Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13; (v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law; (vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law; (vii) any Monthly Advances; (viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor; (ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03; (x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and (xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 7 contracts
Sources: Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on by the Seller in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B C hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the each Cut-off Date, or received by it prior to the such Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the such Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.134.13 (including REO Disposition Proceeds);
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, Accepted Servicing Practices the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased or otherwise collected in accordance with Sections 3.03Article III and Section 2.07;
(xix) any amounts required to be deposited by the Seller pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02:
(xi) with respect to each Principal Prepayment, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amount allocable to interest received in connection with such Principle Prepayment, equals one month’s interest on the amount of the principal so prepaid at the Mortgage Loan Remittance Rate provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Servicing Fee in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05 (iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 7 contracts
Sources: Purchase Agreement (STARM Mortgage Loan Trust 2007-S1), Purchase Agreement (STARM Mortgage Loan Trust 2007-3), Purchase Agreement (Starm Mortgage Loan Trust 2007-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (demand accounts which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account accounts shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05Accounts. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B 7 hereto. The original A copy of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserrequest. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date, or received by it prior to the related Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Primary Mortgage Insurance Proceeds and Other Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08Subsections 11.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(viivi) any Monthly Advances;
(vii) all proceeds of any Mortgage Loan repurchased in accordance with Subsections 7.04 , 7.05 and 11.03, and any amount required to be remitted for deposit by the Seller in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the Deleted Mortgage Loans as required pursuant to Subsection 7.04;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distribution. Such Servicer pursuant to Section 11.10 in connection with the deductible clause in any blanket hazard insurance policy such deposit shall be made from the SellerServicer’s own funds, without reimbursement therefor;
(ix) all proceeds the Prepayment Interest Shortfall Amount, if any, for the month of distribution, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee payable for such month for the Mortgage Loans; provided, the Servicer shall not be obligated to deposit any Mortgage Loan repurchased in accordance with Sections 3.03amounts representing Relief Act Interest Shortfalls;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 Servicer in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement thereforREO Property pursuant to Subsection 11.13; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsection 11.01, 11.14, 11.22 or Section 6.0211.23. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of prepayment penalties, late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.24, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out depository institution shall accrue to the benefit of its own funds immediately as realizedthe Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iv).
Appears in 6 contracts
Sources: Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-5), Mortgage Loan Purchase and Servicing Agreement (CSAB Mortgage-Backed Trust 2007-1), Mortgage Loan Purchase and Servicing Agreement (Sequoia Residential Funding Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, as appropriate, out of the Servicer's own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereof, funds and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage LoansLoans received after the Cut-off Date;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance RateRate received after the Cut-off Date;
(iii) all Liquidation ProceedsProceeds and REO Disposition Proceeds received after the Cut-off Date;
(iv) any net amounts required to be deposited received by the Seller Servicer after the Cut-off Date in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds received after the Cut-off Date including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not received after the Cut-off Date other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by received after the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts Cut-off Date and required to be deposited in the Custodial Account pursuant to Section 4.01 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment received after the Cut-off date, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for Qualified Depository shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Servicing Agreement (SACO I Trust 2006-6), Servicing Agreement (SACO I Trust 2006-7)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer), provided that in the event that amounts on deposit in the Custodial Account exceed the amount fully insured by the FDIC (the "Insured Amount"), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Permitted Investments on the same Business Day as such excess amount becomes present in the Custodial Account. Any such Permitted Investment shall mature no later than the Business Day immediately preceding the related Remittance Date. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Owner, or a copy to the initial Closing DateNIMs Insurer, upon reasonable request. The NIMs Insurer, Master Servicer and upon the request Trustee shall be notified of any subsequent purchaserchange in the location of the Custodial Account. The Seller Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofServicer's receipt, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Homestar Mortgage Accep Corp Asst Back Certs Ser 2004-2.), Pooling and Servicing Agreement (Homestar Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, Series 2004-5), Pooling and Servicing Agreement (Homestar Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2004-6)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown set forth in Exhibit B hereto. The original A copy of such letter agreement shall be furnished sent to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserOwner promptly after a Custodial Account is set up. The Seller Custodial Account shall be an Eligible Account. The Servicer shall deposit in the Custodial Account on a daily basis, basis within one two (12) Business Day Days of receipt thereofand acceptance, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to after the Cut-off Date but allocable with respect to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off DateLoans:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments (other than prepayment penalties), on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to net of the Mortgage Loan Remittance RateServicing Fee payable as provided in Section 6.03;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Primary Insurance Proceeds, LPMI Policy Proceeds and Other Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 5.10 and 4.115.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer’s normal servicing procedures, the loan documents Mortgage Loan Documents or applicable lawApplicable Regulations;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerServicer’s normal servicing procedures, the loan documents Mortgage Loan Documents or applicable lawApplicable Regulations;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xvi) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be being made from the SellerServicer’s own funds, without reimbursement therefor;
(vii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.14; and
(xiviii) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.024.01. The foregoing requirements for deposit Any interest paid on funds deposited in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05(iii). The amount of any losses incurred in respect of any such investments shall be deposited Any funds on deposit in the Custodial Account by the Seller out of its own funds immediately as realizedmay only be invested in accordance with Section 4.16.
Appears in 5 contracts
Sources: Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp), Servicing Agreement (Altisource Residential Corp)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and Servicer shall establish and maintain one or more at all times appropriate custodial accounts for principal and interest, and taxes and insurance with respect to the Mortgage Loans, Servicer will establish and maintain a Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by Account for ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac Mortgage Capital Inc., as an eligible depository institution for custodial accountsOwner. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all All payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all All payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all All Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all All Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing PracticesServicer’s normal servicing procedures, the related loan documents or applicable law;
(viv) all All Condemnation Proceeds affecting any Mortgaged Property which that are not released to the Mortgagor in accordance with the SellerServicer’s normal servicing procedures, the loan documents or applicable law;
(viivi) any Any Monthly Advances;
(viiivii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all All proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
Section 5(c) or (xd) any of the Purchase Agreement, and all amounts required to be deposited by Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Section 5(c) of the Seller Purchase Agreement;
(viii) Any amounts required to be deposited by Servicer pursuant to Section 4.11 in connection with the deductible clause in amount of any blanket hazard property insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and;
(xiix) any Any amounts required to be deposited by Servicer pursuant to Section 6.04 for the month of distribution;
(x) Any amounts in respect of Permitted Investments required to be deposited pursuant to Section 4.20;
(xi) Any amounts required to be deposited by Servicer in connection with any REO Property pursuant to Section 4.13; and
(xii) Any amounts required to be deposited into the Custodial Account pursuant to Section 4.01 or Section 6.027.01. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.017.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds in deposited into the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Servicer and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited In addition, funds in the Custodial Account by may be invested in Permitted Investments in accordance with the Seller out of its own funds immediately as realizedprovisions set forth in Section 4.20.
Appears in 5 contracts
Sources: Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13), Master Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown of time deposit or demand accounts, titled "[Countrywide], in Exhibit B hereto. The original trust for Banc of America Mortgage Capital Corporation and/or subsequent purchasers of Mortgage Loans - P&I." Countrywide shall provide the Purchaser with written evidence of the creation of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and Custodial Account(s) upon the request of any subsequent purchaserthe Purchaser. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds, Government Insurance Proceeds and Other Insurance Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Accepted Servicing Practices, the loan documents or applicable law;
(vie) all Condemnation Proceeds affecting any Mortgaged Property which that are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(viif) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03 or 3.04, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Countrywide's own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide's own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xij) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 or Section 6.024.13. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 4.16) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05(d). The amount of any losses incurred in respect of any such investments shall All funds required to be deposited in the Custodial Account by shall be held in trust for the Seller out of its own funds immediately as realizedPurchaser until withdrawn in accordance with Section 4.05.
Appears in 5 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Banc of America Funding 2006-D Trust), Assignment, Assumption and Recognition Agreement (Banc of America Funding 2007-4 Trust), Assignment, Assumption and Recognition Agreement (Banc of America Funding 2007-3 Trust)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Custodial Accounts will be reconciled within 45 calendar days after the bank statement cut-off date. Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) Business Day and in the Custodial Account or Accounts no later than 48 hours after receipt and identification of receipt thereof, funds and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments (exclusive of Prepayment Charges) and penalties, on the Mortgage LoansLoans received after the Cut-off Date;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance RateRate received after the Cut-off Date;
(iii) all Liquidation ProceedsProceeds received after the Cut-off Date;
(iv) any net amounts required to be deposited received by the Seller Servicer after the Cut-off Date in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds received after the Cut-off Date including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not received after the Cut-off Date other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by received after the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts Cut-off Date and required to be deposited in the Custodial Account pursuant to Section 4.01 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment received after the Cut-off Date, any Prepayment Interest Shortfalls, to the extent of the Servicer's aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, Prepayment Charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, and all Prepayment Interest Excess need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-4), Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Certification in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day 24 hours of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 11.13;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 11.19 or Section 6.0211.20; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller's servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.0111.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Such Custodial Account shall be an Eligible Account. Any interest or earnings on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv11.05(iii). The amount Seller shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any losses incurred in respect of any such investments shall be deposited change thereof. If the balance on deposit in the Custodial Account by exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller out shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of its own funds immediately as realizedavailable funds.
Appears in 5 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-A8), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-A1), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Investors Trust, Series 2006-A2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser7. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law, and all proceeds under any Primary Mortgage Insurance Policy or LPMI Policy;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiviii) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Subsection 11.13;
(ix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20;
(x) all Monthly Advances; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Seller out of its own funds with reimbursement therefore from the Purchaser up to the amount of .375% of the previous month-end scheduled principal balance for the related pool) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Seller shall give notice to the Purchaser of its own funds the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 5 contracts
Sources: Reconstitution Agreement (Dsla 2006-Ar2), Reconstitution Agreement (HarborView 2006-13), Reconstitution Agreement (Dsla 2007-Ar1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Company in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Company's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement thereforIntentionally Omitted;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller Company pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s Company's own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of: amortization schedule fees, fees for copies of canceled escrow checks, escrow analysis and loan documents, credit verification fees, fees for property inspections for defaults and lost drafts, fees for fax copies, partial release fees, nsf fees, speed pay fees, subordination fees and wire Fees, as well as late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Company in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Company and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Company shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05 (iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-1), Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser7. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller’s normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vi) all proceeds of any Mortgage Loan repurchased in accordance with Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for amounts required to be deposited by the month of distributionSeller pursuant to Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement thereforREO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Seller shall give notice to the Purchaser of its own funds the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 4 contracts
Sources: Master Mortgage Loan Purchase and Interim Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1), Reconstitution Agreement (Dsla 2006-Ar2), Reconstitution Agreement (HarborView 2006-13)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments received during the related Prepayment Period, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to Loans, including all Prepayment Charges received during the Mortgage Loan Remittance Raterelated Prepayment Period;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(vii) all proceeds of any Mortgage Loan repurchased in accordance with Subsections 7.03, 7.04 or 7.05 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distributionSeller pursuant to Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; andREO Property pursuant to Subsection 11.13;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.02. The foregoing requirements for deposit 11.20;
(xi) with respect to each Principal Prepayment in full or in part received during the Custodial Account shall related Prepayment Period, an amount (to be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account paid by the Seller out of its own funds immediately as realized.without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Interest Rate; provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller’s servicing compensation received in the calendar month in which such deposits are required; and
Appears in 4 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar4), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown of time deposit or demand accounts and shall be titled "[Countrywide] in Exhibit B hereto. The original trust for Barclays Bank PLC as Purchaser of Mortgage Loans and various Mortgagors." Countrywide shall provide the Purchaser with written evidence of the creation of such letter agreement shall be furnished to Custodial Account(s) within thirty (30) days of the Purchaser on the initial Initial Closing Date, and upon the request of any subsequent purchaser. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of Days following receipt thereof, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds, Government Insurance Proceeds and Other Insurance Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 3.08 and 4.113.10 of this Agreement, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing PracticesCountrywide's normal servicing procedures, the loan documents or applicable law;
(vie) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Countrywide's normal servicing procedures, the loan documents or applicable law;
(viif) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Section 3.03 or 3.04 of the Purchase Agreement, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03 of the Purchase Agreement;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 3.10 of this Agreement in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Countrywide's own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide's own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of one half of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xij) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 or Section 6.023.13 of this Agreement. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, Prepayment Penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 3.16 of this Agreement) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount 3.05(d) of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realizedthis Agreement.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (BCAP LLC Trust 2007-Aa5), Trust Agreement (BCAP LLC Trust 2007-Aa4), Trust Agreement (BCAP LLC Trust 2007-Aa1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇Fannie Mae or Freddie Mac as an eligible depository institution ▇▇▇ Mae or ▇▇stodial ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. ▇s. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized6.
Appears in 4 contracts
Sources: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-9ar), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-6xs)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Accountestablished with a Qualified Depository. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B A hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer’s own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereoffunds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments and any prepayment penalties or premiums with respect thereto, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds and REO Disposition Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xivii) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section Sections 4.07, 4.14, 5.01 and 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment chargesassumption fees, assumption fees and other ancillary fees, excluding prepayment penalties, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 4 contracts
Sources: Reconstituted Servicing Agreement (HarborView 2007-3), Servicing Agreement (HarborView 2007-4), Reconstituted Servicing Agreement (HarborView 2007-7)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B heretoof time deposit or demand accounts. The original Servicer shall provide the Seller with written evidence of the creation of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and Custodial Account(s) upon the request of any subsequent purchaserthe Seller. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Dateit:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds and Other Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Sections 4.085.8, 4.10 5.10 and 4.115.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(viie) all Condemnation Proceeds affecting any Mortgaged Property that are not released to the Mortgagor in accordance with Servicer's normal servicing procedures, the loan documents or applicable law;
(f) all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xg) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 5.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Servicer's own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of (a) one-twelfth of the product of (i) 0.25% and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xij) any amounts required to be deposited by Servicer in the Custodial Account connection with any REO Property pursuant to Section 4.01 or 5.13 and any amounts required to be deposited pursuant to Section 6.025.14 and Section 5.17. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Seller understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 5.16) need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Servicer and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv5.5(d). The amount of any losses incurred Notwithstanding anything to the contrary contained in respect of any such investments this Agreement, Servicer shall not be deposited be obligated to deposit in the Custodial Account any amounts due to a shortfall in a Monthly Payment made by a Mortgagor entitled to relief under the Seller out of its own funds immediately as realizedServicemembers Civil Relief Act.
Appears in 4 contracts
Sources: Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2007-He1), Assignment, Assumption and Recognition Agreement (HASCO Trust 2007-He2), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2007-Nc1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date, or received by it prior to the related Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable lawApplicable Requirements;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable lawApplicable Requirements;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03;
(xix) any amounts required to be deposited by the Seller pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 5.03 or Section 6.02; and
(xi) any Prepayment Interest Shortfall Amount.
(xii) any amounts required to be deposited by the Seller in connection with any losses on Eligible Investments. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the SellerInvestments, which shall mature not later than the Business Day next preceding a date sufficient to make payment on the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all All income and gain gains realized from any such investment shall be for the benefit of the Seller as additional compensation and shall be subject to its withdrawal by the Seller from the Custodial Account pursuant to in accordance with Section 4.05(iv4.05(v). The amount of any losses incurred in respect of any such investments (to the extent not offset by income from other such investments) shall be deposited in the Custodial Account by the Seller Servicer out of its own funds immediately as realizedfunds, without reimbursement therefore.
Appears in 4 contracts
Sources: Mortgage Loan Purchase Agreement (J.P. Morgan Alternative Loan Trust 2007-S1), Mortgage Loan Purchase Agreement (J.P. Morgan Alternative Loan Trust 2006-S1), Mortgage Loan Purchase Agreement (J.P. Morgan Mortgage Trust 2006-S1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall establish and maintain at all times appropriate custodial accounts for principal and interest, and taxes and insurance with respect to the Mortgage Loans. The Servicer shall segregate and hold all funds constituting Escrow Payments collected and received pursuant to each a Mortgage Loan to be so deposited, separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05assets. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all All payments on account of principal, including Principal Prepaymentsprincipal prepayments, on the Mortgage Loans;
(ii) all All payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all All Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all All Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.084.06, 4.10 4.11 and 4.114.18, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the Servicer’s normal servicing procedures the related loan documents or applicable law;
(viv) all All Condemnation Proceeds affecting any Mortgaged Property which that are not released to the Mortgagor in accordance with the SellerServicer’s normal servicing procedures, the loan documents or applicable law;
(viivi) any Any Monthly Advances;
(viiivii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all All proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
Section 5(c) or (xd) any of the Purchase Agreement, and all amounts required to be deposited by the Seller Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Section 4.11 5(c) of the Purchase Agreement;
(viii) Any amounts required to be deposited by the Servicer pursuant to Section 6.04 for the month of distribution;
(ix) Any amounts in respect of Permitted Investments required to be deposited pursuant to Section 4.18;
(x) Any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement thereforREO Property pursuant to Section 4.11; and
(xi) any Any amounts required to be deposited in into the Custodial Account pursuant to Section 4.01 or Section 6.027.01. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.017.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds in deposited into the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited In addition, funds in the Custodial Account by may be invested in Permitted Investments in accordance with the Seller out of its own funds immediately as realizedprovisions set forth in Section 4.18.
Appears in 4 contracts
Sources: Master Servicing Agreement (Sequoia Mortgage Trust 2007-3), Master Servicing Agreement (Sequoia Mortgage Trust 2007-1), Master Servicing Agreement (Sequoia Mortgage Trust 2007-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account, which shall be deposited within 24 hours of receipt, shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, Prepayments on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds shall be deposited in a the Custodial Account within 24 hours of receipt, and shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. (a) The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts for the deposit of funds specified in Section 11.05(b) collected in connection with a commercial bank, a savings bank or a savings and loan association the Mortgage Loans.
(which may be a depository Affiliate of the Sellerb) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in transfer the following funds into the applicable Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datereceipt:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.11 and 4.1111.12, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 11.12 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 11.14;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 11.20 or Section 6.0211.21;
(xi) with respect to each Principal Prepayment, the Prepayment Interest Shortfall Amount (to be paid by the Seller out of its own funds without reimbursement therefor) which shall not exceed the aggregate Servicing Fee actually received for such month; and
(xii) all Prepayment Charges. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, Prepayment Charges, assumption fees and other ancillary feessimilar fees and charges, to the extent permitted by Section 6.0111.01, need not be deposited by the Seller in the Custodial Account. Each Custodial Account shall be an Eligible Account. The Seller may invest shall give notice to the funds Purchaser of the location of the Custodial Account when established and prior to any change thereto. Any amounts held in the Custodial Account may be, but are not required to be, invested by the Seller. Any such investment by the Seller must be in Eligible Investments. Any interest or other income on Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such funds from the Custodial Account pursuant to Section 4.05(iv)11.06. Other than such interest or other income received on Eligible Investments, no other amounts may be commingled in the Custodial Account. The Seller shall promptly deposit in the Custodial Account from its own funds, without any right of reimbursement, the full amount of any losses incurred on its investment of funds in respect the Custodial Account.
(c) Without limiting the foregoing, the funds in the Custodial Accounts shall at all times be segregated and held separate and apart from the Seller's own funds and general assets and from any other funds or assets collected or held by the Seller on behalf of third parties. The Seller's account agreement for each Custodial Account shall provide that such account is a special deposit, required to be segregated and held by the depository institution maintaining such account in a fiduciary capacity, separate and apart from the institution's own funds and general assets and that the account shall not be held in any capacity that would create a debtor-creditor relationship between the institution and the Seller or the Purchaser. Each Custodial Account shall be evidenced by a Custodial Account Certification in the form of Exhibit 6 and shall be entitled "Countrywide Home Loans, Inc., as servicer, in trust for the Purchaser". At all times, the Purchaser shall be the sole beneficial owner of all funds in the Custodial Accounts. Seller's possession or control of any such investments funds shall be deposited solely in Seller's capacity as collecting agent for the Custodial Account by the Seller out of its own funds immediately as realizedPurchaser.
