Third Party Controlled Current Spread Custodial Account definition

Third Party Controlled Current Spread Custodial Account. The account specified in the Current Spread Custodial Account Control Agreement and maintained by ▇▇▇▇▇ Fargo Bank, National Association or another third party custodian or trustee selected by Purchaser, into which all Servicing Spread Collections and all Servicing Agreement termination payments in respect of the Mortgage Loans shall be deposited.
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Third Party Controlled Current Spread Custodial Account maintained pursuant to a Current Excess Servicing Spread Acquisition Agreement amount in respect of the “Base Servicing Fee” thereunder as permitted by the related Current Excess Servicing Spread Acquisition Agreement and remit such amounts to the Purchaser as payments on account of the Servicing Fees in respect of the Servicing Agreements.
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Third Party Controlled Current Spread Custodial Account maintained pursuant thereto.
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Examples of Third Party Controlled Current Spread Custodial Account in a sentence

  • So long as permitted by the Current Spread Custodial Account Control Agreement, Seller may direct the disposition of funds in the Third Party Controlled Current Spread Custodial Account strictly in accordance with the Priority of Payments.

  • Seller shall be entitled to payment of the Base Servicing Fee only to the extent funds are available therefor in the Third Party Controlled Current Spread Custodial Account in accordance with the Priority of Payments.

  • The Third Party Controlled Current Spread Custodial Account will be established pursuant to the Current Spread Custodial Account Control Agreement with respect to which Purchaser is an Entitlement Holder with Control.

  • For the avoidance of doubt, Seller’s obligations for Purchaser Indemnitees shall not be limited to funds available in the Third Party Controlled Current Spread Custodial Account or the Current Spread Reserve Account.

  • Any termination payment to be directed to the Third Party Controlled Current Spread Custodial Account shall be equal to the pro rata amount by which the Mortgage Loans affected by such termination bear to all mortgage loans of Seller affected by such termination, based upon the method in which such termination payments are calculated in accordance with the applicable Servicing Agreement.

  • Seller agrees to execute financing statements in form reasonably acceptable to Purchaser and Seller at the request of Purchaser in order to reflect Purchaser’s interest in the Current Excess Servicing Spread, the Third Party Controlled Current Spread Custodial Account and the Current Spread Reserve Account.

  • Seller agrees to take all actions reasonably necessary, including the filing of appropriate financing statements, to protect Purchaser’s interest in the Third Party Controlled Current Spread Custodial Account.

  • Upon any material breach of a representation, warranty or covenant by Seller hereunder or during the occurrence and continuance of a Current Spread Reserve Account Deposit Event, Purchaser may elect to exercise Control over the Third Party Controlled Current Spread Custodial Account.

  • Payments of all Servicing Spread Collections received on and after the Closing Date shall be transferred from the Lockbox Account to the Third Party Controlled Current Spread Custodial Account within one Business Day of receipt and identification thereof and in any event, within two Business Days of receipt thereof.

  • Upon any material breach of a representation, warranty or covenant by Seller hereunder, Purchaser may elect to exercise Control over the Third Party Controlled Current Spread Custodial Account.


More Definitions of Third Party Controlled Current Spread Custodial Account

Third Party Controlled Current Spread Custodial Account pursuant to and in accordance with any Current Excess Servicing Spread Acquisition Agreement related to the Servicing Agreements, the Seller shall remit to Purchaser (and shall direct in writing any applicable depositary institution to remit to the Purchaser directly), any payments on account of the “Base Servicing Fee” thereunder directly to the Purchaser. If a Termination Event has occurred, the Seller shall, following Purchaser’s request therefor, withdraw from time to time collections on the Servicing Fees from the “Third Party Controlled Current Spread Custodial Account” maintained pursuant to a Current Excess Servicing Spread Acquisition Agreement amount in respect of the “Base Servicing Fee” thereunder as permitted by the related Current Excess Servicing Spread Acquisition Agreement and remit such amounts to the Purchaser as payments on account of the Servicing Fees in respect of the Servicing Agreements.
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Related to Third Party Controlled Current Spread Custodial Account

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Sub-Servicing Account An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.