Common use of Establishment of and Deposits to Custodial Account Clause in Contracts

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):

Appears in 37 contracts

Samples: Correspondent Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Correspondent Servicing Agreement (Structured Asset Securities Corp), Correspondent Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 26a)

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Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted titled “Saxon Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Services, Inc., in trust for the benefit of Aurora Loan Services Inc.Xxxxxx Xxxxxxx Mortgage Capital Holdings LLC and/or subsequent Owners, as Master Servicer and the Owner of various Mortgagors, re: Fixed and Adjustable Rate Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner, it being acknowledged that any Qualified Depository that is an Affiliate of Servicer is hereby deemed acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on by the Servicer invested in accordance with Section 4.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account on a daily basisgenerally within two (2) Business Days following receipt thereof, but in no event more than three (3) Business Days following receipt thereof and retain therein, the following collections received by the Servicer and payments made by the Servicer after the applicable Servicing Transfer Date, other than payments of principal and interest due on or before the related Commencement Date with respect to the Mortgage Loans (including payments Servicing Transfer Date, or received by the Servicer prior to the related Commencement Servicing Transfer Date but allocable to a period subsequent thereto):: all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; all payments on account of interest on the Mortgage; all Liquidation Proceeds and any amount received with respect to REO Property; all Insurance Proceeds including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor); all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; any amount required to be deposited in the Custodial Account pursuant to Section 2.09, 2.16, 2.23, 3.01, 3.04 or 4.02; the amount of Compensating Interest which shall be made from the Servicer’s own funds, without reimbursement therefore; any prepayment penalties received with respect to any Mortgage Loan; an amount from the Buydown Account that when added to the Mortgagor’s payment will equal the full Monthly Payment due under the related Mortgage Note; and any amounts required to be deposited by the Servicer pursuant to Section 2.11 in connection with the deductible clause in any blanket hazard insurance policy. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of the Servicing Fee and Ancillary Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution or any other non-interest benefits shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 2.05 or retain such other benefits, as the case may be.

Appears in 8 contracts

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Fremont Investment & Loan, in trust for the benefit of Aurora Loan Services Inc.Goldman Sachs Mortgage Company, as Master Servicer Residential Fixed and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer Adjustable Rate Mxxxxxxx Xxxxx and the various Owners of Residential Mortgage LoansMortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Purchaser Intend that the Custodial Account be a special deposit account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account on a daily basisno later than the date which is two days after receipt, and retain therein, the following collections received by the Servicer and payments made by the Interim Servicer after the related Commencement Cut-off Date with respect to other than payments of principal and interest due on or before the Mortgage Loans (including payments related Cut-off Date, or received by the Servicer prior to the related Commencement Cut-off Date but allocable to a period subsequent thereto)::

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] “GMAC Mortgage, LLC, in trust for the benefit of Aurora Loan Services Inc.DB Structured Products, as Master Servicer Inc. re: Fixed and the Owner of Adjustable Rate Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on invested in Eligible Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Eligible Investments. The amount of any such losses shall be deposited within one (1) Business Day by the Servicer in accordance the Custodial Account, as appropriate, out of the Servicer’s own funds, with Section 4.05no right to reimbursement therefor. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner prior to the initial Transfer Date and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account on a daily basisno more than two (2) Business Days following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):applicable Transfer Date:

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-1), Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Corp. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust 2005-5 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, as Master Servicer and the various Owners of Residential Mortgage Loans." The each Custodial Account shall be established with a Qualified Depository acceptable to titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the OwnerHomeBanc Mortgage Trust 2005-5 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Homebanc Corp), Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-5)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “Aames Capital Corporation in trust for the benefit of Aurora Loan Services Inc.Deutsche Bank National Trust Company, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.Aames Mortgage Investment Trust 2004-1 Mortgage Backed Notes, Series 2004-1” and referred to herein as Master Servicer and the various Owners of Residential Mortgage Loansa “Custodial Account." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 E hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, and retain thereinno later than the Business Day following the Closing Date, the following collections any amounts received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to the Mortgage Loans (including representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received by on or after the Servicer prior to Cut-off Date and on or before the related Commencement Date but allocable to a period subsequent thereto):Closing Date.

