Master Custodial P & I Account definition

Master Custodial P & I Account. An account maintained by the Master Servicer specifically for the collection from any Servicer of the payment of principal and interest on mortgage loans purchased by FMSC.
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Examples of Master Custodial P & I Account in a sentence

  • Each Monthly P & I Advance shall be remitted in immediately available funds to the Master Custodial P & I Account no later than the Master Servicer Remittance Date for the month in which the Due Date occurs.

  • In return for its obligations under Section 6.04, the Master Servicer is entitled to receive as additional compensation, any interest earnings on the Master Custodial P & I Account, and any interest received on Liquidation principal that is received in the same month that such Liquidation principal is remitted to the Trustee.

  • Any proceeds disbursed to the Master Servicer in respect of such policies or bonds shall be promptly deposited in the Master Custodial P & I Account upon receipt, except for any amounts realized under the Special Hazard Insurance Policy that are to be applied to the repair or restoration of the related property as a condition requisite to the presentation of claims on the related Mortgage Loan to the insurer under any applicable Mortgage Insurance Policy.

  • In the event that any Servicer fails to remit to the Master Custodial P & I Account on or before the Master Servicer Remittance Date, the full amount of the funds in the custody or under the control of the Servicer that the Servicer is required to remit under its Sales/Servicing Agreement, then the Master Servicer, upon and subject to the terms of this Article V, shall promptly advance and remit to the Master Custodial P & I Account an amount equal to the required remittance.

  • The Master Servicer shall make a Monthly P & I --------------------- Advance to the Master Custodial P & I Account, in the amount, if any, of the aggregate scheduled installments of principal and interest (less applicable servicing fees) on the Mortgage Loans that were due on the Due Date but which were not received or advanced by the Servicers and remitted to the Master Custodial P & I Account on or prior to the Master Servicer Remittance Date.

  • The Master Servicer shall make a Monthly P & I Advance to the Master Custodial P & I Account, in the amount, if any, of the aggregate scheduled installments of principal and interest (less applicable servicing fees) on the Mortgage Loans that were due on the Due Date but which were not received or advanced by the Servicers and remitted to the Master Custodial P & I Account on or prior to the Master Servicer Remittance Date.

  • Questions pertaining to the distribution, transmission, or destruction of this annex should be submitted to the Federal Emergency Management Agency, Office of Response and Recovery, Planning Division, National Planning Branch at response-planning@fema.dhs.gov.

Related to Master Custodial P & I Account

  • Custodial P&I Account The Custodial P&I Account, as defined in each of the Servicing Agreements, with respect to the Mortgage Loans. In determining whether the Custodial P&I Account under any Servicing Agreement is "acceptable" to the Master Servicer (as may be required by the definition of "Eligible Account" contained in the Servicing Agreements), the Master Servicer shall require that any such account shall be acceptable to each of the Rating Agencies. Custodian: Initially, the Trustee, and thereafter the Custodian, if any, hereafter appointed by the Trustee pursuant to Section 8.13, or its successor in interest under the Custodial Agreement. The Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of the Trustee. Neither a Servicer, nor the Seller nor the Master Servicer nor any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Servicing Account The account or accounts created and maintained pursuant to Section 3.09.

  • Subservicing Account An account established by a Subservicer in accordance with Section 3.08.

  • Sub-Servicing Account An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "JPMorgan Chase Bank, as Trustee f/b/o holders of Structured Asset Mortgage Investments II Inc., Bear Xxxxxxx ALT-A Trust 2004-8, Mortgage Pass-Through Certificates, Series 2004-8 - Master Servicer Collection Account," and which shall be an Eligible Account.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Collection Account Agreement means that certain Collection Account Agreement, dated the Closing Date, among the Borrower, the Servicer, the Account Bank, the Administrative Agent and the Collateral Agent, governing the Collection Account and which permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in the Collection Account, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Servicing Accounts The account or accounts created and maintained pursuant to Section 3.08.

  • Collection Accounts As defined in Section 3.10(a).

  • Custodial Account for P&I The Custodial Account for principal and interest established and maintained by each Servicer pursuant to its Selling and Servicing Contract and caused by the Master Servicer to be established and maintained pursuant to Section 3.02 (a) with the corporate trust department of the Trustee or another financial institution approved by the Master Servicer such that the rights of the Master Servicer, the Trustee and the Certificateholders thereto shall be fully protected against the claims of any creditors of the applicable Servicer and of any creditors or depositors of the institution in which such account is maintained, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Servicer or (c) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. In the event that a Custodial Account for P&I is established pursuant to clause (b) of the preceding sentence, amounts held in such Custodial Account for P&I shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Custodial Account for P&I may be established. Any amount that is at any time not protected or insured in accordance with the first sentence of this definition of "Custodial Account for P&I" shall promptly be withdrawn from such Custodial Account for P&I and be remitted to the Investment Account.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Certificate Administrator Accounts As defined in Section 3.07(a) of this Agreement.

  • Yield Supplement Account means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Certificate Account Deposit Date As to any Distribution Date, the Business Day prior thereto.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Collection Account Bank means any of the banks or other financial institutions holding one or more Collection Accounts.

  • Administration Account As defined in Section 7.02.

  • Excess Loss Account has the meaning set forth in Treas. Reg. Section 1.1502-19.

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.