Appears in 3 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar2), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar5)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae ▇▇▇ or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateInterest Rate (less the related Interim Servicing Fee);
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.084.07, 4.10 4.09 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(viivi) any Monthly AdvancesServicing Advances made with respect to an Escrow Payment;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xvii) any amounts required to be deposited by the Seller pursuant to Section 4.11 4.09 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xiviii) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary feesAncillary Fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv4.04(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 3 contracts
Sources: Seller’s Purchase, Warranties and Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), Seller’s Purchase, Warranties and Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), Seller’s Purchase, Warranties and Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds shall be deposited in a the Custodial Account within two (2) Business Days hours of receipt, and shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and Servicer shall establish and maintain one or more at all times appropriate custodial accounts for principal and interest, and taxes and insurance with respect to the Mortgage Loans. The Servicer will establish and maintain a Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by Account for ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac Mortgage Home Loans, Inc., as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05Initial Owner. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, basis and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all All payments on account of principal, including Principal Prepaymentspartial and full principal prepayments, on the Mortgage Loans;
(ii) all All payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all All Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all All Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.114.06, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer’s normal servicing procedures, the related loan documents or applicable lawApplicable Law;
(viv) all All Condemnation Proceeds affecting any Mortgaged Property which that are not released to the Mortgagor in accordance with the SellerServicer’s normal servicing procedures, the loan documents or applicable lawApplicable Law;
(vi) Any Monthly Advances;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all All proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
Section 5(c) or (xd) any of the Purchase Agreement, and all amounts required to be deposited by the Seller Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Section 4.11 5(c) of the Purchase Agreement;
(viii) Any amounts required to be deposited by the Servicer pursuant to Section 6.04 for the month of distribution;
(ix) Any amounts in respect of Permitted Investments required to be deposited pursuant to Section 4.21;
(x) Any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement thereforREO Property pursuant to Section 4.13; and
(xi) any Any amounts required to be deposited in into the Custodial Account pursuant to Section 4.01 or Section 6.027.01. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments [in the nature of late payment charges, charges and assumption fees and other ancillary fees], to the extent permitted by Section 6.017.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds in deposited into the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited In addition, funds in the Custodial Account by may be invested in Permitted Investments in accordance with the Seller out of its own funds immediately as realizedprovisions set forth in Section 4.21.
Appears in 3 contracts
Sources: Servicing Agreement (Greenwich Capital Acceptance Inc Thorn Mort Sec Tr 2003-1), Servicing Agreement (Greenwich Capital Acceptance Thornburg Sec Tr 2003-4), Servicing Agreement (Thornburg Mortgage Sec Tr 2002-1 MRT Ln Ps THR CRT Sr 2002-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (demand accounts which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account accounts shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05Accounts. The creation of any Custodial Account shall be evidenced by (i) a certification in the form shown in Exhibit 9-3 hereto, in the case of an account established with the Company, or (ii) a letter agreement in the form shown in Exhibit B 9-4 hereto, in the case of an account held by a depository other than the Company. The original In either case, a copy of such certification or letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserrequest. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereofAccount, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, within two (2) Business Days from the time it receives such payments and collections, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Primary Insurance Proceeds and Other Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Company’s normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerCompany’s normal servicing procedures, the loan documents or applicable law;
(viivi) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03 or 3.04, and all amounts required to be deposited by the Company in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Section 3.03;
(xviii) any amounts required to be deposited by the Seller Company pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the SellerCompany’s own funds, without reimbursement therefor;
(ix) the Prepayment Interest Shortfall Amount, if any, for the month of distribution, such deposit shall be made from the Company’s own funds, without reimbursement therefor; provided, however, such amount shall not exceed the Servicing Fee actually received by the Company for such month for the Mortgage Loans;
(x) any amounts required to be deposited by the Company in connection with any REO Property pursuant to Section 4.13; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized6.
Appears in 3 contracts
Sources: Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Mortgage Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account, which shall be deposited within 24 hours of receipt, shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac2), Pooling and Servicing Agreement (Prime Mortgage Trust 2005-5)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (each of which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the related Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans, including all Prepayment Charges;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller’s normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vi) all proceeds of any Mortgage Loan repurchased in accordance with Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for amounts required to be deposited by the month of distributionSeller pursuant to Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; andREO Property pursuant to Subsection 11.13;
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20;
(x) all Monthly Advances; and
(xi) with respect to each Principal Prepayment, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller’s Servicing Fee in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.21, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest or earnings on funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the related Custodial Account pursuant to Subsection 11.05(iii). The Seller shall give notice to the Purchaser of its own funds the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day, the Seller shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the related Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 3 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sd3), Master Mortgage Loan Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. (a) The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts for the deposit of funds specified in Section 11.05(b) collected in connection with a commercial bank, a savings bank or a savings and loan association the Mortgage Loans.
(which may be a depository Affiliate of the Sellerb) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in transfer the following funds into the applicable Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datereceipt:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.11 and 4.1111.12, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 11.12 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 11.14;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 11.20 or Section 6.0211.21; and
(xi) with respect to each Principal Prepayment, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, Prepayment Charges, assumption fees and other ancillary feessimilar fees and charges, to the extent permitted by Section 6.0111.01, need not be deposited by the Seller in the Custodial Account. Each Custodial Account shall be an Eligible Account. The Seller may invest shall give notice to the funds Purchaser of the location of the Custodial Account when established and prior to any change thereto. Any amounts held in the Custodial Account may be, but are not required to be, invested by the Seller. Any such investment by the Seller must be in Eligible Investments. Any interest or other income on Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such funds from the Custodial Account pursuant to Section 4.05(iv)11.06. Other than such interest or other income received on Eligible Investments, no other amounts may be commingled in the Custodial Account. The Seller shall promptly deposit in the Custodial Account from its own funds, without any right of reimbursement, the full amount of any losses incurred on its investment of funds in respect the Custodial Account.
(c) Without limiting the foregoing, the funds in the Custodial Accounts shall at all times be segregated and held separate and apart from the Seller's own funds and general assets and from any other funds or assets collected or held by the Seller on behalf of third parties. The Seller's account agreement for each Custodial Account shall provide that such account is a special deposit, required to be segregated and held by the depository institution maintaining such account in a fiduciary capacity, separate and apart from the institution's own funds and general assets and that the account shall not be held in any capacity that would create a debtor-creditor relationship between the institution and the Seller or the Purchaser. Each Custodial Account shall be evidenced by a Custodial Account Certification in the form of Exhibit 6 and shall be entitled "Countrywide Home Loans, Inc., as servicer, in trust for the Purchaser". At all times, the Purchaser shall be the sole beneficial owner of all funds in the Custodial Accounts. Seller's possession or control of any such investments funds shall be deposited solely in Seller's capacity as collecting agent for the Custodial Account by the Seller out of its own funds immediately as realizedPurchaser.
Appears in 3 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Investors Trust, Series 2006-A2), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-A1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the related Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans, including all Prepayment Charges;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiviii) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Subsection 11.13;
(ix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20;
(x) all Monthly Advances; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller's servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.21, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the related Custodial Account pursuant to Subsection 11.05(iii). The Seller shall give notice to the Purchaser of its own funds immediately as realizedthe location of the Custodial Account when established and prior to any change thereof.
Appears in 3 contracts
Sources: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2007-2), Master Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-22), Master Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-23)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B heretoof time deposit or demand accounts. The original Servicer shall provide the Seller with written evidence of the creation of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and Custodial Account(s) upon the request of any subsequent purchaserthe Seller. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds and Other Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Sections 4.085.8, 4.10 5.10 and 4.115.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(viie) all Condemnation Proceeds affecting any Mortgaged Property that are not released to the Mortgagor in accordance with Servicer's normal servicing procedures, the loan documents or applicable law;
(f) all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xg) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 5.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and);
(xii) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Servicer's own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans);
(j) any amounts required to be deposited by Servicer in the Custodial Account connection with any REO Property pursuant to Section 4.01 or 5.13 and any amounts required to be deposited pursuant to Section 6.025.14 and Section 5.17; and
(k) any amounts required to be deposited by Servicer pursuant to Section 5.1. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Seller understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 5.16) need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Servicer and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv5.5(d). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 3 contracts
Sources: Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3), Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2), Mortgage Loan Servicing Rights Purchase and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser7. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, principal on the Loans (including any Principal Prepayments, on the Mortgage Loans);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or, with respect to a Cooperative Loan, the Cooperative Apartment, or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor Borrower in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(viiv) all Condemnation Proceeds affecting any Mortgaged Property or Cooperative Apartment which are not released to the Borrower in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vi) all Monthly Advances;
(vii) all proceeds of any Loan repurchased in accordance with Sections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Loans pursuant to Section 7.03;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distributionSeller pursuant to Section 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and11.13;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 11.19. 11.20 or Section 6.0211.23; and
(xi) with respect to each Principal Prepayment, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Loan Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller’s servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Such Custodial Account shall be an Eligible Account. Any interest or earnings on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv11.05(iii). The amount Seller shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any losses incurred in respect of any such investments shall be deposited change thereof. Without limiting the foregoing, the funds in the Custodial Account shall at all times be segregated and held separate and apart from the Seller’s own funds and general assets and from any other funds or assets collected or held by the Seller out on behalf of its third parties. The Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form attached as Exhibit 7 hereto. Such Custodial Account Letter Agreement shall provide that such account is a special deposit, required to be segregated and held by the depository institution maintaining such account in a fiduciary capacity, separate and apart from the institution’s own funds immediately and general assets and that the account shall not be held in any capacity that would create a debtor-creditor relationship between the institution and the Seller or the Purchaser. At all times, the Purchaser shall be the sole beneficial owner of all funds in the Custodial Account. Seller’s possession or control of any such funds shall be solely in Seller’s capacity as realizedcollecting agent for the Purchaser.
Appears in 3 contracts
Sources: Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Master Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 8.10 and 4.118.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Section 7.03 or 7.04;
(xvii) any amounts required to be deposited by the Seller pursuant to Section 4.11 8.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiviii) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to 8.13;
(ix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 8.19 or Section 6.028.20; and
(x) on the day prior to the Distribution Date, all P&I Advances. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted permitted by Section 6.018.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out of its own funds immediately as realizedand the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to 8.05(iii).