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Structured Asset Securities Corp), Transfer and Servicing Agreement (Structured Asset Securities Corp)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Corp. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust 2005-3 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, as Master Servicer and the various Owners of Residential Mortgage Loans." The each Custodial Account shall be established with a Qualified Depository acceptable to titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the OwnerHomeBanc Mortgage Trust 2005-3 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Homebanc Corp), Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-3)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Corp. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust 2006-2 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, as Master Servicer and the various Owners of Residential Mortgage Loans." The each Custodial Account shall be established with a Qualified Depository acceptable to titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the OwnerHomeBanc Mortgage Trust 2006-2 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2006-2), Transfer and Servicing Agreement (Homebanc Corp)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Corp. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust 2005-4 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, as Master Servicer and the various Owners of Residential Mortgage Loans." The each Custodial Account shall be established with a Qualified Depository acceptable to titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the OwnerHomeBanc Mortgage Trust 2005-4 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Homebanc Corp), Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-4)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Boston Safe Deposit and Trust Company in trust for the benefit of Aurora Loan Services Inc.Norwest Bank Minnesota, National Association, as Master Servicer and Trustee, Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 1998-5," or such other designation as the Owner of Residential Mortgage Loans"Purchaser may direct. The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 D-1 hereto, in the case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit A-2 D-2 hereto, in the case of an account held by a depository other than the ServicerCompany. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. Funds in a Custodial Account may be invested in Eligible Investments (as defined in the Trust Agreement) which shall mature not later than the earlier of the Business Day immediately preceding the next succeeding Remittance Date, and such investments shall not be sold or disposed of prior to their maturity. All income and gain realized from any investment shall be for the benefit of the Company and shall be subject to its withdrawal or order. The Servicer amount of any losses incurred in respect of any such investments shall be deposited in the related Custodial Account by the Company out of its own funds immediately as such loss is realized. The Company shall deposit in the Custodial Account on a daily basis, as received, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Commencement Date with respect to Cut-off Date, other than payments of principal and interest due on or before the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Cut-off Date:

Appears in 2 contracts

Samples: 1998 Agreement (Structured Asset Securities Corp), Warranties and Servicing Agreement (Structured Asset Securities Corp)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Corp. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, as Master Servicer and the various Owners of Residential Mortgage Loans." The each Custodial Account shall be established with a Qualified Depository acceptable to titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the OwnerHomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Homebanc Corp), Transfer and Servicing Agreement (HMB Acceptance Corp.)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] Aames Capital Corporation in trust for the benefit of Aurora Loan Services Inc.Deutsche Bank National Trust Company, as Master Servicer Indenture Trustee, for Aames Mortgage Investment Trust 2005-2 Mortgage Backed Notes, Series 2005-2" and the Owner of Residential Mortgage Loansreferred to herein as a ". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansAccount." The Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 E hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, and retain thereinno later than the Business Day following the Closing Date, the following collections any amounts received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to the Mortgage Loans (including representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received by on or after the Servicer prior to Cut-off Date and on or before the related Commencement Date but allocable to a period subsequent thereto):Closing Date.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2005-2)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of ServicerHomeBanc Corp. in trust for [ ], as Trustee, for the HomeBanc Mortgage Trust Mortgage Pass-Through Certificates, Series [ ]” and referred to herein as a “Custodial Account;” provided that so long as [HomeBanc Mortgage Corporation] is the Subservicer under the Subservicing Agreement, each Custodial Account shall be titled “[HomeBanc Mortgage Corporation] in trust for the benefit of Aurora Loan Services Inc.[ ], as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust Mortgage Pass-Through Certificates, as Master Servicer and the various Owners of Residential Mortgage LoansSeries [ ]." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 1 contract

Samples: Pooling and Servicing Agreement (HMB Acceptance Corp.)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Corp. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust 2005-2 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, as Master Servicer and the various Owners of Residential Mortgage Loans." The each Custodial Account shall be established with a Qualified Depository acceptable to titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the OwnerHomeBanc Mortgage Trust 2005-2 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 1 contract

