Common use of Certificate and other accounts Clause in Contracts

Certificate and other accounts. (a) Certificate account. On or before the closing date, CitiMortgage will open with Depositories or the Paying Agent one or more certificate accounts (collectively, the certificate account). The certificate account will include any alternative certificate account. The certificate account will be a non-interest bearing account unless the Series Terms state that the certificate account is an investment account. CitiMortgage will not commingle funds and other property in the certificate account with any other funds or property of CitiMortgage or the Trustee. However, in order to efficiently transfer funds in the certificate account to a distribution account, CitiMortgage may, on the business day preceding the date funds are to be transferred from the certificate account to the distribution account, transfer those funds to a commingled clearance account, provided, that if Fitch has rated the certificates, CitiMortgage may not so commingle funds unless CitiMortgage’s short-term rating, or the short-term rating of any person to whom CitiMortgage has delegated servicing under this agreement, by Fitch is at least “F1.” The clearance account will be under CitiMortgage’s sole control, and CitiMortgage will maintain adequate records indicating the ownership of the funds in the clearance account. CitiMortgage, on behalf of the Trustee, will deposit in the certificate account, within one business day following receipt and posting, the following amounts received by it on the affiliated mortgage loans (remittances on the affiliated mortgage loans): · all principal payments and prepayments (other than payments due, and principal prepayments received, on or before the cut-off date); · all interest payments (other than payments due on or before the cut-off date), net of any servicing fee retained by CitiMortgage pursuant to section 3.8(b); · any buydown funds required to be deposited pursuant to section 3.16; · all net liquidation proceeds, other than proceeds to be applied to the restoration or repair of the related mortgaged property or released to the related mortgagor in accordance with normal servicing procedures; · proceeds from the repurchase of a mortgage loan, and the substitution adjustment amount in connection with an eligible substitute mortgage loan; · all hazard insurance proceeds; · any advance account advance; · any loss recoveries; and · the amount CitiMortgage is required to pay into the certificate account pursuant to section 3.4, “Prepayment interest shortfalls.” If CitiMortgage must repay any amount deposited in the certificate account, by reason of the reversal of a provisional credit owing to the dishonor of a mortgagor’s check or otherwise, CitiMortgage will promptly · withhold a corresponding amount from a subsequent deposit into the certificate account, and · restate its accounts appropriately. CitiMortgage need not deposit in the certificate account · amounts required to be deposited into the servicing account, · collected servicing fees, except as required by section 3.4, “Prepayment interest shortfalls,” · collected prepayment charges, late payment charges, assumption fees and other similar charges, which CitiMortgage may retain as additional servicing compensation, and · reimbursements of property protection expenses, received on affiliated mortgage loans.

Certificate and other accounts. (a) Certificate account. On or before the closing date, CitiMortgage will open with Depositories or the Paying Agent one or more certificate accounts (collectively, the certificate account). The certificate account will include any alternative certificate account. The certificate account will be a non-interest bearing account unless the Series Terms state that the certificate account is an investment account. CitiMortgage will not commingle funds and other property in the certificate account with any other funds or property of CitiMortgage or the Trustee. However, in order to efficiently transfer funds in the certificate account to a distribution account, CitiMortgage may, on the business day preceding the date funds are to be transferred from the certificate account to the distribution account, transfer those funds to a commingled clearance account, provided, that if Fitch has rated the certificates, CitiMortgage may not so commingle funds unless CitiMortgage’s short-term rating, or the short-term rating of any person to whom CitiMortgage has delegated servicing under this agreement, by Fitch is at least “F1.” The clearance account will be under CitiMortgage’s sole control, and CitiMortgage will maintain adequate records indicating the ownership of the funds in the clearance account. CitiMortgage, on behalf of the Trustee, will deposit in the certificate account, within one business day following receipt and posting, the following amounts received by it on the affiliated mortgage loans (remittances on the affiliated mortgage loans): · all principal payments and prepayments (other than payments due, and principal prepayments received, on or before the cut-off date); · all interest payments (other than payments due on or before the cut-off date), net of any servicing fee retained by CitiMortgage pursuant to section 3.8(b); · any buydown funds required to be deposited pursuant to section 3.16; · all net liquidation proceeds, other than proceeds to be applied to the restoration or repair of the related mortgaged property or released to the related mortgagor in accordance with normal servicing procedures; · proceeds from the repurchase of a mortgage loan, and the substitution adjustment amount in connection with an eligible substitute mortgage loan; · all hazard insurance proceeds; · any advance account advance; · any loss recoveries; and · the amount CitiMortgage is required to pay into the certificate account pursuant to section 3.4, “Prepayment interest shortfalls.” If CitiMortgage must repay any amount deposited in the certificate account, by reason of the reversal of a provisional credit owing to the dishonor of a mortgagor’s check or otherwise, CitiMortgage will promptly · withhold a corresponding amount from a subsequent deposit into the certificate account, and · restate its accounts appropriately. CitiMortgage need not deposit in the certificate account · amounts required to be deposited into the servicing account, · collected servicing fees, except as required by section 3.4, “Prepayment interest shortfalls,” · collected prepayment charges, late payment charges, assumption fees and other similar charges, which CitiMortgage may retain as additional servicing compensation, and · reimbursements of property protection expensesservicing advances, received on affiliated mortgage loans.

Certificate and other accounts. (a) Certificate account. On or before the closing date, CitiMortgage will open with Depositories or the Paying Agent one or more certificate accounts (collectively, the certificate account). The certificate account will include any alternative certificate account. The certificate account will be a non-interest bearing account unless the Series Terms state that the certificate account is an investment account. CitiMortgage will not commingle funds and other property in the certificate account with any other funds or property of CitiMortgage or the Trustee. However, in order to efficiently transfer funds in the certificate account to a distribution account, CitiMortgage may, on the business day preceding the date funds are to be transferred from the certificate account to the distribution account, transfer those funds to a commingled clearance account, provided, that if Fitch has rated the certificates, CitiMortgage may not so commingle funds unless CitiMortgage’s short-term rating, or the short-term rating of any person to whom CitiMortgage has delegated servicing under this agreement, by Fitch is at least “F1.” The clearance account will be under CitiMortgage’s sole control, and CitiMortgage will maintain adequate records indicating the ownership of the funds in the clearance account. CitiMortgage, on behalf of the Trustee, will deposit in the certificate account, within one business day following receipt and posting, the following amounts received by it on the affiliated mortgage loans (remittances on the affiliated mortgage loans): · all principal payments and prepayments (other than payments due, and principal prepayments received, on or before the cut-off date); · all interest payments (other than payments due on or before the cut-off date), net of any servicing fee retained by CitiMortgage pursuant to section 3.8(b); · any buydown funds required to be deposited pursuant to section 3.16; · all net liquidation proceeds, other than proceeds to be applied to the restoration or repair of the related mortgaged property or released to the related mortgagor in accordance with normal servicing procedures; · proceeds from the repurchase of a mortgage loan, and the substitution adjustment amount in connection with an eligible substitute mortgage loan; · all hazard insurance proceeds; · any advance account advance; · any loss recoveries; and · the amount CitiMortgage is required to pay into the certificate account pursuant to section 3.4, “Prepayment interest shortfalls.” If CitiMortgage must repay any amount deposited in the certificate account, by reason of the reversal of a provisional credit owing to the dishonor of a mortgagor’s check or otherwise, CitiMortgage will promptly · withhold a corresponding amount from a subsequent deposit into the certificate account, and · restate its accounts appropriately. CitiMortgage need not deposit in the certificate account · amounts required to be deposited into the servicing account, · collected servicing fees, except as required by section 3.4, “Prepayment interest shortfalls,” · collected prepayment charges, late payment charges, assumption fees and other similar charges, which CitiMortgage may retain as additional servicing compensation, and · reimbursements of property protection expenses, received on affiliated mortgage loans.