Appears in 3 contracts
Sources: Mortgage Loan Purchase and Servicing Agreement (Citicorp Mortgage Securities Trust, Series 2007-6), Mortgage Loan Purchase and Servicing Agreement (CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A7), Mortgage Loan Purchase and Servicing Agreement (Citicorp Mortgage Securities Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Custodial Accounts will be reconciled within 45 days. Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) Business Day and in the Custodial Account or Accounts no later than 48 hours after receipt and identification of receipt thereof, funds and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments and penalties, on the Mortgage LoansLoans received after the Cut-off Date;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance RateRate received after the Cut-off Date;
(iii) all Net Liquidation ProceedsProceeds received after the Cut-off Date;
(iv) any net amounts required to be deposited received by the Seller Servicer after the Cut-off Date in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds received after the Cut-off Date including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not received after the Cut-off Date other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by received after the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts Cut-off Date and required to be deposited in the Custodial Account pursuant to Section 4.01 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment received after the Cut-off Date, any Prepayment Interest Shortfalls, to the extent of the Servicer's aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, and all Prepayment Interest Excess need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-5)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable lawApplicable Requirements;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable lawApplicable Requirements;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased and other amounts payable in connection with any substituted Mortgage Loan in accordance with Sections Section 3.03;
(xix) any amounts required to be deposited by the Seller pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02; and
(xi) any Prepayment Interest Shortfall Amount. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 3 contracts
Sources: Mortgage Loan Purchase Agreement (Banc of America Funding 2006-6 Trust), Mortgage Loan Purchase Agreement (Banc of America Funding 2006-5 Trust), Mortgage Loan Purchase, Warranties and Servicing Agreement (Banc of America Funding 2006-5 Trust)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, principal on the Loans (including any Principal Prepayments, on the Mortgage Loans);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor Borrower in accordance with Accepted Servicing Practicesthe Servicer’s normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor Borrower in accordance with the SellerServicer’s normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(vii) all proceeds of any Loan repurchased in accordance with Sections 7.04 and 7.05 and all amounts required to be deposited by the Seller or the Servicer in connection with shortfalls in principal amount of Qualified Substitute Loans pursuant to Section 7.04;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distributionServicer pursuant to Section 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the SellerServicer’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and11.13;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 11.19. 11.20 or Section 6.0211.23; and
(xi) with respect to each Principal Prepayment in full or part, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Such Custodial Account shall be an Eligible Account. Any interest or earnings on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv11.05(iii). The amount Servicer shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any losses incurred in respect of any such investments shall be deposited change thereof. Without limiting the foregoing, the funds in the Custodial Account shall at all times be segregated and held separate and apart from the Servicer’s own funds and general assets and from any other funds or assets collected or held by the Seller out Servicer on behalf of its third parties. The Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form attached as Exhibit 7 hereto. Such Custodial Account Letter Agreement shall provide that such account is a special deposit, required to be segregated and held by the depository institution maintaining such account in a fiduciary capacity, separate and apart from the institution’s own funds immediately and general assets and that the account shall not be held in any capacity that would create a debtor-creditor relationship between the institution and the Servicer or the Purchaser. At all times, the Purchaser shall be the sole beneficial owner of all funds in the Custodial Account. Servicer’s possession or control of any such funds shall be solely in Servicer’s capacity as realizedcollecting agent for the Purchaser.
Appears in 3 contracts
Sources: Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Master Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Accountestablished with a Qualified Depository. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B A hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer’s own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereoffunds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments and any prepayment penalties or premiums with respect thereto, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds and REO Disposition Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xivii) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section Sections 4.07, 4.14, 5.01 and 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees fees, and other ancillary fees, excluding prepayment penalties, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 3 contracts
Sources: Servicing Agreement (HarborView 2007-6), Reconstituted Servicing Agreement (HarborView 2006-14), Reconstituted Servicing Agreement (HarborView 2006-10)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one subject to a two (12) Business Day of receipt thereofACH lag, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Subsection 11.13;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Servicer out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Servicer pursuant to this clause (xi) exceed the aggregate amount of the Servicer's servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the Seller out depository institution shall accrue to the benefit of its own funds the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Servicer shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Servicer shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 3 contracts
Sources: Reconstituted Servicing Agreement (Harborview 2006-7), Reconstituted Servicing Agreement (HarborView 2007-2), Reconstituted Servicing Agreement (HarborView 2007-5)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer), provided that in the event that amounts on deposit in the Custodial Account exceed the amount fully insured by the FDIC (the "Insured Amount"), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Permitted Investments on the same Business Day as such excess amount becomes present in the Custodial Account. Any such Permitted Investment shall mature no later than the Business Day immediately preceding the related Remittance Date. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Owner, or a copy to the initial Closing DateNIMs Insurer, upon reasonable request. The NIMs Insurer, Master Servicer and upon the request Trustee shall be notified of any subsequent purchaserchange in the location of the Custodial Account. The Seller Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofServicer's receipt, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 4.01, 4.14, 6.01 and 6.02; and
(ix) with respect to each Full Principal Prepayment or Section 6.02Partial Principal Prepayment, any Prepayment Interest Shortfall, to the extent of the Servicer's aggregate Servicing Fee received with respect to the related Due Period (the "Compensating Interest Amount"). The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees Servicing Fees and other ancillary fees, to the extent permitted by Section 6.01, Ancillary Income need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds Servicer in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained and may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal retained by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately Servicer as realizedcompensation.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-2), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, 2005-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible depository institutio▇ ▇▇▇ custodia▇ ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsnts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Accountestablished with a Qualified Depository. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Owner upon reasonable request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer’s own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofServicer's receipt, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments and any prepayment penalties or premiums with respect thereto, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds and REO Disposition Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section Sections 4.01, 4.14, 6.01 and 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.; and
Appears in 2 contracts
Sources: Reconstitution Agreement (HarborView 2007-7), Reconstitution Agreement (HarborView 2007-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B heretoof time deposit or demand accounts. The original of such letter agreement Countrywide shall be furnished to provide the Purchaser on with written evidence of the initial Closing Date, and creation of the Custodial Account upon the request of any subsequent purchaserrequest. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all Other Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 3.08 and 4.113.10 of this Agreement, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerCountrywide’s normal servicing procedures, the loan documents or applicable law;
(viie) all Condemnation Proceeds affecting any Mortgaged Property that are not released to the Mortgagor in accordance with Countrywide’s normal servicing procedures, the loan documents or applicable law;
(f) all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Section 3.03 or 3.04 of the Purchase Agreement, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03 of the Purchase Agreement;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 3.10 of this Agreement in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the SellerCountrywide’s own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide’s own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of one half of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans);
(j) any amounts required to be deposited by Countrywide in connection with any REO Property pursuant to Section 3.13 of this Agreement; and
(xik) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02Sections 3.17. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, need 3.16 of this Agreement) and any Prepayment Interest Excess shall not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest or earnings paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount 3.05(d) of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realizedthis Agreement.
Appears in 2 contracts
Sources: Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He1), Assignment, Assumption and Recognition Agreement (HSI Asset Securitization CORP Trust 2006-He2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable lawApplicable Requirements;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable lawApplicable Requirements;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased and other amounts payable in connection with any substituted Mortgage Loan in accordance with Sections Section 3.03;
(xix) any amounts required to be deposited by the Seller pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02; and
(xi) any Prepayment Interest Shortfall Amount. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f), Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the related Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans, including all Prepayment Charges;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor;
(viii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20.
(x) all Monthly Advances; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller's servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the Seller out depository institution shall accrue to the benefit of its own funds the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Servicer shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Servicer shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 2 contracts
Sources: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2), Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, as appropriate, out of the Servicer’s own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereof, funds and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage LoansLoans received after the Cut-off Date;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance RateRate received after the Cut-off Date;
(iii) all Liquidation ProceedsProceeds and REO Disposition Proceeds received after the Cut-off Date;
(iv) any net amounts required to be deposited received by the Seller Servicer after the Cut-off Date in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds received after the Cut-off Date including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not received after the Cut-off Date other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by received after the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts Cut-off Date and required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02; and
(ix) with respect to each Principal Prepayment received after the Cut-off Date, an amount (to be paid by the Servicer out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month’s interest on the amount of principal so prepaid, at the Mortgage Loan Remittance Rate; provided, however, that in no event shall the aggregate of deposits made by the Servicer pursuant to this clause (ix) exceed the aggregate amount of the Servicing Fee in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for Qualified Depository shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Servicing Agreement (MASTR Alternative Loan Trust 2007-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B heretoof time deposit or demand accounts. The original Countrywide shall provide Purchaser with written evidence of the creation of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and Custodial Account(s) upon the request of any subsequent purchaserPurchaser. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds and Other Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerCountrywide’s normal servicing procedures, the loan documents or applicable law;
(viie) all Condemnation Proceeds affecting any Mortgaged Property that are not released to the Mortgagor in accordance with Countrywide’s normal servicing procedures, the loan documents or applicable law;
(f) all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03 or 3.04, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the SellerCountrywide’s own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide’s own funds, without reimbursement therefor up to a maximum amount per month equal to the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xij) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 or Section 6.024.13. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 4.16) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05(d). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Mortgage Loan Purchase and Servicing Agreement (Sequoia Mortgage Trust 2006-1), Mortgage Loan Purchase and Servicing Agreement (Sequoia Residential Funding Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts Accounts, with a commercial bankQualified Depository, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Upon the request of the Purchaser, the Company shall deliver to the Purchaser a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Letter Agreement in the form shown in of Exhibit B hereto3. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, basis within one (1) two Business Day Days of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-related Cut off Date:
(i) all payments on account of principal, principal including Principal Prepayments (and any prepayment penalty fees collected from Mortgagors for any Principal Prepayments, ) on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller Company pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Company's own funds, without reimbursement therefor;
(viii) any amounts required to be deposited by the Company in connection with any REO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized11.
Appears in 2 contracts
Sources: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-19), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Fannie Mae or ▇▇▇▇▇▇▇ Freddie Mac as an eligible depository institution for custodial accounts▇▇▇▇▇d▇▇▇ acc▇▇▇▇▇. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateInterest Rate (less the related Interim Servicing Fee);
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.084.07, 4.10 4.09 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(viivi) any Monthly AdvancesServicing Advances made with respect to an Escrow Payment;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xvii) any amounts required to be deposited by the Seller pursuant to Section 4.11 4.09 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and
(xiviii) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary feesAncillary Fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv4.04(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Seller's Purchase, Warranties and Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-9ar), Seller's Purchase, Warranties and Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B heretoof time deposit or demand accounts. The original of such letter agreement Countrywide shall be furnished to provide the Purchaser on with written evidence of the initial Closing Date, and creation of the Custodial Account upon the request of any subsequent purchaserrequest. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds, Other Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 3.08 and 4.113.10 of this Agreement, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Countrywide's normal servicing procedures, the loan documents or applicable law;
(viie) all Condemnation Proceeds affecting any Mortgaged Property that are not released to the Mortgagor in accordance with Countrywide's normal servicing procedures, the loan documents or applicable law;
(f) all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Section 3.03 or 3.04 of the Purchase Agreement, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03 of the Purchase Agreement;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 3.10 of this Agreement in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Countrywide's own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide's own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of one half of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans);
(j) any amounts required to be deposited by Countrywide in connection with any REO Property pursuant to Section 3.13 of this Agreement; and
(xik) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02Sections 3.17. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, Prepayment Charges and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, need 3.16 of this Agreement) shall not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest or earnings paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount 3.05(d) of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realizedthis Agreement.
Appears in 2 contracts
Sources: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1), Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer), provided that in the event that amounts on deposit in the Custodial Account exceed the amount fully insured by the FDIC (the “Insured Amount”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Permitted Investments on the same Business Day as such excess amount becomes present in the Custodial Account. Any such Permitted Investment shall mature no later than the Business Day immediately preceding the related Remittance Date. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Owner, or a copy to the initial Closing DateNIMs Insurer, upon reasonable request. The NIMs Insurer, Master Servicer and upon the request Trustee shall be notified of any subsequent purchaserchange in the location of the Custodial Account. The Seller Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer’s own funds, with no right to reimbursement therefor. The Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofServicer’s receipt, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 4.01, 4.14, 6.01 and 6.02; and
(ix) with respect to each Full Principal Prepayment or Section 6.02Partial Principal Prepayment, any Prepayment Interest Shortfall, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Due Period (the “Compensating Interest Amount”). The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees Servicing Fees and other ancillary fees, to the extent permitted by Section 6.01, Ancillary Income need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds Servicer in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained and may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal retained by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately Servicer as realizedcompensation.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates, Series 2005-3), Pooling and Servicing Agreement (Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-4)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Interim Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05assets. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Interim Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day 24 hours of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage LoansLoans including any Principal Prepayments and any prepayment penalties or premiums;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller Interim Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Interim Servicer's own funds, without reimbursement therefor;
(viii) any amounts required to be deposited by the Interim Servicer in connection with any REO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized11.
Appears in 2 contracts
Sources: Master Repurchase Agreement (Contifinancial Corp), Master Mortgage Loan Purchase Facility (Contifinancial Corp)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall, or shall cause the Subservicer to, segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments in the name of the Indenture Trustee (with any income earned thereon for the benefit of the Servicer, or the Subservicer in the case of a Custodial Account established by the Subservicer). Funds deposited in the Custodial Account may be drawn on by the Servicer or the Subservicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Master Servicer upon reasonable request. Each of the initial Closing Date, Servicer and upon the request Subservicer acknowledges and agrees that it shall bear any losses incurred with respect to Permitted Investments it directs. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer or the Subservicer into the Custodial Account, out of its own funds, with no right to reimbursement therefor. The Seller Servicer shall, or shall cause the Subservicer to, deposit in into the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofthe Servicer’s or the Subservicer’s receipt, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans (adjusted to the related Mortgage Loan Remittance RateRate in the case of deposits by the Subservicer);
(iii) all Liquidation Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer or the Subservicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted the Servicing PracticesStandard, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresServicing Standard, the loan documents Mortgage Loan Documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 4.01, 4.14, 6.01 and 6.02; and
(ix) with respect to each Full Principal Prepayment or Section 6.02Partial Principal Prepayment, any Prepayment Interest Shortfall, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Due Period (or to the extent of the Subservicer’s aggregate Subservicing Fee received with respect to such Due Period, in the case of the Prepayment Interest Shortfall obligations). The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary feesAncillary Income, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer or the Subservicer in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2005-3), Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2005-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the related Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans, including all Prepayment Charges;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller’s normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vi) all proceeds of any Mortgage Loan repurchased in accordance with Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for amounts required to be deposited by the month of distributionSeller pursuant to Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; andREO Property pursuant to Subsection 11.13;
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20;
(x) all Monthly Advances; and
(xi) with respect to each Principal Prepayment, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller’s servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.21, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the related Custodial Account pursuant to Subsection 11.05(iii). The Seller shall give notice to the Purchaser of its own funds the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the related Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 2 contracts
Sources: Assignment, Assumption and Recognition Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He1), Master Mortgage Loan Purchase and Servicing Agreement (Deutsche Alt-a Securities Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible depository institution fo▇ ▇▇▇▇▇▇ Mae or odial ac▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized6.
Appears in 2 contracts
Sources: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-7), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-13arx)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser7. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller’s normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(vii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Section 7.03;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distributionSeller pursuant to Section 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and11.13;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Sections 11.19 or 11.20; and
(xi) with respect to each Principal Prepayment in full or in part received during the related Prepayment Period, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Interest Rate; provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller’s servicing compensation received in the calendar month in which such deposits are required; and
(xii) any amounts required to be deposited pursuant to Section 4.01 or Section 6.0211.34 in connection with any losses realized on Permitted Investments with respect to funds held in the Custodial Account. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.0111.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Such Custodial Account shall be an Eligible Account. Any interest or earnings on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv11.05(iii). The amount Seller shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any losses incurred in respect of any such investments shall be deposited change thereof. If the balance on deposit in the Custodial Account by exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller out shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of its own funds immediately as realizedavailable funds.
Appears in 2 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts Accounts, in the form of time deposit or demand accounts. Countrywide shall provide the Purchaser with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate written evidence of the Sellercreation of such Custodial Account(s) which meets upon the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05request of the Purchaser. The creation of any the Custodial Account shall be evidenced by a letter agreement certificate delivered by Countrywide (“Custodial Account Certification”) in the form shown in of Exhibit B E attached hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all Other Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerCountrywide’s normal servicing procedures, the loan documents or applicable law;
(viie) all Condemnation Proceeds affecting any Mortgaged Property that are not released to the Mortgagor in accordance with Countrywide’s normal servicing procedures, the loan documents or applicable law;
(f) all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03 or 3.04, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the SellerCountrywide’s own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide’s own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of one half of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xij) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 or Section 6.024.13. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 4.16) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05(d). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement, Master Mortgage Loan Purchase and Servicing Agreement (Jpmac 2006-Cw1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts Accounts, in the form of time deposit or demand accounts. Countrywide shall provide the Purchaser with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate written evidence of the Sellercreation of such Custodial Account(s) which meets upon the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05request of the Purchaser. The creation of any the Custodial Account shall be evidenced by a letter agreement certificate delivered by Countrywide (“Custodial Account Certification”) in the form shown in of Exhibit B D attached hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds, Government Insurance Proceeds and Other Insurance Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerCountrywide’s normal servicing procedures, the loan documents or applicable law;
(viie) all Condemnation Proceeds affecting any Mortgaged Property that are not released to the Mortgagor in accordance with Countrywide’s normal servicing procedures, the loan documents or applicable law;
(f) all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xg) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the SellerCountrywide’s own funds, without reimbursement therefor);
(h) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide’s own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of one half of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xii) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 or Section 6.024.13. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 4.16) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05(d). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Servicing Agreement (J.P. Morgan Mortgage Trust 2006-A1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown of time deposit or demand accounts and shall be titled "[Countrywide] in Exhibit B hereto. The original trust for Sutton Funding LLC as Purchaser of Mortgage Loans and various Mortgagor▇." ▇▇untrywide shall provide the Purchaser with written evidence of the creation of such letter agreement shall be furnished to Custodial Account(s) within thirty (30) days of the Purchaser on the initial Initial Closing Date, and upon the request of any subsequent purchaser. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of Days following receipt thereof, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds, Government Insurance Proceeds and Other Insurance Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 3.08 and 4.113.10 of this Agreement, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing PracticesCountrywide's normal servicing procedures, the loan documents or applicable law;
(vie) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Countrywide's normal servicing procedures, the loan documents or applicable law;
(viif) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Section 3.03 or 3.04 of the Purchase Agreement, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03 of the Purchase Agreement;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 3.10 of this Agreement in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Countrywide's own funds, without reimbursement therefor);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide's own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of one half of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xij) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 or Section 6.023.13 of this Agreement. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, Prepayment Penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 3.16 of this Agreement) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount 3.05(d) of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realizedthis Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (BCAP LLC Trust 2007-Aa5), Trust Agreement (BCAP LLC Trust 2007-Aa4)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an demand Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05Accounts. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B A hereto. The original A copy of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserHolder. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it on or subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date, and interest accrued prior to the Cut-off Date, on the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11Proceeds, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Company's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Company's normal servicing procedures, the loan documents or applicable law;
(viivi) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(xvii) any amounts required to be deposited by the Seller Company pursuant to Section 4.11 the Guide in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be being made from the Seller’s Company's own funds, without reimbursement therefor;
(viii) [intentionally omitted]
(ix) any amounts required to be deposited by the Company in connection with any REO Property pursuant to the Guide; and
(xix) any other amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02the Guide. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Company in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Company and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Company shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.03(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Master Repurchase Agreement (Starnet Financial Inc), Master Repurchase Agreement (Austin Funding Com Corp)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer’s normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerServicer’s normal servicing procedures, the loan documents or applicable law;
(vi) [Reserved]
(vii) all proceeds of any Monthly AdvancesMortgage Loan repurchased in accordance with Subsections 7.03 and 7.04 and all amounts required to be deposited by the Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distributionServicer pursuant to Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the SellerServicer’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 Servicer in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement thereforREO Property pursuant to Subsection 11.13; and
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.02. 11.20.. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the Seller out depository institution shall accrue to the benefit of its own funds the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Servicer shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Servicer shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 2 contracts
Sources: Assignment, Assumption and Recognition Agreement (Hsi Asset Securitization Corp), Assignment, Assumption and Recognition Agreement (Hsi Asset Securitization Corp)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited Any funds in a Custodial Account may be invested only in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer’s own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereoffunds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments and any prepayment penalties or premiums with respect thereto, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds and REO Disposition Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xivii) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section Sections 4.14, 5.01 and 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, and fifty percent (50%) of the prepayment penalties and other amounts to be retained by Servicer pursuant to this Agreement, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05(iii). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Servicing Agreement, Servicing Agreement (MASTR Second Lien Trust 2006-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03, 3.04 and 3.05;
(xix) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the SellerServicer’s own funds, without reimbursement therefor; and
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Seller’s Purchase, Warranties and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1), Seller’s Purchase, Warranties and Servicing Agreement (CSMC Trust 2007-4)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Accountestablished with a Qualified Depository. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B A hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer’s own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereoffunds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments and any prepayment penalties or premiums with respect thereto, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds and REO Disposition Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xivii) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusiveSections 4.07, it being understood 4.14, 5.01 and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized6.