Samples: Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-2)

Establishment of and Deposits to Custodial Account. The Servicer Subservicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and assets. The Servicer or the Seller shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account titled “GMAC Mortgage Corporation, as subservicer for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Aurora Loan Services LLC, in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Trustee for the benefit of Aurora Loan Services Inc.Lxxxxx XS Trust Mortgage Pass-Through Certificates, as Master Servicer and the various Owners of Residential Mortgage Loans." The Series 2006-4N.” Any Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to Eligible Institution. The Seller shall be responsible for all bank charges associated with the Ownerestablishment and maintenance of the Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawdirection of the Servicer and the provisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer Subservicer in accordance with Section 4.053.04. The creation of any Custodial Account by the Servicer shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 B hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Subservicer and the Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer Subservicer shall deposit in the Custodial Account on a daily basis, within two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer Subservicer and payments made by the Servicer Subservicer after the related Commencement Cut-off Date with respect to (other than scheduled payments of principal and interest due on or before the Mortgage Loans (including payments received by Cut-off Date) or the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Servicing Transfer Date, as applicable:

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-4n)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted titled “GMAC Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Corporation, in trust for the benefit of Aurora Loan Services Inc.DB Structured Products, as Master Servicer Inc. re: Fixed and the Owner of Adjustable Rate Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on invested in Eligible Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer).The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Eligible Investments.The amount of any such losses shall be deposited within one (1) Business Day by the Servicer in accordance the Custodial Account, as appropriate, out of the Servicer’s own funds, with Section 4.05no right to reimbursement therefor. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner prior to the initial Transfer Date and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account on a daily basisno more than two (2) Business Days following receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):applicable Transfer Date:

Appears in 1 contract

Samples: Servicing Agreement (Deutsche Alt-a Securities Inc)

Establishment of and Deposits to Custodial Account. The Servicer Subservicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and assets. The Servicer or the Seller shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account titled “GMAC Mortgage Corporation, as subservicer for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Aurora Loan Services LLC, in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Trustee for the benefit of Aurora Loan Services Inc.Lxxxxx XS Trust Mortgage Pass-Through Certificates, as Master Servicer and the various Owners of Residential Mortgage LoansSeries 2006-GP2." The ” Any Custodial Account shall be an Eligible Deposit Account established with a Qualified Depository acceptable to Eligible Institution. The Seller shall be responsible for all bank charges associated with the Ownerestablishment and maintenance of the Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawdirection of the Servicer and the provisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer Subservicer in accordance with Section 4.053.04. The creation of any Custodial Account by the Servicer shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 B hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Subservicer and the Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer Subservicer shall deposit in the Custodial Account on a daily basis, within two (2) Business Days of receipt, and retain therein, the following collections received by the Servicer Subservicer and payments made by the Servicer Subservicer after the related Commencement Cut-off Date with respect to (other than scheduled payments of principal and interest due on or before the Mortgage Loans (including payments received by Cut-off Date) or the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Servicing Transfer Date, as applicable:

Appears in 1 contract

Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp2)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate Custodial Accounts, each both in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The the first such Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled entitled "[Name of Servicer] Ocwen Federal Bank FSB in trust for the benefit of Aurora Loan Services Inc.Bank One, National Association, as Master Servicer Trustee for the Amortizing Residential Collateral Trust, 2002-BC1" and referred to herein as the "Trust Custodial Account" and the Owner of Residential Mortgage Loans". The second such Custodial Account relating to all Reconstituted Mortgage Loans shall be titled entitled "[Name of Servicer] Ocwen Federal Bank FSB in trust for the benefit of Aurora Loan Services Inc.Bank One, National Association, as Master Servicer trustee for Amortizing Residential Collateral Trust, 2002-BC1 and the various Owners of Residential Mortgage LoansMortgagors under the DA Dividend Program" and referred to herein as the "DA Reserve Account." The Each such Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the either such Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 4.053.04(a) and funds deposited in the DA Reserve Accounting may be drawn on by the Servicer and applied in accordance with Section 3.04(b) hereof. The creation of any either Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 B hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Trust Custodial Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Cut-Off Date with respect to (other than scheduled payments of principal and interest due on or before the Mortgage Loans (including payments received by Cut-Off Date) or the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Servicing Transfer Date, as applicable:

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)

Establishment of and Deposits to Custodial Account. (i) The Servicer Servicer[s] shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] Xxxxxx, Bean & Xxxxxxxx Mortgage Corp. in trust for the benefit of Aurora Loan Services Inc.[ ], as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc., TBW Mortgage Trust [ ] Mortgage Backed Notes” and referred to herein as Master Servicer and the various Owners of Residential Mortgage Loansa “Custodial Account." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 1 contract

Samples: Transfer and Servicing Agreement (TBALT Corp.)

Establishment of and Deposits to Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account each of which accounts shall be titled “Fieldstone Mortgage Company in trust for HSBC Bank USA, as Trustee for the Fieldstone Mortgage Investment Corp. 2003-1” and referred to herein as a “Custodial Account.” The Subservicer shall segregate and hold all funds collected and relating received pursuant to Reconstituted the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The or more Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled "[Name of Servicer] “Chase Manhattan Mortgage Corporation in trust for the benefit of Aurora Loan Services Inc.HSBC Bank USA, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Trustee for the benefit of Aurora Loan Services Inc., Fieldstone Mortgage Investment Corp. 2003-1” and referred to herein as Master Servicer and the various Owners of Residential Mortgage Loans." The a “Custodial Account”. Any Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.053.04(a) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 hereto, in the case of an account held by a depository other than the Servicer. B. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer, the NIMS Insurer and, upon request, to any subsequent Owner. The Servicer shall deposit in the Custodial Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to owner of the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Loans.

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-1)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “Aames Funding Corporation in trust for the benefit of Aurora Loan Services Inc.Deutsche Bank National Trust Company, as Master Servicer Indenture Trustee, for Aames Mortgage Investment Trust 2006-1 Mortgage Backed Notes, Series 2006-1” and the Owner of Residential Mortgage Loans". The referred to herein as a “Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansAccount." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 E hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, and retain thereinno later than the Business Day following the Closing Date, the following collections any amounts received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to the Mortgage Loans (including representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received by on or after the Servicer prior to Cut-off Date and on or before the related Commencement Date but allocable to a period subsequent thereto):Closing Date.

Appears in 1 contract

Samples: Custodial Agreement (Aames Mortgage Investment Trust 2006-1)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Fleet Mortgage Corp., in trust for Xxxxxx Capital, A Division of Xxxxxx Brothers Holdings Inc.," or such other designation as the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans"Purchaser may direct. The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured to the full extent permitted under applicable lawinvested in Eligible Investments. Funds deposited in the Custodial Account may be drawn on withdrawn by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification substantially in the form of Exhibit A-1 D-1 hereto, in the case of an account established with the ServicerServicer or an affiliate thereof, or by a letter agreement substantially in the form of Exhibit A-2 D-2 hereto, in the case of an account held by a depository other than the ServicerServicer or an affiliate thereof. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. Funds in a Custodial Account may be invested in Eligible Investments which shall mature not later than the earlier of the Business Day immediately preceding the next succeeding Remittance Date, and such Eligible Investments shall not be sold or disposed of prior to their maturity. All income and gain realized from any investment shall be for the benefit of the Servicer 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 related Custodial Account by the Servicer out of its own funds immediately as such loss is realized. The Servicer shall deposit in the Custodial Account on a daily basis, as received, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to Cut-off Date, other than payments of principal and interest due on or before the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Cut-off Date:

Appears in 1 contract

Samples: Sale and Servicing Agreement (Structured Asset Securities Corporation)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “Aames Capital Corporation in trust for the benefit of Aurora Loan Services Inc.Deutsche Bank National Trust Company, as Master Servicer Indenture Trustee, for Aames Mortgage Investment Trust 2005-4 Mortgage Backed Notes, Series 2005-4” and the Owner of Residential Mortgage Loans". The referred to herein as a “Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansAccount." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 E hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, and retain thereinno later than the Business Day following the Closing Date, the following collections any amounts received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to the Mortgage Loans (including representing Scheduled Payments on the Mortgage Loans due after the Cut-off Date and unscheduled payments received by on or after the Servicer prior to Cut-off Date and on or before the related Commencement Date but allocable to a period subsequent thereto):Closing Date.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Aames Mortgage Investment Trust 2005-4)

