ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The 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 held in trust, entitled "GMAC Mortgage Corporation Custodial Account in trust for the benefit of the Holders of SAMI 1999-J2." Each Custodial Account shall be an Eligible Account. The Custodial Account shall be maintained as a segregated account, separate and apart from trust funds created for mortgage pass-through certificates of other series, and the other accounts of the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gmac Mortgage Loan Trust 1999-J2)
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The 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 held in trust, entitled "GMAC Mortgage Corporation Custodial Account in trust for the benefit of the Holders of SAMI 1999-J2J1." Each Custodial Account shall be an Eligible Account. The Custodial Account shall be maintained as a segregated account, separate and apart from trust funds created for mortgage pass-through certificates of other series, and the other accounts of the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gmac Mortgage Loan Trust 1999-J1)