Appears in 2 contracts
Sources: Reconstituted Servicing Agreement (HarborView Mortgage Loan Trust 2005-15), Reconstituted Servicing Agreement (Luminent 2006-4)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts Accounts, with a commercial bankQualified Depository, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Upon the request of the Purchaser, the Company shall deliver to the Purchaser a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Letter Agreement in the form shown in of Exhibit B hereto3. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, basis within one (1) two Business Day Days of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date:
(i) all payments on account of principal, principal including Principal Prepayments (and any prepayment penalty fees collected from Mortgagors for any Principal Prepayments, ) on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller Company pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Company's own funds, without reimbursement therefor;
(viii) any amounts required to be deposited by the Company in connection with any REO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized11.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Gsaa Home Equity Trust 2004-5), Pooling and Servicing Agreement (Gs Mortgage Securities Corp Mort Pa Th Ce Se 2002-He)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (demand accounts which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account accounts shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05Accounts. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto7 to this Agreement. The original A copy of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserrequest. The Seller shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Primary Mortgage Insurance Proceeds and Other Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.0811.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents Mortgage Loan Documents or applicable law;
(viivi) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.037.03 and 11.03, and any amount required to be deposited by the Seller in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the Deleted Mortgage Loans as required pursuant to Section 7.03;
(viii) any amounts required to be deposited by the Seller pursuant to Section 11.10 in connection with the deductible clause in any blanket hazard insurance policy such deposit shall be made from the Seller's own funds, without reimbursement therefor;
(ix) the Prepayment Interest Shortfall Amount, if any, for the month of distribution, such deposit shall be made from the Seller's own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans;
(x) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor11.13; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 11.01, 11.14, 11.22 or Section 6.0211.23. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties (except as otherwise set forth in a Purchase Price and Terms Letter) with respect to any Mortgage Loan Package, and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv11.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited If the balance on deposit in the Custodial Account by were to exceeds the insured amount limits of an FDIC insured account as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller out shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the related Custodial Account all amounts in excess of its own funds immediately as realizedthe FDIC insurance limits and deposit such amounts in another account that constitutes an Eligible Account pursuant to clause (i) or (ii) of the definition of Eligible Account.
Appears in 2 contracts
Sources: Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2006-11), Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2006-12)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Interim Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Interim Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Interim Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller Interim Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Interim Servicer's own funds, without reimbursement therefor;
(viii) any amounts required to be deposited by the Interim Servicer in connection with any REO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller Interim Servicer in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the Seller out depository institution shall accrue to the benefit of its own funds the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Interim Servicer shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Interim Servicer shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 2 contracts
Sources: Master Mortgage Loan Purchase and Interim Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Nc2), Master Mortgage Loan Purchase and Interim Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Nc1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Interim Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit, demand accounts or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an other Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05Accounts. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Interim Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-Cut off Date, or received by it prior to the Cut-Cut off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-Cut off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation ProceedsProceeds and income from REO Property;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04;
(xvii) any amounts required to be deposited by the Seller Interim Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Interim Servicer's own funds, without reimbursement therefor; and;
(xiviii) any amounts required to be deposited by the Interim Servicer in connection with any REO Property pursuant to Subsection 11.13;
(ix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.20 or Section 6.0211.21, and
(x) any amounts relating to Prepayment Charges as described in Subsection 7.07. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees Servicing Fees and other ancillary feesAncillary Income, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller Interim Servicer in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the Seller out depository institution shall accrue to the benefit of its own funds the Interim Servicer and the Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Interim Servicer shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Interim Servicer shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 2 contracts
Sources: Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2), Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, as appropriate, out of the Servicer's own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereof, funds and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage LoansLoans received after the related Servicing Transfer Date;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance RateRate received after the related Servicing Transfer Date;
(iii) all Liquidation ProceedsProceeds and REO Disposition Proceeds received after the related Servicing Transfer Date;
(iv) any net amounts required to be deposited received by the Seller Servicer after the related Servicing Transfer Date in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds received after the related Servicing Transfer Date including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not received after the related Servicing Transfer Date other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by received after the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts related Servicing Transfer Date and required to be deposited in the Custodial Account pursuant to Section 4.01 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment received after the related Servicing Transfer Date, any Prepayment Interest Shortfalls, to the extent of the Servicer's aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Fannie Mae or ▇▇▇▇▇▇▇ Freddie Mac as an eligible depository institution for custodial accounts▇▇▇▇▇dial acc▇▇▇▇▇. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized6.
Appears in 1 contract
Sources: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser Owner on the initial Closing Transfer Date, and upon the request of any subsequent purchaserOwner. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date, or received by it prior to the related Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable lawApplicable Requirements;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable lawApplicable Requirements;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03;
(xix) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13, 5.03 or Section 6.02; and
(xi) any Prepayment Interest Shortfall Amount.
(i) any amounts required to be deposited by the Servicer in connection with any losses on Eligible Investments. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The Seller Servicer may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the SellerInvestments, which shall mature not later than the Business Day next preceding a date sufficient to make payment on the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all All income and gain gains realized from any such investment shall be for the benefit of the Seller Servicer as additional compensation and shall be subject to its withdrawal by the Seller from the Custodial Account pursuant to in accordance with Section 4.05(iv4.05(v). The amount of any losses incurred in respect of any such investments (to the extent not offset by income from other such investments) shall be deposited in the Custodial Account by the Seller Servicer out of its own funds immediately as realizedfunds, without reimbursement therefore.
Appears in 1 contract
Sources: Flow Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-A7)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by demand accounts, titled "Countrywide in trust for ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account Mortgage Home Loans, Inc." Countrywide shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance provide the Purchaser with Section 4.05. The written evidence of the creation of any such Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and Account(s) upon the request of any subsequent purchaser. The Seller the Purchaser in a form attached hereto as Exhibit H. Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds and Other Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Sections 4.084.8, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Customary Servicing PracticesProcedures, the loan documents or applicable law;
(vie) all Condemnation Proceeds affecting any Mortgaged Property which that are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresCustomary Servicing Procedures, the loan documents or applicable law;
(viif) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Section 3.3 or 3.4, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.3;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Countrywide's own funds, without reimbursement therefor; and);
(xii) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide's own funds, without reimbursement therefor up to a maximum amount per month equal to the lesser of (a) one-twelfth of the product of (i) 0.25% and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans);
(j) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 4.13;
(k) principal prepayment penalties, if any and if applicable pursuant to the Purchase Confirmation or Section 6.02the Trade Confirmation; and
(l) any other amounts required to be deposited by Countrywide pursuant to the terms of this Agreement. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 4.16) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.5(d). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Certification in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day 24 hours of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 11.13;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 11.19 or Section 6.0211.20; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller's servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.0111.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out of its own funds immediately as realized.and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant
Appears in 1 contract
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser6. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments received during the related Prepayment Period, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted Loans, including all Prepayment Charges received during the related Prepayment Period or payable pursuant to the Mortgage Loan Remittance RateSection 11.01;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03or 7.05 and all amounts required to be deposited by the Seller in connection with Subsection 7.04 or in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiviii) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Subsection 11.13;
(ix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19, 11.20 or Section 6.02. 11.25; and The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Seller shall give notice to the Purchaser of its own funds the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $100,000 (other than any Buydown Funds not yet due to the Purchaser) as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 1 contract
Sources: Master Mortgage Loan Purchase and Interim Servicing Agreement (Luminent Mortgage Trust 2007-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Each Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Each Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date, or received by it prior to the related Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the such Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller a Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable lawApplicable Requirements;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable lawApplicable Requirements;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03;
(xix) any amounts required to be deposited by the Seller a Servicer pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Sellerapplicable Servicer’s own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 5.03 or Section 6.02;
(xi) any Prepayment Interest Shortfall Amount; and
(xii) any amounts to be deposited by the applicable Servicer in connection with any losses on Eligible Investments. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller applicable Servicer in the Custodial Account. The Seller Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the applicable Servicer and the applicable Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(v). Each Servicer may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the SellerInvestments, which shall mature not later than the Business Day next preceding a date sufficient to make payment on the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all All income and gain realized from any such investment shall be for the benefit of the Seller applicable Servicer as an additional compensation and shall be subject to its withdrawal by the Seller from the Custodial Account pursuant to in accordance with Section 4.05(iv4.05(v). The amount of any losses incurred in respect of any such investments investment (to the extent not offset by income from other such investments) shall be deposited in the Custodial Account by the Seller applicable Servicer out of its own funds immediately as realizedfunds, without reimbursement therefor.
Appears in 1 contract
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and Servicer shall establish and maintain one or more at all times appropriate custodial accounts for principal and interest, and taxes and insurance with respect to the Mortgage Loans, Servicer will establish and maintain a Custodial Accounts with a commercial bankAccount for Morgan Stanley Mortgage Capital Inc., a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or as Owner. S▇▇▇▇▇▇r ▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all All payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all All payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all All Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all All Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing PracticesServicer's normal servicing procedures, the related loan documents or applicable law;
(viv) all All Condemnation Proceeds affecting any Mortgaged Property which that are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(viivi) any Any Monthly Advances;
(viiivii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all All proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
Section 5(c) or (xd) any of the Purchase Agreement, and all amounts required to be deposited by Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Section 5(c) of the Seller Purchase Agreement;
(viii) Any amounts required to be deposited by Servicer pursuant to Section 4.11 in connection with the deductible clause in amount of any blanket hazard property insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and;
(xiix) any Any amounts required to be deposited by Servicer pursuant to Section 6.04 for the month of distribution;
(x) Any amounts in respect of Permitted Investments required to be deposited pursuant to Section 4.20;
(xi) Any amounts required to be deposited by Servicer in connection with any REO Property pursuant to Section 4.13; and
(xii) Any amounts required to be deposited into the Custodial Account pursuant to Section 4.01 or Section 6.027.01. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.017.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds in deposited into the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Servicer and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited In addition, funds in the Custodial Account by may be invested in Permitted Investments in accordance with the Seller out of its own funds immediately as realizedprovisions set forth in Section 4.20.
Appears in 1 contract
Sources: Master Servicing Agreement (Sunset Financial Resources Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain maintain, or cause to be established and maintained in accordance with the Option One Subservicing Agreement, one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer), provided that in the event that amounts on deposit in the Custodial Account exceed the amount fully insured by the FDIC (the “Insured Amount”), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Permitted Investments on the same Business Day as such excess amount becomes present in the Custodial Account. Any such Permitted Investment shall mature no later than the Business Day immediately preceding the related Remittance Date. The amount of any losses incurred in respect of any such Permitted Investments shall be deposited by the Servicer in the Custodial Account out of the Servicer’s own funds immediately as realized. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Owner upon reasonable request. The Master Servicer and the initial Closing Date, and upon the request Indenture Trustee shall be notified of any subsequent purchaserchange in the location of the Custodial Account. The Seller Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer’s own funds, with no right to reimbursement therefor. The Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofServicer's receipt, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 4.01, 4.14, 6.01 and 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment, any Prepayment Interest Shortfall, to the extent of one-half of the Servicer’s aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment chargesServicing Fees, assumption fees Ancillary Income and other ancillary fees, to the extent permitted by Section 6.01, any Prepayment Interest Excess need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds Servicer in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained and may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal retained by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately Servicer as realizedcompensation.