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Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Mortgage Corporation. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer 217412 HomeBanc 2007-1 Pooling and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Servicing Agreement Trustee, for the benefit of Aurora Loan Services Inc., HomeBanc Mortgage Trust 2007-1 Mortgage Pass-Through Certificates” and referred to herein as Master Servicer and the various Owners of Residential Mortgage Loansa “Custodial Account." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof; provided, however that any such Eligible Investment shall not be sold or disposed of prior to its maturity. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Homebanc Corp)

Establishment of and Deposits to Custodial Account. The Servicer Seller shall, or shall instruct its sub-servicer to, segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Seller Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted titled “Angel Oak Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Solutions LLC in trust for the benefit Purchaser and/or subsequent purchasers of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans". , and various Mortgagors - P & I.” The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Seller Custodial Account shall be established with a Qualified Depository acceptable to Depository. Upon request of Purchaser and within ten (10) calendar days thereof, Seller shall provide Purchaser with written confirmation of the Ownerexistence of such Seller Custodial Account. Any funds deposited in the Seller Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer Seller shall deposit in the Seller Custodial Account on a daily basiswithin one (1) Business Day of Seller’s receipt, and retain therein, all amounts received in respect of the following collections received Mortgage Loans. Any interest paid on funds deposited in the Seller Custodial Account by the Servicer depository institution shall accrue to the benefit of Seller. The amount of any losses incurred on funds deposited in the Seller Custodial Account shall be replaced by Seller from its own funds and payments made shall be deposited into the Seller Custodial Account by the Servicer after last calendar day of the related Commencement Date current Reporting Cycle. Seller shall maintain adequate records with respect to all deposits and withdrawals made pursuant to this Section 11.03. All funds required to be deposited in the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Seller Custodial Account shall be held in trust for Purchaser until withdrawn in accordance with this Agreement. Section 11.04

Appears in 1 contract

Samples: Mortgage Loan Purchase Agreement (Angel Oak Mortgage REIT, Inc.)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust “Avelo Mortgage, L.L.C., for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansGSAA Home Equity Trust 2007-7." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. If the depository in which the Custodial Account is held ceases to be a Qualified Depository, the Servicer shall transfer the Custodial Account within thirty (30) days to a substitute Qualified Depository. The Servicer shall deposit in the Custodial Account on a daily basiswithin two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to Transfer Date, other than payments of principal and interest due on or before the Mortgage Loans (including payments related Subsequent Transfer Date, or received by the Servicer prior to the related Commencement Subsequent Transfer Date but allocable to a period subsequent thereto)::

Appears in 1 contract

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-7)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Chase Home Finance LLC as subservicer for JPMorgan Chase Bank, National Association in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Goldman Sachs Mortgage LoansCompany". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with estxxxxxxxd xxxx a Qualified Depository acceptable to the Owner. Any funds deposited in the Custodial Account and shall at all times be fully insured to the full extent permitted under applicable lawan Eligible Account. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.053.04. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 hereto, in the case of an account held by a depository other than the Servicer. A. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account on a daily basis, but not more than two (2) Business Days from receipt from the Mortgagor, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date: all payments on account of principal on the Mortgage Loans, including all Principal Prepayments and all Prepayment Charges; all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; all Liquidation Proceeds; all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.14; all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Commencement Date Mortgage Loan Documents and the Servicing Standard); any amount required to be deposited in the Custodial Account pursuant to this Agreement; any amounts in connection with the repurchase of any Mortgage Loan; any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy; and any amounts received with respect to or related to any REO Property or REO Disposition Proceeds. The foregoing requirements for deposit into the Mortgage Loans (including Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments received in the nature of Servicing Fees or Ancillary Income need not be deposited by the Servicer prior into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the related Commencement Date but allocable benefit of the Servicer and the Servicer shall be entitled to a period subsequent thereto):retain and withdraw such interest from the Custodial Account pursuant to Section 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance and mortgage insurance shall accrue to the Servicer (provided, that in no case may the Servicer upcharge any person for the amount of any such benefits).

