Common use of Establishment and Maintenance of Custodial Accounts Clause in Contracts

Establishment and Maintenance of Custodial Accounts. (a) Each Direct Servicer, directly or indirectly, will establish and maintain one or more Custodial Accounts (which may be the Custodial Account for one or more Trusts and Other Xxxxxx Xxx Trusts, except as provided in paragraph (b) of this Subsection 6.1(1)). Each Custodial Account will be established with an Eligible Depository, except as provided in paragraph (b) of this Subsection 6.1(1), and may be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds may be invested in Eligible Investments. Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee. The terms of each Custodial Account will permit the Master Servicer or the Trustee to withdraw funds from that account or to transfer or liquidate any investments at any time; provided, however, that neither the Master Servicer nor the Trustee will liquidate any investment except as provided in Subsection 6.1(5). The terms of any Custodial Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee.

Establishment and Maintenance of Custodial Accounts. (a) Each Direct Primary Servicer, directly or indirectly, will establish and maintain one or more Custodial Accounts (which may be the Custodial Account for one or more Trusts and Other Xxxxxx Xxx Trusts, except as provided in paragraph (b) of this Subsection 6.1(1)). Each Custodial Account will be established with an Eligible Depository, except as provided in paragraph (b) of this Subsection 6.1(1), and may be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds may be invested in Eligible Investments. Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee. The terms of each Custodial Account will permit the Master Servicer or the Trustee to withdraw funds from that account or to transfer or liquidate any investments at any time; provided, however, that neither the Master Servicer nor the Trustee will liquidate any investment except as provided in Subsection 6.1(5). The terms of any Custodial Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee.