Servicer Accounts Sample Clauses

Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Net Liquidation Proceeds, Subsequent Recoveries and advances made from the Servicer's own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof.
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Servicer Accounts. The names and addresses of all the Servicer Account Banks, together with the account numbers of the Servicer Accounts at such Servicer Account Banks, are specified in Exhibit C (or at such other Servicer Account Banks and/or with such other Servicer Accounts as have been notified to the Guarantor and the Agent and for which Servicer Account Agreements have been executed in accordance with Section 2.2(c) hereof and delivered to the Agent). Only Collections are deposited into the Servicer Accounts.
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Servicer Accounts. (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more Servicer Accounts in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, and advances made from the Servicer's own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicer Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicer Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicer Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicer Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 11.02 hereof.
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Servicer Accounts. 65 Section 4.02 Master Servicer Collection Account........................................................ 66 Section 4.03 Permitted Withdrawals and Transfers from the Master Servicer Collection Account........... 67 Section 4.04
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Servicer Accounts. (i) Each of the Servicer Master Collection Accounts is set forth on Schedule G-1 attached hereto and made part hereof (as such Schedule may be supplemented by the Servicer from time to time pursuant to Section 6.04(t)), including, with respect to each bank (a) the name and address of such Person, and (b) the account numbers of the Servicer Master Collection Accounts maintained with such Person. Each Servicer Master Collection Account is a “securities account” (under and as defined in the relevant UCC). Other than in connection with the Intercreditor Agreement upon the satisfaction of the Intercreditor Condition, the Servicer has not pledged or granted any Lien on, or entered into any control arrangement over, the Servicer Master Collection Accounts.
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Servicer Accounts. Neither SouthernCo, as Servicer, nor any Subservicer shall instruct any Obligor to remit payments to any account other than a Servicer Deposit Account listed on Schedule G-2 attached hereto, as such schedule may be updated by the Servicer pursuant to Section 6.04(t). SouthernCo, as Servicer, shall not create or participate in the creation of, or permit to exist, any Liens and will not enter into any “control agreement” (as defined in the relevant UCC) with respect to any Servicer Account other than as set forth in, or permitted pursuant to the Intercreditor Agreement. ARTICLE SEVEN ADMINISTRATION AND SERVICING OF CONTRACTS
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Servicer Accounts. Neither First Heritage, as Servicer, nor any Subservicer shall instruct any Obligor to remit payments to any account other than a Servicer Account listed on Schedule 103 G attached hereto, as such schedule may be updated by the Servicer pursuant to Section 6.04(t), the Collection Account or, if such payments consist of cash, to the account or location permitted by the applicable Xxxxxx Agreement. First Heritage, as Servicer, shall not create or participate in the creation of, or permit to exist, any Liens and will not enter into any “control agreement” (as defined in the relevant UCC) with respect to any Servicer Account other than as set forth in Section 4.01(u) hereof and in, or permitted pursuant to, the Intercreditor Agreement.
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Servicer Accounts. (i) Each of the Servicer Master Collection Accounts is set forth on Schedule G-1 attached hereto and made part hereof (as such Schedule may be supplemented by the Servicer from time to time pursuant to Section 6.04(t)), including, with respect to each bank (a) the name and address of such Person, and (b) the account numbers of the Servicer Master Collection Accounts maintained with such Person. Other than in connection with the Intercreditor Agreement and the Servicer Account Agreement, the Servicer has not or entered into any control arrangement over, the Servicer Master Collection Accounts. (ii) [Reserved]. Section 5.05.
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Servicer Accounts. (A) Schedule III hereto contains a true and complete list of all accounts maintained for the purpose of receiving Collections (each, a "Local Deposit Account"). In the event that any Local Deposit Account shall be held in the name of a party other than the Trustee, on or prior to the initial Closing Date, such party shall, with respect to each such Local Deposit Account, (i) cause such Local Deposit Account to be transferred into the name of the Trustee and enter into a Deposit Account Agreement in respect of such account, or (ii) terminate such Local Deposit Account. (B) Such party shall not establish any new Local Deposit Accounts unless such party shall have first given notice to the Trustee of such new Local Deposit Account (which notice shall constitute an amendment of Schedule III hereto) and entered into a Deposit Account Agreement in respect of such account. (C) Each Local Deposit Account shall be in the name of the Trustee and bear a designation clearly indicating that the funds deposited therein are held solely for the benefit of the Beneficiaries. (D) On or before the date hereof, such party shall have entered into an agreement (a "Collection Servicer Agreement") with a Collection Servicer who shall act solely at the instruction of the Trustee. Each such Collection Servicer Agreement shall provide that each day Collections are received in the Dedicated Zip Code, such party shall cause one of its employees (who shall at all times be covered by a fidelity bond and errors and omissions policy substantially similar to that referred to in Section 3.10 hereof) to deliver the contents thereof to the Servicer for processing, and upon completion of such processing to deposit all such Collections into a Local Deposit Account. The Collection Servicer Agreement with Union Bank of California, dated March 25, 1994 between the Servicer and Union Bank of California, is hereby preapproved. In the event of the termination thereof, the Servicer shall forthwith establish a successor Collection Servicer Agreement. Any successor, replacement or additional Collection Servicer Agreement shall be in form and substance satisfactory to the Certificateholders as evidenced by a Consent of the Certificateholders. (E) On or before the date hereof, such party shall cause its Dedicated Zip Code to be transferred into the name of the Trustee. The Servicer shall cause the terms of each Charge Account to provide that all payments made by mail shall be addressed to the Servicer at ...
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Related to Servicer Accounts

  • Custodial Accounts The Master Servicer shall cause to be established and maintained by each Servicer under the Master Servicer's supervision the Custodial Account for P&I, Buydown Fund Accounts (if any) and special Custodial Account for Reserves and shall deposit or cause to be deposited therein daily the amounts related to the Mortgage Loans required by the Selling and Servicing Contracts to be so deposited. Proceeds received with respect to individual Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty, Primary Insurance Policy or other insurance policy (other than any Special Primary Insurance Policy) covering such Mortgage Loans shall be deposited first in the Custodial Account for Reserves if required for the restoration or repair of the related Mortgaged Property. Otherwise, Insurance Proceeds (other than proceeds from any Special Primary Insurance Policy) shall be deposited in the Custodial Account for P&I, and shall be applied to the balances of the related Mortgage Loans as payments of interest and principal. The Master Servicer is hereby authorized to make withdrawals from and to issue drafts against the Custodial Accounts for P&I and the Custodial Accounts for Reserves for the purposes required or permitted by this Agreement. Each Custodial Account for P&I and each Custodial Account for Reserves shall bear a designation clearly showing the respective interests of the applicable Servicer, as trustee, and of the Master Servicer, in substantially one of the following forms:

  • Master Servicer Collection Account (a) The Master Servicer shall establish and maintain in the name of the Trustee, for the benefit of the Certificateholders, the Master Servicer Collection Account as a segregated trust account or accounts. The Master Servicer Collection Account shall be an Eligible Account. The Master Servicer will deposit in the Master Servicer Collection Account as identified by the Master Servicer and as received by the Master Servicer, the following amounts:

  • Servicing Accounts (a) The Master Servicer shall enforce the obligation of each Servicer to establish and maintain one or more custodial accounts (the “Servicing Accounts”) in accordance with the applicable Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited within 48 hours (or as of such other time specified in the related Servicing Agreement) of receipt all collections of principal and interest on any Mortgage Loan and with respect to any REO Property received by a Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in the case of each Servicer, the applicable servicing compensation, in whatever form and amounts as permitted by the applicable Servicing Agreement) and all other amounts to be deposited in each such Servicing Account. The Servicer is hereby authorized to make withdrawals from and deposits to the related Servicing Account for purposes required or permitted by this Agreement and the applicable Servicing Agreement. For the purposes of this Agreement, Servicing Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. Each Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of each related Servicing Account, the contents of which are acceptable to the parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the provisions of Section 12.01 hereof.

  • Sub-Servicing Accounts In those cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a Sub-Servicing Agreement, the related Sub-Servicer will be required to establish and maintain one or more accounts (each such account or accounts, a “Sub-Servicing Account”). Each Sub-Servicing Account shall be an Eligible Account. Each Sub-Servicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after such Sub-Servicer’s receipt thereof, all proceeds of the related Mortgage Loans received by such Sub-Servicer less its servicing compensation to the extent permitted by the related Sub-Servicing Agreement, and shall thereafter deposit such amounts in the related Sub-Servicing Account, in no event more than two Business Days after the deposit of such funds into the clearing account. Each Sub-Servicer shall thereafter deposit such proceeds in the Collection Account or remit such proceeds to the Servicer for deposit in the Collection Account not later than two Business Days after the deposit of such amounts in the related Sub-Servicing Account. For purposes of this Agreement, the Servicer shall be deemed to have received payments on the related Mortgage Loans when the related Sub-Servicer receives such payments.

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • 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, in the form of time deposit or demand accounts. The creation of any Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received 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:

  • Establishment of Custodial Account; Deposits in Custodial Account 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 (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established 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 the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

  • Subservicing Accounts In those cases where a Subservicer is servicing a Mortgage Loan pursuant to a Subservicing Agreement, the Subservicer will be required to establish and maintain one or more accounts (collectively, the "Subservicing Account"). The Subservicing Account shall be an Eligible Account and shall otherwise be acceptable to the Servicer. The Subservicer shall deposit in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Subservicer's receipt thereof, all proceeds of Mortgage Loans received by the Subservicer less its servicing compensation to the extent permitted by the Subservicing Agreement, and shall thereafter deposit such amounts in the Subservicing Account, in no event more than two Business Days after the deposit of such funds into the clearing account. The Subservicer shall thereafter deposit such proceeds in the Collection Account or remit such proceeds to the Servicer for deposit in the Collection Account not later than two Business Days after the deposit of such amounts in the Subservicing Account. For purposes of this Agreement, the Servicer shall be deemed to have received payments on the Mortgage Loans when the Subservicer receives such payments.

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

  • Permitted Withdrawals from the Servicer Custodial Account and Certificate Account (a) The Servicer may from time to time make withdrawals from the Servicer Custodial Account, for the following purposes:

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