Appears in 1 contract

Samples: Servicing Agreement (GSAA Home Equity Trust 2006-3)

Establishment of and Deposits to Custodial Account. The Servicer Subservicer shall segregate and hold all funds collected and received pursuant to in connection with a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted titled “PHH Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Corporation, in trust for Xxxxxxx Xxxxx Credit Corporation, its successors and assigns and/or subsequent Servicers of Mortgage Loans — P & I.” The account agreement for the benefit of Aurora Loan Services Inc.Custodial Account shall provide that such account is a special deposit required to be segregated and held by the Qualified Depository maintaining such account in a fiduciary capacity, as Master Servicer separate and apart from the Qualified Depository’s own funds and general assets, and that the account shall not be held in any capacity that would create a debtor-creditor relationship between the Qualified Depository and the Owner of Residential Mortgage Loans"Subservicer or the Servicer. The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to and within ten (10) days thereof, the Owner. Any funds deposited Subservicer shall provide the Servicer with written confirmation of the existence of such Custodial Account in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. form attached hereto as Exhibit I. Funds deposited in the Custodial Account may be drawn on by the Servicer Subservicer in accordance with Section 4.052.09. The creation Subservicer shall deposit in a mortgage clearing account on a daily basis (such funds deposited and held in the clearing account may not be commingled with any funds owned by the Subservicer, but may be commingled with the proceeds of any Custodial Account shall be evidenced by a certification in other mortgage loans or with funds serviced for other investors or for the form of Exhibit A-1 heretoSubservicer’s own portfolio), in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit and in the Custodial Account on a daily basiswithin two (2) Business Days of Subservicer’s receipt, and retain therein, the following collections received by the Servicer Subservicer and payments made any other amounts required to be deposited by the Servicer Subservicer pursuant to this Agreement after the related Commencement Date with respect to the Mortgage Loans (including payments Effective Date, or received by the Servicer Subservicer prior to the related Commencement Servicing Date but allocable to a period subsequent thereto):, other than payments of principal and interest due on or before the Effective Date, as follows:

Appears in 1 contract

Samples: Mortgage Loan Subservicing Agreement (PHH Corp)

Establishment of and Deposits to Custodial Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Boston Safe Deposit and Trust Company in trust for the benefit of Aurora Loan Services Inc.Norwest Bank Minnesota, N.A., as Master Servicer and Trustee, Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 1997-1," or such other designation as the Owner of Residential Mortgage Loans"Purchaser may direct. The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Servicer Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 D-1 hereto, in the ----------- case of an account established with the ServicerCompany, or by a letter agreement in the form of Exhibit A-2 D-2 hereto, in the case of an account held by a ----------- depository other than the ServicerCompany. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. Funds in a Custodial Account may be invested in Eligible Investments (as defined in the Trust Agreement) which shall mature not later than the earlier of the Business Day immediately preceding the next succeeding Remittance Date, and such investments shall not be sold or disposed of prior to their maturity. All income and gain realized from any investment shall be for the benefit of the Company and shall be subject to its withdrawal or order. The Servicer amount of any losses incurred in respect of any such investments shall be deposited in the related Custodial Account by the Company out of its own funds immediately as such loss is realized. The Company shall deposit in the Custodial Account on a daily basis, as received, and retain therein, the following collections received by the Servicer Company and payments made by the Servicer Company after the related Commencement Date with respect to Cut-off Date, other than payments of principal and interest due on or before the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Cut-off Date:

Appears in 1 contract

Samples: Warranties and Servicing Agreement (Structured Asset Securities Corporation)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust “Avelo Mortgage, L.L.C., for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansGSAA Home Equity Trust 2007-8." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. If the depository in which the Custodial Account is held ceases to be a Qualified Depository, the Servicer shall transfer the Custodial Account within thirty (30) days to a substitute Qualified Depository. The Servicer shall deposit in the Custodial Account on a daily basiswithin two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to Transfer Date, other than payments of principal and interest due on or before the Mortgage Loans (including payments related Subsequent Transfer Date, or received by the Servicer prior to the related Commencement Subsequent Transfer Date but allocable to a period subsequent thereto)::

