Establishment of and Deposits to Collection Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts, if necessary. Each Collection Account shall be an Eligible Account. Funds deposited in the Collection Account may be withdrawn by the Servicer in accordance with Section 3.05 herein. The creation of any Collection Account shall be evidenced by a letter agreement in the form of Exhibit A attached hereto and incorporated herein. The Servicer shall deposit in the Collection Account on a daily basis in accordance with its Accepted Servicing Practices, and retain therein, the following collections received by the Servicer and payments made by the Servicer on or after the related Closing Date through the Servicing Transfer Date:
Establishment of and Deposits to Collection Account. The Servicer shall establish with the Collateral Agent a single, segregated trust account which shall be designated as the collection account (the “Collection Account”), which shall be held in trust in the name of the Collateral Agent for the benefit of the Secured Parties, into which the Servicer shall from time to time deposit, within two (2) Business Days of the receipt thereof, and retain therein, the following collections received by the Servicer: (a) all payments on account of scheduled principal on the Mortgage Loans (including the principal portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Section 4.6(a) hereof), (b) all payments on account of interest on the Mortgage Loans (including the interest portion of all Monthly Advances) (net of charges against such amounts allowed pursuant to Sections 4.6(a) and 4.6(c)(i)(y) hereof and the last sentence of Section 4.6(d) hereof), (c) any partial or full Principal Prepayments, (d) all Insurance Proceeds including amounts required to be deposited pursuant to Sections 4.11 and 4.12 hereof (other than proceeds to be held in the Proceeds Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s Customary Servicing Procedures as specified in Section 4.15 hereof), (e) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor pursuant to Section 4.15 hereof, (f) any amounts required to be deposited by the Servicer pursuant to Section 4.12 hereof in connection with the deductible clause in any blanket hazard insurance policy, (g) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.17 hereof, and (h) any other amounts received with respect to or related to the Mortgage Loans, including but not limited to interest paid on funds deposited in the Collection Account, to the extent permitted by applicable law; provided, however, that all servicing related fees and charges described in Section 6.3(b) hereof may be retained by the Servicer as and when collected. The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. For so long as the Security Agreement shall be in effect, the Collection Account shall be maintained with the Collateral Agent. Any funds deposited in the Collection Account shall at all times be ...
Establishment of and Deposits to Collection Account. The Servicer shall establish and maintain the Collection Account in the name of the Trustee for the benefit of the Holders and shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets in such Collection Account. The Collection Account shall be established and maintained with a Qualified Depository. The Collection Account may be maintained as an interest-bearing account (which may include a money market savings account), or the funds held therein may be invested from time to time in Eligible Investments subject to the provisions of Section 2.17 hereof. The Servicer shall deposit in or credit to the Collection Account on a daily basis, as applicable, and retain therein, the following collections received by the Servicer:
Establishment of and Deposits to Collection Account. (a) On the Closing Date, the Trust Administrator shall open and shall thereafter maintain a segregated account held in trust in the name of the Securities Intermediary (the “Collection Account”), entitled “Collection Account, _________________________________, as Indenture Trustee, in trust for Holders of the [ ] 200__-[ ], Mortgage Backed Notes, Series 200_-__.” The Collection Account shall relate solely to the Notes issued by the Issuer, and funds deposited in the Collection Account shall not be commingled with any other monies.