Appears in 1 contract
Sources: Servicing Agreement (Encore Credit Receivables Trust 2005-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit EXHIBIT B hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, as appropriate, out of the Servicer's own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one (1) and in the Custodial Account or Accounts no later than the second Business Day after receipt of receipt thereof, funds and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage LoansLoans received after the Cut-off Date;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance RateRate received after the Cut-off Date;
(iii) all Liquidation ProceedsProceeds and REO Disposition Proceeds received after the Cut-off Date;
(iv) any net amounts required to be deposited received by the Seller Servicer after the Cut-off Date in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds received after the Cut-off Date including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not received after the Cut-off Date other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by received after the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts Cut-off Date and required to be deposited in the Custodial Account pursuant to Section 4.01 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment received after the Cut-off date, any Prepayment Interest Shortfalls, to the extent of the Servicer's aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for Qualified Depository shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2005-5)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇F▇▇▇▇▇ Mae or ▇F▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B A hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing DateOwner, and upon the request of any subsequent purchaserOwner. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement thereforIntentionally Omitted;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02; and
(xi) any Prepayment Interest Shortfall Amount. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05 (iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2005-5)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser Owner on the initial Closing Transfer Date, and upon the request of any subsequent purchaserOwner. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date, or received by it prior to the related Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable lawApplicable Requirements;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable lawApplicable Requirements;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03;
(xix) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13, 5.03 or Section 6.02; and
(xi) any Prepayment Interest Shortfall Amount.
(xii) any amounts required to be deposited by the Servicer in connection with any losses on Eligible Investments. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The Seller Servicer may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the SellerInvestments, which shall mature not later than the Business Day next preceding a date sufficient to make payment on the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all All income and gain gains realized from any such investment shall be for the benefit of the Seller Servicer as additional compensation and shall be subject to its withdrawal by the Seller from the Custodial Account pursuant to in accordance with Section 4.05(iv4.05(v). The amount of any losses incurred in respect of any such investments (to the extent not offset by income from other such investments) shall be deposited in the Custodial Account by the Seller Servicer out of its own funds immediately as realizedfunds, without reimbursement therefore.
Appears in 1 contract
Sources: Flow Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S4)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts Accounts, with a commercial bankQualified Depository, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Upon the request of the Purchaser, the Master Servicer shall deliver to the Purchaser a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser3. The Seller shall deposit in the Custodial Account on a daily basis, basis within one (1) two Business Day Days of receipt thereofreceipt, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Off Date:
(i) all payments on account of principal, principal including Principal Prepayments, Prepayments on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08Subsections 11.10 and 11.11, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller Master Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Master Servicer's own funds, without reimbursement therefor;
(viii) any amounts required to be deposited by the Master Servicer in connection with any REO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized11.
Appears in 1 contract
Sources: Mortgage Loan Purchase and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser7. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor;
(ix) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Subsection 11.13; and
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iv). The Seller shall give notice to the Purchaser of its own funds the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller shall, on or before twelve o'clock noon Pacific time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-4)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds deposited in a the Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable lawApplicable Requirements;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable lawApplicable Requirements;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Section 3.03 and Section 3.04;
(xix) any amounts required to be deposited by the Seller pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02. ;
(xi) any Prepayment Interest Shortfall Amount; The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05 (iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Servicing Agreement (Structured Asset Securities Corp)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Interim Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Interim Servicer shall deposit in the Custodial Account on a daily basis, within one subject to a two (12) Business Day of receipt thereofACH lag, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Interim Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvi) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Interim Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xvii) any amounts required to be deposited by the Seller Interim Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Interim Servicer's own funds, without reimbursement therefor;
(viii) any amounts required to be deposited by the Interim Servicer in connection with any REO Property pursuant to Subsection 11.13; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized11.
Appears in 1 contract
Sources: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) : all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) ; all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Interest Rate;
(iii) ; all Liquidation Proceeds;
(iv) ; any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) ; all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) ; all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) ; any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) ; all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) , 3.04 and 3.05; any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and
(xi) and any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Seller's Purchase, Warranties and Interim Servicing Agreement (E Loan Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit, demand accounts or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an other Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05Accounts. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation ProceedsProceeds and income from REO Property;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(viivi) any Monthly Advancesreserved;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Subsection 11.13;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusiveSubsection 11.20, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment and
(except that (Axi) any investment amounts relating to Prepayment Charges as described in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realizedSubsection 7.05.
Appears in 1 contract
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser7. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, principal on the Loans (including any Principal Prepayments, on the Mortgage Loans);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor Borrower in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(viiv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Borrower in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vi) all Monthly Advances;
(vii) all proceeds of any Loan repurchased in accordance with Sections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Loans pursuant to Section 7.03;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distributionSeller pursuant to Section 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and11.13;
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 11.19. 11.20 or Section 6.0211.23; and
(xi) with respect to each Principal Prepayment in full or part, any Prepayment Interest Shortfalls, to the extent of the Seller’s aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Such Custodial Account shall be an Eligible Account. Any interest or earnings on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for the benefit of the Seller, which depository institution shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof accrue to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and the Seller shall be subject entitled to withdrawal by the Seller retain and withdraw such interest from the Custodial Account pursuant to Section 4.05(iv11.05(iii). The amount Seller shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any losses incurred in respect of any such investments shall be deposited change thereof. Without limiting the foregoing, the funds in the Custodial Account shall at all times be segregated and held separate and apart from the Seller’s own funds and general assets and from any other funds or assets collected or held by the Seller out on behalf of its third parties. The Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form attached as Exhibit 7 hereto. Such Custodial Account Letter Agreement shall provide that such account is a special deposit, required to be segregated and held by the depository institution maintaining such account in a fiduciary capacity, separate and apart from the institution’s own funds immediately and general assets and that the account shall not be held in any capacity that would create a debtor-creditor relationship between the institution and the Seller or the Purchaser. At all times, the Purchaser shall be the sole beneficial owner of all funds in the Custodial Account. Seller’s possession or control of any such funds shall be solely in Seller’s capacity as realizedcollecting agent for the Purchaser.
Appears in 1 contract
Sources: Mortgage Loan Purchase and Servicing Agreement (TBW Mortgage-Backed Trust Series 2006-6)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan HELOC separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto1. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than (a) in respect of principal and interest on the Mortgage Loans HELOCs due on or before the Cut-off Date and (b) with respect to any Collection Period after the Managed Amortization Period, the RAP Draw Repayment Amount and the interest portion of any RAP Draw Repayment Amount for each Payment Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage LoansHELOCs;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateHELOCs;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.112.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) [Reserved];
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the SellerServicer’s normal servicing procedures, the loan documents or applicable law;
(vii) all proceeds of any Monthly AdvancesHELOC repurchased in accordance with the HELOC Purchase Agreement;
(viii) Compensating Interest, if any, for any amounts required to be deposited by the month of distributionServicer pursuant to Section 2.10 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the SellerServicer’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor2.13; and
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 2.19 or Section 6.022.20. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.012.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the Such Custodial Account shall be an Eligible Account. Any interest or earnings on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv2.05(iii). The amount Servicer shall give notice to the Securities Administrator, the Indenture Trustee and the Insurer of the location of the Custodial Account when established and prior to any losses incurred in respect of any such investments shall be deposited change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Servicer shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts on deposit therein, net of amounts payable or reimburseable to the Servicer, and remit such amounts to the Securities Administrator by the Seller out wire transfer of its own funds immediately as realizedavailable funds.
Appears in 1 contract
Sources: Servicing Agreement (Citigroup HELOC Trust 2006-Ncb1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds shall be deposited in a the Custodial Account within 24 hours of receipt, and shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Company in connection with any REO Property pursuant to Section 4.134.13 and in connection therewith, the Company shall provide the Purchaser with written detail itemizing all of such amounts;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interestwith respect to each full or partial Principal Prepayment, if anyany Prepayment Interest Shortfalls, for to the month extent of distribution. Such deposit shall be made from the SellerCompany’s own funds, without reimbursement thereforaggregate Servicing Fee received with respect to the related Prepayment Period;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller Company pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s Company's own funds, without reimbursement therefor; and
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Company in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Company and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Company shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05 (iv). The amount of Purchaser shall not be responsible for any losses incurred in suffered with respect to investment of any such investments shall be deposited funds in the Custodial Account by the Seller out of its own funds immediately as realizedAccount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Accountestablished with a Qualified Depository. Funds deposited in a the Custodial Account, which shall be deposited within 24 hours of receipt, shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B EXHIBIT D hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off related Cutoff Date, or received by it prior to the related Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the related Mortgage Loans due on or before the related Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds and REO Disposition Proceeds;
(iv) any net amounts required to be deposited received by the Seller Company in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Company's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s Company's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xiix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 6.02; and
(x) with respect to each full or Section 6.02partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Company's aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller Company in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for Qualified Depository shall accrue to the benefit of the Seller, which shall mature not later than Company and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Company shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of Company shall not be responsible for any losses incurred in suffered with respect to any investment of any such investments shall be deposited funds in the Custodial Account by the Seller out of its own funds immediately as realizedAccount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Company shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each The Custodial Account shall be an Eligible Account. Funds shall be deposited in a the Custodial Account within 24 hours of receipt, and shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaserPurchaser. The Seller Company shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Company in connection with any REO Property pursuant to Section 4.134.13 and in connection therewith, the Company shall provide the Purchaser with written detail itemizing all of such amounts;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interestwith respect to each full or partial Principal Prepayment, if anyany Prepayment Interest Shortfalls, for to the month extent of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement thereforCompany's aggregate Servicing Fee received with respect to the related Prepayment Period;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller Company pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s Company's own funds, without reimbursement therefor; and
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 4.01, 4.13 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized6.
Appears in 1 contract
Sources: Purchase, Warranties and Servicing Agreement (Luminent Mortgage Trust 2006-6)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser7. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Seller's normal servicing procedures, the loan documents or applicable law, and all proceeds under any Primary Mortgage Insurance Policy or LPMI Policy;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Subsection 11.13;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Seller pursuant to this clause (xi) exceed the aggregate amount of the Seller's servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Seller out and the Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Seller shall give notice to the Purchaser of its own funds the location of the Custodial Account when established and prior to any change thereof. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of Eligible Account, the Seller shall, on or before twelve o'clock noon Eastern time on such Business Day, withdraw from the Custodial Account any and all amounts payable to the Purchaser and remit such amounts to the Purchaser by wire transfer of immediately as realizedavailable funds.
Appears in 1 contract
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible depository institutio▇ ▇▇▇ custodia▇ ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsnts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s 's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s 's own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized6.
Appears in 1 contract
Sources: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Custodial Accounts will be reconciled within 45 days after bank statement cutoff date. Funds deposited in a the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on Owner upon request. The Servicer acknowledges and agrees that the initial Closing Date, and upon the request Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any subsequent purchasersuch losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Seller Servicer shall deposit in the Custodial Account a mortgage clearing account on a daily basis, within one and in the Custodial Account or Accounts no later than two (12) Business Day Days after receipt and identification of receipt thereof, funds and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage LoansLoans received after the Cut-off Date;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance RateRate received after the Cut-off Date;
(iii) all Net Liquidation ProceedsProceeds received after the Cut-off Date;
(iv) any net amounts required to be deposited received by the Seller Servicer after the Cut-off Date in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds received after the Cut-off Date including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not received after the Cut-off Date other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by received after the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts Cut-off Date and required to be deposited in the Custodial Account pursuant to Section 4.01 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment received after the Cut-off Date, any Prepayment Interest Shortfalls, to the extent of the Servicer's aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, and all Prepayment Interest Excess need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Upon request, the Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03, 3.04 and 3.05;
(xix) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the SellerServicer’s own funds, without reimbursement therefor; and
(xix) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the Any interest paid on funds deposited in the Custodial Account in Eligible Investments designated in by the name of the Seller for depository institution shall accrue to the benefit of the Seller, which shall mature not later than Servicer and the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Servicer shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Countrywide shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one (1) or more Custodial Accounts with a commercial bankAccounts, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B heretoof time deposit or demand accounts. The original Countrywide shall provide the Purchaser with written evidence of the creation of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and Custodial Account(s) upon the request of any subsequent purchaserthe Purchaser. The Seller Countrywide shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day of receipt thereofDays, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(ia) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(iib) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iiic) all Liquidation Proceedsproceeds from a Cash Liquidation;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(vd) all PMI Proceeds, Government Insurance Proceeds and Other Insurance Proceeds, including amounts required to be deposited pursuant to Sections 4.08, 4.10 4.08 and 4.114.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicescustomary servicing procedures, the loan documents or applicable law;
(vie) all Condemnation Proceeds affecting any Mortgaged Property which that are not released to the Mortgagor in accordance with the Seller’s Countrywide's normal servicing procedures, the loan documents or applicable law;
(viif) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixg) all proceeds of any Mortgage Loan repurchased in accordance with Sections Section 3.03 or 3.04, and any amount required to be deposited by Countrywide in connection with any shortfall in principal amount of the Qualified Substitute Mortgage Loans and the repurchased Mortgage Loans as required pursuant to Section 3.03;
(xh) any amounts required to be deposited by the Seller Countrywide pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy, policy (such deposit shall be made from the Seller’s Countrywide's own funds, without reimbursement therefortherefore);
(i) the Prepayment Interest Shortfall Amount, if any, for the month of distribution (such deposit shall be made from Countrywide's own funds, without reimbursement therefore up to a maximum amount per month equal to the lesser of one half of (a) one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loans, or (b) the aggregate Servicing Fee actually received for such month for the Mortgage Loans); and
(xij) any amounts required to be deposited by Countrywide in the Custodial Account connection with any REO Property pursuant to Section 4.01 or Section 6.024.13. The foregoing requirements for deposit in the Custodial Account shall be are exclusive, it being understood . The Purchaser understands and agreed agrees that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment penalties and assumption fees and other ancillary fees, (to the extent permitted by Section 6.01, 4.16) need not be deposited by the Seller Countrywide in the Custodial Account. The Seller may invest Any interest paid by the depository institution on funds deposited in the Custodial Account in Eligible Investments designated in the name of the Seller for shall accrue to the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date Countrywide and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment Countrywide shall be for the benefit of the Seller entitled to retain and shall be subject to withdrawal by the Seller withdraw such interest from the Custodial Account pursuant to Section 4.05(iv4.05(d). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.
Appears in 1 contract
Sources: Master Mortgage Loan Purchase and Servicing Agreement (Luminent Mortgage Trust 2006-6)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain maintain, or cause to be established and maintained in accordance with the Option One Subservicing Agreement, one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited Any funds in a Custodial Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer), provided that in the event that amounts on deposit in the Custodial Account exceed the amount fully insured by the FDIC (the "Insured Amount"), the Servicer shall be obligated to invest the excess amount over the Insured Amount in Permitted Investments on the same Business Day as such excess amount becomes present in the Custodial Account. Any such Permitted Investment shall mature no later than the Business Day immediately preceding the related Remittance Date. The amount of any losses incurred in respect of any such Permitted Investments shall be deposited by the Servicer in the Custodial Account out of the Servicer's own funds immediately as realized. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit EXHIBIT B hereto. The original of such letter agreement account certification shall be furnished to the Purchaser on Owner upon reasonable request. The Master Servicer and the initial Closing Date, and upon the request Indenture Trustee shall be notified of any subsequent purchaserchange in the location of the Custodial Account. The Seller Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Servicer shall deposit in the Custodial Account on a daily basis, within one two (12) Business Day Days of receipt thereofServicer's receipt, and retain therein therein, the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Datecollections:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any net amounts required to be deposited received by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not other than proceeds to be held in a restricted escrow account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller’s normal servicing proceduresAccepted Servicing Practices, the loan documents Mortgage Loan Documents or applicable law;
(vii) any Monthly AdvancesAdvances as provided in Section 5.03;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03;
(x) any amounts required to be deposited by the Seller pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Seller’s own funds, without reimbursement therefor; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Sections 4.01, 4.14, 6.01 and 6.02; and
(ix) with respect to each full or Section 6.02partial Principal Prepayment, any Prepayment Interest Shortfall, to the extent of one-half of the Servicer's aggregate Servicing Fee received with respect to the related Due Period. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment chargesServicing Fees, assumption fees Ancillary Income and other ancillary fees, to the extent permitted by Section 6.01, any Prepayment Interest Excess need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds Servicer in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained and may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal retained by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately Servicer as realizedcompensation.
Appears in 1 contract
Sources: Servicing Agreement (Encore Credit Receivables Trust 2005-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bank, a savings bank or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial accountsAccounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller Servicer in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(vi) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Seller.s normal servicing procedures, the loan documents or applicable law;
(vii) any Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ix) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03, 3.04 and 3.05;
(xix) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the SellerServicer’s own funds, without reimbursement therefor;
(x) with respect to each Principal Prepayment in full received during the calendar month prior to the related Remittance Date, any Compensating Interest; and
(xi) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 or Section 6.02. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees, to the extent permitted by Section 6.01, need not be deposited by the Seller in the Custodial Account. The Seller may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Seller out of its own funds immediately as realized.” D.
Appears in 1 contract
Sources: Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1)
Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Seller Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts with a commercial bankAccounts, a savings bank in the form of time deposit or a savings and loan association (which may be a depository Affiliate of the Seller) which meets the guidelines set forth by ▇▇▇▇▇▇ Mae or ▇▇▇▇▇▇▇ Mac as an eligible depository institution for custodial demand accounts. Each Custodial Account shall be an Eligible Account. Funds deposited in a Custodial Account may be drawn on in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement Custodial Account Letter Agreement in the form shown in of Exhibit B hereto7. The original of such letter agreement shall be furnished to the Purchaser on the initial Closing Date, and upon the request of any subsequent purchaser. The Seller Servicer shall deposit in the Custodial Account on a daily basis, within one (1) Business Day of receipt thereof, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(i) all payments on account of principal, including Principal Prepayments, principal on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) all Liquidation Proceeds;
(iv) any amounts required to be deposited by the Seller in connection with any REO Property pursuant to Section 4.13;
(v) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.08, 4.10 Subsections 11.10 and 4.1111.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practicesthe Servicer's normal servicing procedures, the loan documents or applicable law;
(viv) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller’s Servicer's normal servicing procedures, the loan documents or applicable law;
(viivi) any all Monthly Advances;
(viii) Compensating Interest, if any, for the month of distribution. Such deposit shall be made from the Seller’s own funds, without reimbursement therefor;
(ixvii) all proceeds of any Mortgage Loan repurchased in accordance with Sections 3.03Subsections 7.03 and 7.04 and all amounts required to be deposited by the Servicer in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(xviii) any amounts required to be deposited by the Seller Servicer pursuant to Section 4.11 Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy, such . Such deposit shall be made from the Seller’s Servicer's own funds, without reimbursement therefor; and;
(xiix) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Subsection 11.13;
(x) any amounts required to be deposited in the Custodial Account pursuant to Section 4.01 Subsections 11.19 or Section 6.0211.20; and
(xi) with respect to each Principal Prepayment in full, an amount (to be paid by the Seller out of its own funds without reimbursement therefor) which, when added to all amounts allocable to interest received in connection with such Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Interest Rate, provided, however, that in no event shall the aggregate of deposits made by the Servicer pursuant to this clause (xi) exceed the aggregate amount of the Servicer's servicing compensation in the calendar month in which such deposits are required. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, charges and assumption fees and other ancillary fees, to the extent permitted by Section 6.01Subsection 11.01, need not be deposited by the Seller Servicer in the Custodial Account. The Seller may invest the funds in the Such Custodial Account in Eligible Investments designated in the name of the Seller for the benefit of the Seller, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the Eligible Institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Seller shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Purchaser) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Seller and shall be subject to withdrawal by the Seller from the Custodial Account pursuant to Section 4.05(iv)an Eligible Account. The amount of any losses incurred in respect of any such investments shall be Any interest or earnings on funds deposited in the Custodial Account by the Seller out depository institution shall accrue to the benefit of its own funds immediately as realizedthe Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Subsection 11.05(iii). The Servicer shall give notice to the Purchaser of the location of the Custodial Account when established and prior to any change thereof.
Appears in 1 contract
Sources: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1)