder (other than the Certificate Account) by a Servicer.
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Examples of Servicer Custodial Accounts in a sentence

  • As provided in the Agreement, withdrawals from the related Servicer Custodial Accounts, the Master Servicer Custodial Account and the Distribution Account may be made from time to time for purposes other than distributions to Certificateholders, such purposes Exh.

  • The Trustee shall not be accountable for the use or application by the Depositor of funds paid to the Depositor in consideration of the assignment of the Mortgage Loans hereunder by the Depositor, or for the use or application of any funds paid to Subservicers or the Servicers in respect of the Mortgage Loans or deposited into the Servicer Custodial Accounts, or any other account hereunder (other than the Certificate Account) by a Servicer.

  • All funds required to be deposited in the Master Servicer Custodial Accounts shall be held by the Master Servicers in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.11.

  • The Master Servicer Custodial Accounts that were required under Criteria 1122(d)(2)(iv) were not established as required by the transaction agreements.

  • The WMMSC Master Servicer is also entitled to receive other amounts from the related Servicer Custodial Accounts established by the WMMSC Servicers to reimburse itself for prior Nonrecoverable Advances respecting WMMSC Master Serviced Loans serviced by such WMMSC Servicers.

  • Under each Servicing Contract, the WMMSC Master Servicer is entitled to receive from the Servicer Custodial Accounts established by the WMMSC Servicers amounts received by the applicable WMMSC Servicers on particular WMMSC Master Serviced Loans as late payments of principal and interest or as Liquidation Proceeds or Insurance Proceeds and respecting which the WMMSC Master Servicer has made an unreimbursed advance of principal and interest.

  • The creation of the Master Servicer Custodial Accounts and the Certificate Account shall be evidenced by a certification substantially in the form of Exhibit F hereto.

  • The WMMSC Master Servicer is hereby authorized to make withdrawals from and to issue drafts against the WMMSC Servicer Custodial Accounts and the WMMSC Escrow Accounts for the purposes required or permitted by this Agreement.

  • Servicer Custodial Accounts; Collection Account; Certificate Account; and Upper-Tier Certificate Account.

  • Permitted Withdrawals From the Servicer Custodial Accounts and the Master Servicer Custodial Account.............................................................114 Section 3.08.

Related to Servicer Custodial Accounts

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).

  • Custodial Accounts Each custodial account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Purchasing and Servicing Agreement or Servicing Agreement, as applicable.

  • 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 II Inc., Bear Xxxxxxx ALT-A Trust 2004-8, Mortgage Pass-Through Certificates, Series 2004-8 - Master Servicer Collection Account," and which shall be an Eligible Account.

  • Primary Servicer Collection Account shall have the meaning set forth in Section 3.01(c)(7) of this Agreement.

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

  • Servicing Accounts The account or accounts created and maintained pursuant to Section 3.08.

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • 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.

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

  • 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.

  • Custodial P&I Account The Custodial P&I Account, as defined in each of the Servicing Agreements, with respect to the Mortgage Loans. In determining whether the Custodial P&I Account under any Servicing Agreement is "acceptable" to the Master Servicer (as may be required by the definition of "Eligible Account" contained in the Servicing Agreements), the Master Servicer shall require that any such account shall be acceptable to each of the Rating Agencies. Custodian: Initially, the Trustee, and thereafter the Custodian, if any, hereafter appointed by the Trustee pursuant to Section 8.13, or its successor in interest under the Custodial Agreement. The Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of the Trustee. Neither a Servicer, nor the Seller nor the Master Servicer nor any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.

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

  • Master Servicer Servicing Personnel The divisions and individuals of the Master Servicer who are involved in the performance of the duties of the Master Servicer under this Agreement.

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

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Certificate Administrator Accounts As defined in Section 3.07(a) of this Agreement.

  • Servicer File means, collectively, all documents, records and copies pertaining to a Mortgage Loan which are required to be included in the related Servicer File pursuant to Section 3 thereof.

  • 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.

  • 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.

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

  • Collateral Servicing Fee shall have the meaning set forth in Section 3.01.

  • Special Servicer Servicing Personnel The divisions and individuals of the Special Servicer who are involved in the performance of the duties of the Special Servicer under this Agreement.

  • CREFC® Servicer Remittance to Certificate Administrator Template A report substantially in the form of, and containing the information called for in, the downloadable form of the “Interest Servicer Remittance to Certificate Administrator Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

  • Master Servicer Remittance Amount With respect to each Master Servicer and each Master Servicer Remittance Date, an amount equal to (a) all amounts on deposit in such Master Servicer’s Collection Account as of 11:00 a.m., New York City time, on such Master Servicer Remittance Date, net of (b) any portion of the amounts described in clause (a) of this definition that represents one or more of the following: (i) collected Monthly Payments with respect to any Mortgage Loan serviced by such Master Servicer that are due on a Due Date following the end of the related Collection Period, (ii) to the extent not covered by clause (i) above, any payments of principal (including Principal Prepayments) and interest, Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds Received by the Trust with respect to any Mortgage Loan or REO Property serviced by such Master Servicer after the end of the related Collection Period, (iii) any Prepayment Premiums and/or Yield Maintenance Charges Received by the Trust with respect to any Mortgage Loan or successor REO Mortgage Loan serviced by such Master Servicer with respect thereto after the end of the related Collection Period, (iv) any Excess Liquidation Proceeds, (v) any amounts payable or reimbursable to any Person from such Collection Account pursuant to clauses (ii) through (xxii) of Section 3.05(a), and (vi) any amounts deposited in such Collection Account in error; provided that the Master Servicer Remittance Amount with respect to such Master Servicer for the Master Servicer Remittance Date that occurs in the same calendar month as the anticipated Final Distribution Date shall be calculated without regard to clauses (b)(i), (b)(ii), (b)(iii) and (b)(iv) of this definition.

  • Master Servicer Remittance Date With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.