Master Servicer Account. In addition to the Collection Account, the Master Servicer shall be permitted to establish and maintain one or more Master Servicer Accounts (collectively, the "Master Servicer Account"), each of which shall be an Eligible Account, in which the Master Servicer may deposit all payments by, and collections from, the Mortgagors received in connection with the Mortgage Loans prior to the Master Servicer's deposit of all such funds required to be deposited into the Collection Account. Withdrawals may be made out of such collections in the Master Servicer Account to reimburse the Master Servicer for any advances not otherwise required to be made from the Collection Account or for any refunds made by the Master Servicer of any sums determined to be overages, or to pay any interest owed to Mortgagors on such account to the extent required by law, and in order to terminate and clear the Master Servicer Account upon the termination of this Agreement upon the termination of the Trust Fund.
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Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC), Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corporation Iv), Exhibit 99 (Bear Stearns Asset Backed Securities Inc)
Master Servicer Account. In addition to the Collection Account, the Master Servicer shall be permitted to establish and maintain one or more Master Servicer Accounts (collectively, the "“Master Servicer Account"”), each of which shall be an Eligible Account, in which the Master Servicer may deposit all payments by, and collections from, the Mortgagors received in connection with the Mortgage Loans prior to the Master Servicer's ’s deposit of all such funds required to be deposited into the Collection Account. Withdrawals may be made out of such collections in the Master Servicer Account to reimburse the Master Servicer for any advances not otherwise required to be made from the Collection Account or for any refunds made by the Master Servicer of any sums determined to be overages, or to pay any interest owed to Mortgagors on such account to the extent required by law, and in order to terminate and clear the Master Servicer Account upon the termination of this Agreement upon the termination of the Trust Fund.
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