Appears in 1 contract

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-8)

Establishment of and Deposits to Custodial Account. The (i) [The/Each] Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of ServicerXxxxxx, Xxxx & Xxxxxxxx Mortgage Corp. in trust for [ ], as Trustee, for the TBW Mortgage Trust Mortgage Pass-Through Certificates, Series [ ]” and referred to herein as a “Custodial Account;” [provided that so long as [ ] is the Subservicer under the Subservicing Agreement, each Custodial Account shall be titled “[ ] in trust for the benefit of Aurora Loan Services Inc.[ ], as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Trustee, for the benefit of Aurora Loan Services Inc.TBW Mortgage Trust Mortgage Pass-Through Certificates, as Master Servicer and the various Owners of Residential Mortgage LoansSeries [ ]." The ”] Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the [related] Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer Servicer[s] shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 1 contract

Samples: Pooling and Servicing Agreement (TBALT Corp.)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate Custodial Accounts, each both in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The the first such Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled entitled "[Name of Servicer] Ocwen Federal Bank FSB in trust for the benefit of Aurora Loan Services Inc.Bank One, National Association, as Master Servicer Trustee for the Amortizing Residential Collateral Trust, 2002-BC2" and referred to herein as the "Trust Custodial Account" and the Owner of Residential Mortgage Loans". The second such Custodial Account relating to all Reconstituted Mortgage Loans shall be titled entitled "[Name of Servicer] Ocwen Federal Bank FSB in trust for the benefit of Aurora Loan Services Inc.Bank One, National Association, as Master Servicer trustee for Amortizing Residential Collateral Trust, 2002-BC2 and the various Owners of Residential Mortgage LoansMortgagors under the DA Dividend Program" and referred to herein as the "DA Reserve Account." The Each such Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the either such Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 4.053.04(a) and funds deposited in the DA Reserve Accounting may be drawn on by the Servicer and applied in accordance with Section 3.04(b) hereof. The creation of any either Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 B hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Trust Custodial Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Cut-Off Date with respect to (other than scheduled payments of principal and interest due on or before the Mortgage Loans (including payments received by Cut-Off Date) or the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Servicing Transfer Date, as applicable:

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of Servicer] “HomeBanc Corp. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc.HomeBanc Mortgage Trust 2005-2 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, as Master Servicer and the various Owners of Residential Mortgage Loans." The each Custodial Account shall be established with a Qualified Depository acceptable to titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the OwnerHomeBanc Mortgage Trust 2005-2 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior 145322 HomeBanc 2005-2 Transfer and Servicing Agreement 51 to the related Commencement 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:

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Homebanc Corp)

Establishment of and Deposits to Custodial Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] New Century Mortgage Corporation in trust for the benefit of Aurora Loan Services Inc.Goldman Sachs Mortgage Company, as Master Servicer Residential Fixed and the Owner of Residential Mortgage Adjustable Rxxx Xxxtxxxx Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansMortgagors." The Custodial Account shall be established with a Qualified Depository acceptable to the OwnerPurchaser. The Interim Servicer and the Purchaser intend that the Custodial Accounts shall be special deposit accounts. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Interim Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall deposit in the Custodial Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Interim Servicer after the related Commencement Date with respect to the Mortgage Loans (including payments received by the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Cut-off Date:

Appears in 1 contract

Samples: Trust Agreement (New Century Alternative Mortgage Loan Trust 2006-Alt2)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust “Avelo Mortgage, L.L.C., for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansGSAA Home Equity Trust 2007-10." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. If the depository in which the Custodial Account is held ceases to be a Qualified Depository, the Servicer shall transfer the Custodial Account within thirty (30) days to a substitute Qualified Depository. The Servicer shall deposit in the Custodial Account on a daily basiswithin two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to Transfer Date, other than payments of principal and interest due on or before the Mortgage Loans (including payments related Subsequent Transfer Date, or received by the Servicer prior to the related Commencement Subsequent Transfer Date but allocable to a period subsequent thereto)::

