Establishment of Custodial Account; Deposits in Custodial Account. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan and REO Property separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), in the form of time deposit or demand accounts. The Custodial Account shall be established with an Eligible Depository Institution. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit F hereto. A copy of such certification or letter agreement shall be furnished to the Owner upon request. The Servicer shall deposit in a mortgage clearing account on a daily basis and in the Custodial Account no later than the second Business Day thereafter and retain therein:
Appears in 4 contracts
Samples: Loan Servicing Agreement (Sequoia Mortgage Trust 2007-2), Loan Servicing Agreement (Sequoia Mortgage Trust 2007-1), Loan Servicing Agreement (Sequoia Mortgage Trust 2007-3)
