Examples of Custodial Accounts in a sentence
As of the Sale Date and Servicing Transfer Date, the characteristics of the Mortgage Loans, Servicing Rights, Custodial Accounts and Advances (including, without limitation, delinquency rates, escrow balances, average weighted servicing spread, interest rates, outstanding principal balances and loan modifications) are accurate in all material respects and the information included in each report delivered by the Seller to the Purchaser pursuant to this Agreement is true and correct in all material respects.
As of the Sale Date and Servicing Transfer Date, custodial Funds received by or on behalf of the Seller have been credited to the appropriate Custodial Account in a timely manner and in compliance with Applicable Requirements and Accepted Servicing Practices and have been retained in and disbursed from the Custodial Accounts in compliance with Applicable Requirements and Accepted Servicing Practices.
The Purchaser reserves the right to independently verify the sufficiency of the Custodial Accounts.
As of the Sale Date and Servicing Transfer Date, all Custodial Accounts required to be maintained by the Seller have been established and continuously maintained in compliance with Applicable Requirements and Accepted Servicing Practices.
Should the Purchaser, any Investor or an auditor determine that the Custodial Account(s) did not contain the required deposits as of the applicable Servicing Transfer Date, then upon receipt of written documentation from Purchaser correctly evidencing such shortage, the Seller shall immediately reconcile all such accounts and deliver to the Purchaser the amount of the identified shortage (without interest thereon).