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-10)

Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution each of which accounts shall be titled "[Name of ServicerHomeBanc Corp. in trust for [ ], as Indenture Trustee, for the HomeBanc Mortgage Trust [ ] Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as [HomeBanc Mortgage Corporation] is the Subservicer under the Subservicing Agreement, each Custodial Account shall be titled “[HomeBanc Mortgage Corporation] in trust for the benefit of Aurora Loan Services Inc.[ ], as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential HomeBanc Mortgage LoansTrust [ ] Mortgage Backed Notes." The ” Each Custodial Account shall be established with a Qualified Depository acceptable to the Owneran Eligible Account. Any funds deposited in the Custodial Account shall at all times be fully insured by the FDIC up to the full extent permitted under applicable lawFDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.054.02(e) hereof. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 D hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Indenture Trustee, the Master Servicer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in or cause to be deposited into the Custodial Account on a daily basisAccount, no later than 48 hours after receipt of funds, and retain therein, therein the following payments and collections received by the Servicer and payments or made by the Servicer after the related Commencement Date with respect it subsequent to the Mortgage Loans (including payments Cut-off Date, or received by the Servicer it prior to the related Commencement 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:

Appears in 1 contract

Samples: Transfer and Servicing Agreement (HMB Acceptance Corp.)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain two (2) separate Custodial Accounts, each both in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The the first such Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] entitled “Ocwen Federal Bank FSB in trust for the benefit of Aurora Loan Services Inc.Bank One, National Association, as Master Servicer Trustee for the Amortizing Residential Collateral Trust, 2002-BC3” and referred to herein as the “Trust Custodial Account” and the Owner of Residential Mortgage Loans". The second such Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] entitled “Ocwen Federal Bank FSB in trust for the benefit of Aurora Loan Services Inc.Bank One, National Association, as Master Servicer trustee for Amortizing Residential Collateral Trust, 2002-BC3 and the various Owners of Residential Mortgage LoansMortgagors under the DA Dividend Program” and referred to herein as the “DA Reserve Account." The ” Each such Custodial Account shall be established with a Qualified Depository acceptable to the OwnerDepository. Any funds deposited in the either such Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 4.053.04(a) and funds deposited in the DA Reserve Accounting may be drawn on by the Servicer and applied in accordance with Section 3.04(b) hereof. The creation of any either Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 B hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Trust Custodial Account on a daily basis, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Cut-Off Date with respect to (other than scheduled payments of principal and interest due on or before the Mortgage Loans (including payments received by Cut-Off Date) or the Servicer prior to the related Commencement Date but allocable to a period subsequent thereto):Servicing Transfer Date, as applicable:

Appears in 1 contract

Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)

Establishment of and Deposits to Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Custodial Accounts, each in the form of time deposit or demand accounts, one account for funds collected and relating to Reconstituted Mortgage Loans and one for funds collected and relating to all Mortgage Loans that are not subject to a Reconstitution. The Custodial Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust “Avelo Mortgage, L.L.C., for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans". The Custodial Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage LoansGSAA Home Equity Trust 2007-9." The Custodial Account shall be established with a Qualified Depository acceptable to the Owner. The Servicer and the Owner intend that the Custodial Account be a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable lawby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit A-1 2 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit A-2 3 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent Owner. If the depository in which the Custodial Account is held ceases to be a Qualified Depository, the Servicer shall transfer the Custodial Account within thirty (30) days to a substitute Qualified Depository. The Servicer shall deposit in the Custodial Account on a daily basiswithin two (2) Business Days of receipt thereof, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the related Commencement Date with respect to Transfer Date, other than payments of principal and interest due on or before the Mortgage Loans (including payments related Subsequent Transfer Date, or received by the Servicer prior to the related Commencement Subsequent Transfer Date but allocable to a period subsequent thereto)::

Appears in 1 contract

Samples: Assumption and Recognition Agreement (GSAA Home Equity Trust 2007-9)

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