Establishment of and Deposits to Collection Account. The Servicer shall segregate and hold all funds collected and received on or in respect of the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain an account held in trust for the benefit of the Indenture Trustee and the Securityholders, bearing a designation clearly indicating that the amounts deposited thereto are held for the benefit of the Securityholders (the "Collection Account"). The Collection Account shall be an Eligible Account and may include one or more sub-accounts. Funds deposited in the Collection Account that are not specifically designated for deposit into sub-accounts maintained as the Escrow Account under this Agreement may be drawn on by the Servicer only in accordance with Section 5.05. The Servicer and the Special Servicer shall deposit in the Collection Account as soon as practicable, but in no event later than the close of business on the second Business Day after its receipt thereof, the following collections received by the Servicer or the Special Servicer, as applicable, after the Cut-off Date:
Establishment of and Deposits to Collection Account. The Servicer shall segregate and hold all funds collected and received pursuant to a XXX separate and apart from any of its own funds and general assets and shall establish and maintain one or more collection accounts, in the form of time deposit or demand accounts, titled "Collection Account, in trust for the Purchaser, pursuant to that certain Sale and Servicing Agreement dated as of ______ [2000], by and between Bear Xxxxxxx Mortgage Capital Corporation and ________." The Collection Account shall be established with a Qualified Depository acceptable to the Purchaser. Any funds deposited in a Collection Account shall at all times be fully insured to the full extent permitted under applicable law or must be invested in Permitted Investments for the benefit of the Purchaser. Funds deposited in the Collection Account may be drawn on by the Servicer in accordance with Section 5.5. The creation of any Collection Account shall be evidenced by a certification in the form of Exhibit E-1 hereto and a letter agreement in the form of Exhibit E-2 hereto shall be executed in connection herewith by such Depository, in the case of an account held by a depository other than ____. A copy of such certification or letter agreement shall be furnished to the Purchaser as pledgee of the Collateral. The Servicer shall deposit in the Collection Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date, other than payments of amounts due on or before the Cut-off Date, or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto:
Establishment of and Deposits to Collection Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts, in the form of time deposit or demand accounts, titled "Wells Fargo Home Mortgage, Inc. in trust for [______________], as Indxxxxxe Trustee for Wells Fargo Home Equity Asset-Backed Securities 20 - Trust, Home Equixx Xxset-Backed Notes, Series 20 - ." The Collection Account shall be an Eligible Deposit Account established with an Eligible Institution. Funds deposited in the Collection Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Collection Account shall be evidenced by a certification in the form of Exhibit C hereto. The Servicer shall deposit in the Collection Account within one (1) Business Day of the Servicer's receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date):
Establishment of and Deposits to Collection Account. The Master Servicer shall establish and maintain, on behalf of the Certificateholders and the NIMS Insurer, if any, a Collection Account entitled “Xxxxx Fargo Bank, N.A. for the benefit of the Trustee on behalf of the registered holders of BASIC Mortgage Loan Pass-Through Certificates, 2006-1.” The Collection Account shall be established as an Eligible Account. In addition, the Master Servicer shall deposit in the Collection Account any amounts required to be deposited by it pursuant to Section 3A.14 in connection with losses on Permitted Investments in the Collection Account. In the event that the Servicer shall remit any amount not required to be remitted by it, it may at any time direct the Master Servicer to withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Master Servicer, which describes the amounts deposited in error in the Collection Account. All funds deposited in the Collection Account shall be held by the Master Servicer in escrow for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3A.13. In no event shall the Master Servicer incur liability for withdrawals from the Collection Account at the direction of the Servicer. If the Collection Account ceases to be an Eligible Account, the Master Servicer shall establish a new Collection Account that is an Eligible Account within 15 days and transfer all funds and investment property on deposit in such existing Collection Account into such new Collection Account.
Establishment of and Deposits to Collection Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts, in the form of demand accounts. The Collection Account shall be an Eligible Account. Funds deposited in the Collection Account may be drawn on by the Servicer in accordance with Section 5.06. The Servicer shall deposit in the related sub-account of the Collection Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date:
Establishment of and Deposits to Collection Account. The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts in the name of Wells Fargo Bank Minnesota, Natioxxx Xssociation, as trustee for the benefit of the Morgan Stanley Dean Witter Capitax X 0000-XXX0 Xxxxx Xxxxxxicateholders, in the form of demand accounts. The Collection Account shall be an Eligible Account. Funds deposited in the Collection Account may be drawn on by the Servicer in accordance with Section 5.06. The Servicer shall deposit in the related sub-account of the Collection Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Closing Date:
