Common use of Establishment of Custodial Account; Deposits in Custodial Account Clause in Contracts

Establishment of Custodial Account; Deposits in Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, with respect to the accounts maintained by any one Servicer, its “Custodial Account”), in the form of time deposit or demand accounts, which may be interest bearing, titled, with respect to the Servicer, “Countrywide Home Loans Servicing LP, in trust for Xxxxxxx Xxxxx Mortgage Company as Owner, and any successor Owner.

Establishment of Custodial Account; Deposits in Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, with respect to the accounts maintained by any one Servicer, its “Custodial Account”), in the form of time deposit or demand accounts, which may be interest bearing, titled, with respect to the Servicer, “Countrywide Home Loans Servicing LP, in trust for Xxxxxxx Xxxxx Gxxxxxx Sxxxx Mortgage Company as Owner, and any successor Owner.

Establishment of Custodial Account; Deposits in Custodial Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, with respect to the accounts maintained by any one Servicer, its “"Custodial Account”"), in the form of time deposit or demand accounts, which may be interest bearing, titled, with respect to the Servicer, “"Countrywide Home Loans Servicing LPLoans, Inc., in trust for Xxxxxxx Xxxxx Mortgage Company as Owner, and any successor Owner.