Common use of Sub-Servicing Accounts Clause in Contracts

Sub-Servicing Accounts. On behalf of the Trust Fund and the Certificate Insurer, Ocwen Federal Bank FSB, as Sub-Servicer, shall establish an account held in trust for the Certificateholders and the Certificate Insurer. In those cases where a Sub- Servicer is servicing a Mortgage Loan pursuant to a Sub-Servicing Agreement, the Sub-Servicer will be required to establish and maintain one or more accounts (collectively, the "Sub-Servicing Account"). The Sub-Servicing Account shall be an Eligible Account and shall comply with all requirements of this Agreement relating to the Collection Account. The Sub-Servicer will be required to deposit into the Sub- Servicing Account no later than the first Business Day after receipt all proceeds of Mortgage Loans received by the Sub-Servicer, less its servicing compensation to the extent permitted by the Sub-Servicing Agreement and to remit such proceeds to the Trustee for deposit in the Distribution Account not later than the first Business Day prior to each Distribution Date. For purposes of this Agreement, the Master Servicer shall be deemed to have received payments on the Mortgage Loans when the Sub-Servicer receives such payments.

Sub-Servicing Accounts. On behalf of the Trust Fund and the Certificate InsurerFund, Ocwen Federal Bank FSB, as Sub-Servicersubservicer, shall establish an account held in trust for the Certificateholders and the Certificate Insurer. In those cases where a Sub- Sub-Servicer is servicing a Mortgage Loan pursuant to a Sub-Servicing Agreement, the Sub-Servicer will be required to establish and maintain one or more accounts (collectively, the "Sub-Servicing Account"). The Sub-Servicing Account shall be an Eligible Account and shall comply with all requirements of this Agreement relating to the Collection Account. The Sub-Servicer will be required to deposit into the Sub- Sub-Servicing Account no later than the first Business Day after receipt all proceeds of Mortgage Loans received by the Sub-Servicer, less its servicing compensation to the extent permitted by the Sub-Servicing Agreement and to remit such proceeds to the Trustee Master Servicer for deposit in the Distribution Collection Account not later than the first Business Day prior to each Distribution Datethereafter. For purposes of this Agreement, the Master Servicer shall be deemed to have received payments on the Mortgage Loans when the Sub-Servicer receives such payments.