Common use of Servicing Responsibilities Clause in Contracts

Servicing Responsibilities. Subject to Accepted Servicing Practices, Servicer shall have full power and authority to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable. Subject to Section 2.1 and in accordance with Accepted Servicing Practices, in performing its obligations hereunder, Servicer shall comply with the following with respect to each Loan or REO Property, continuously from the date hereof until the date each Loan or REO Property ceases to be subject to this Agreement: (a) Servicer shall hold all funds received for Owner hereunder in trust for Owner in a segregated Collection Account in accordance with all applicable regulations and with a financial institution whose accounts are insured by the FDIC to the amount available. To the extent amounts on deposit exceed the FDIC insured limit, then the Servicer either (1) shall deposit such excess amounts in a separate Eligible Account or (2) shall invest such excess amounts in Permitted Investments. The Collection Account shall be maintained with Servicer, or if it is not maintained with Servicer, then it must be an Eligible Account Any amounts held in the Collection Account may be, but are not required to be, invested by Servicer in Permitted Investments. Any income on the Collection Account shall belong to Servicer and may be withdrawn therefrom in accordance with Sections 6.2 and 6.