Custodial Accounts; Distribution Account. (a) On or prior to the Closing Date, the Servicer shall establish and maintain one or more Custodial Accounts, as provided herein, into which the Servicer shall deposit daily, within two Business Days of receipt thereof, in immediately available funds, any Scheduled Payments and unscheduled payments with respect to the Mortgage Loans, net of any deductions or reimbursements permitted under this Agreement. Prior to 1:00 p.m. New York City time on each Distribution Account Deposit Date, the Servicer shall remit to the Trustee for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of this Agreement.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2004-E), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2004-G), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D)