Certificate and other accounts. (a) Certificate account. On or before the closing date, CitiMortgage will open with Depositories or the Paying Agent one or more certificate accounts (collectively, the certificate account). The certificate account will include any alternative certificate account. The certificate account will be a non-interest bearing account unless the Series Terms state that the certificate account is an investment account. CitiMortgage will not commingle funds and other property in the certificate account with any other funds or property of CitiMortgage or the Trustee. However, in order to efficiently transfer funds in the certificate account to a distribution account, CitiMortgage may, on the business day preceding the date funds are to be transferred from the certificate account to the distribution account, transfer those funds to a commingled clearance account, provided, that if Fitch has rated the certificates, CitiMortgage may not so commingle funds unless CitiMortgage’s short-term rating, or the short-term rating of any person to whom CitiMortgage has delegated servicing under this agreement, by Fitch is at least “F1.” The clearance account will be under CitiMortgage’s sole control, and CitiMortgage will maintain adequate records indicating the ownership of the funds in the clearance account. CitiMortgage, on behalf of the Trustee, will deposit in the certificate account, within one business day following receipt and posting, the following amounts received by it on the affiliated mortgage loans (remittances on the affiliated mortgage loans): · all principal payments and prepayments (other than payments due, and principal prepayments received, on or before the cut-off date); · all interest payments (other than payments due on or before the cut-off date), net of any servicing fee retained by CitiMortgage pursuant to section 3.8(b); · any buydown funds required to be deposited pursuant to section 3.16; · all net liquidation proceeds, other than proceeds to be applied to the restoration or repair of the related mortgaged property or released to the related mortgagor in accordance with normal servicing procedures; · proceeds from the repurchase of a mortgage loan, and the substitution adjustment amount in connection with an eligible substitute mortgage loan; · all hazard insurance proceeds; · any advance account advance; · any loss recoveries; and · the amount CitiMortgage is required to pay into the certificate account pursuant to section 3.4, “Prepayment interest shortfalls.” If CitiMortgage must repay any amount deposited in the certificate account, by reason of the reversal of a provisional credit owing to the dishonor of a mortgagor’s check or otherwise, CitiMortgage will promptly · withhold a corresponding amount from a subsequent deposit into the certificate account, and · restate its accounts appropriately. CitiMortgage need not deposit in the certificate account · amounts required to be deposited into the servicing account, · collected servicing fees, except as required by section 3.4, “Prepayment interest shortfalls,” · collected prepayment charges, late payment charges, assumption fees and other similar charges, which CitiMortgage may retain as additional servicing compensation, and · reimbursements of property protection expenses, received on affiliated mortgage loans.

Certificate and other accounts. (a) Certificate account. On or before the closing date, CitiMortgage will open with Depositories or the Paying Agent one or more certificate accounts (collectively, the certificate account). The certificate account will include any alternative certificate account. The certificate account will be a non-interest bearing account unless the Series Terms state that the certificate account is an investment account. CitiMortgage will not commingle funds and other property in the certificate account 63 with any other funds or property of CitiMortgage or the Trustee. However, in order to efficiently transfer funds in the certificate account to a distribution account, CitiMortgage may, on the business day preceding the date funds are to be transferred from the certificate account to the distribution account, transfer those funds to a commingled clearance account, provided, that if Fitch has rated the certificates, CitiMortgage may not so commingle funds unless CitiMortgage’s short-term rating, or the short-term rating of any person to whom CitiMortgage has delegated servicing under this agreement, by Fitch is at least “F1.” The clearance account will be under CitiMortgage’s sole control, and CitiMortgage will maintain adequate records indicating the ownership of the funds in the clearance account. CitiMortgage, on behalf of the Trustee, will deposit in the certificate account, within one business day following receipt and posting, the following amounts received by it on the affiliated mortgage loans (remittances on the affiliated mortgage loans): · all principal payments and prepayments (other than payments due, and principal prepayments received, on or before the cut-off date); · all interest payments (other than payments due on or before the cut-off date), net of any servicing fee retained by CitiMortgage pursuant to section 3.8(b); · any buydown funds required to be deposited pursuant to section 3.16; · all net liquidation proceeds, other than proceeds to be applied to the restoration or repair of the related mortgaged property or released to the related mortgagor in accordance with normal servicing procedures; · proceeds from the repurchase of a mortgage loan, and the substitution adjustment amount in connection with an eligible substitute mortgage loan; · all hazard insurance proceeds; · any advance account advance; · any loss recoveries; and · the amount CitiMortgage is required to pay into the certificate account pursuant to section 3.4, “Prepayment interest shortfalls.” If CitiMortgage must repay any amount deposited in the certificate account, by reason of the reversal of a provisional credit owing to the dishonor of a mortgagor’s check or otherwise, CitiMortgage will promptly · withhold a corresponding amount from a subsequent deposit into the certificate account, and · restate its accounts appropriately. CitiMortgage need not deposit in the certificate account · amounts required to be deposited into the servicing account, · collected servicing fees, except as required by section 3.4, “Prepayment interest shortfalls,” · collected prepayment charges, late payment charges, assumption fees and other similar charges, which CitiMortgage may retain as additional servicing compensation, and · reimbursements of property protection expenses, received on affiliated mortgage loans.

Certificate and other accounts. (a) Certificate account. On or before the closing date, CitiMortgage will open with Depositories or the Paying Agent one or more certificate accounts (collectively, the certificate account). The certificate account will include any alternative certificate account. The certificate account will be a non-interest bearing account unless the Series Terms state that the certificate account is an investment account. CitiMortgage will not commingle funds and other property in the certificate account 62 with any other funds or property of CitiMortgage or the Trustee. However, in order to efficiently transfer funds in the certificate account to a distribution account, CitiMortgage may, on the business day preceding the date funds are to be transferred from the certificate account to the distribution account, transfer those funds to a commingled clearance account, provided, that if Fitch has rated the certificates, CitiMortgage may not so commingle funds unless CitiMortgage’s short-term rating, or the short-term rating of any person to whom CitiMortgage has delegated servicing under this agreement, by Fitch is at least “F1.” The clearance account will be under CitiMortgage’s sole control, and CitiMortgage will maintain adequate records indicating the ownership of the funds in the clearance account. CitiMortgage, on behalf of the Trustee, will deposit in the certificate account, within one business day following receipt and posting, the following amounts received by it on the affiliated mortgage loans (remittances on the affiliated mortgage loans): · all principal payments and prepayments (other than payments due, and principal prepayments received, on or before the cut-off date); · all interest payments (other than payments due on or before the cut-off date), net of any servicing fee retained by CitiMortgage pursuant to section 3.8(b); · any buydown funds required to be deposited pursuant to section 3.16; · all net liquidation proceeds, other than proceeds to be applied to the restoration or repair of the related mortgaged property or released to the related mortgagor in accordance with normal servicing procedures; · proceeds from the repurchase of a mortgage loan, and the substitution adjustment amount in connection with an eligible substitute mortgage loan; · all hazard insurance proceeds; · any advance account advance; · any loss recoveries; and · the amount CitiMortgage is required to pay into the certificate account pursuant to section 3.4, “Prepayment interest shortfalls.” If CitiMortgage must repay any amount deposited in the certificate account, by reason of the reversal of a provisional credit owing to the dishonor of a mortgagor’s check or otherwise, CitiMortgage will promptly · withhold a corresponding amount from a subsequent deposit into the certificate account, and · restate its accounts appropriately. CitiMortgage need not deposit in the certificate account · amounts required to be deposited into the servicing account, · collected servicing fees, except as required by section 3.4, “Prepayment interest shortfalls,” · collected prepayment charges, late payment charges, assumption fees and other similar charges, which CitiMortgage may retain as additional servicing compensation, and · reimbursements of property protection expenses, received on affiliated mortgage loans.