Common use of Servicing Accounts Clause in Contracts

Servicing Accounts. In those cases where a Servicer is servicing a Mortgage Loan pursuant to a Servicing Agreement, the Servicer will be required to establish and maintain one or more accounts (collectively, the "SERVICING ACCOUNT"). The Servicing Account shall be an Eligible Account and shall comply with all requirements of this Agreement relating to the Collection Account. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, all proceeds of Mortgage Loans received by the Servicer less its servicing compensation to the extent permitted by the Servicing Agreement, and shall thereafter deposit such amounts in the Servicing Account, in no event more than two Business Days after the receipt of such amounts. The Servicer shall thereafter remit such proceeds to the Master Servicer for deposit in the Master Servicer's Account not later than the related Servicer Remittance Date. For purposes of this Agreement, the Master Servicer shall be deemed to have received payments on the Mortgage Loans when the Servicer receives such payments.

Servicing Accounts. In those cases where a Servicer is servicing a Mortgage Loan pursuant to a Servicing Agreement, the Servicer will be required to establish and maintain one or more accounts (collectively, the "SERVICING ACCOUNTServicing Account"). The Servicing Account shall be an Eligible Account and shall comply with all requirements of this Agreement relating to the Collection Account. The Servicer shall deposit in the clearing account in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer's receipt thereof, all proceeds of Mortgage Loans received by the Servicer less its servicing compensation to the extent permitted by the Servicing Agreement, and shall thereafter deposit such amounts in the Servicing Account, in no event more than two Business Days after the receipt of such amounts. The Servicer shall thereafter remit such proceeds to the Master Servicer for deposit in the Master Servicer's Account not later than the related Servicer Remittance Date. For purposes of this Agreement, the Master Servicer shall be deemed to have received payments on the Mortgage Loans when the Servicer receives such payments.