Servicer Custodial Account definition

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

Servicer Custodial Account. The NMC Servicer Custodial Account, the BAFSB Servicer Custodial Account or the BANA Servicer Custodial Account, as applicable.

Servicer Custodial Account means, with respect to any Servicer, as applicable, each segregated account established for the benefit of Buyer, as referenced in, and subject to, the related Servicer Custodial Account Control Agreement, in each case, into which any Income derived from a Purchased Asset sold by a Seller to Buyer pursuant to a Transaction hereunder and serviced by such Servicer shall be deposited.

Examples of Servicer Custodial Account in a sentence

• Any amounts collected by the Servicer under any such policies (other than amounts to be deposited in an Escrow Account and applied to the restoration or repair of the property subject to the related Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor in accordance with Customary Servicing Procedures) shall be deposited in the Servicer Custodial Account, subject to withdrawal pursuant to Section 3.11(a).

• All Mortgage Files and funds collected or held by, or under the control of, the Servicer in respect of any Mortgage Loans, whether from the collection of principal and interest payments or from Liquidation Proceeds, including but not limited to, any funds on deposit in the Servicer Custodial Account, shall be held by the Servicer for and on behalf of the Trustee and shall be and remain the sole and exclusive property of the Trustee, subject to the applicable provisions of this Agreement.

• The net monthly rental income, if any, from such REO Property shall be deposited in the Servicer Custodial Account no later than the close of business on each Determination Date.

• In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Estate, and the Depositor and the Servicer shall be entitled to be reimbursed therefor out of amounts attributable to the Mortgage Loans on deposit in the Servicer Custodial Account as provided by Section 3.11.

• Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date.

More Definitions of Servicer Custodial Account

Servicer Custodial Account means the account established and referenced in the Servicer Custodial Account Control Agreement, into which all Income relating to the Trust Mortgage Loans and REO Properties being serviced by the Servicer shall be deposited.

Servicer Custodial Account. Each separate Eligible Account or Accounts created and maintained by the Servicers pursuant to Section 3.08(b). Servicer's Certificate: The monthly report required by Section 4.01. Service(s)(ing): In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by an entity that meets the definition of "servicer" set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the residential mortgage-backed securitization market.

Servicer Custodial Account. The account or accounts created and maintained by each Servicer pursuant to Section 3.06(a), each of which shall be entitled "Servicer Custodial Account, [Name of Servicer], as a servicer for the trust under the Pooling and Servicing Agreement dated as of November 1, 2006 among Asset Backed Funding Corporation, as Depositor, Option One Mortgage Corporation, as a servicer, JPMorgan Chase Bank, National Association, as a servicer, Litton Loan Servicing LP, as a servicer, Wells Fargo Bank, N.A., as mxxxxx servicer and as securities administxxxxx, and U.S. Bank National Association, as trustee, in trust for the registered Holders of ABFC 2006-HE1 Trust, Asset Backed Funding Corporation Asset Backed Certificates, Series 2006-HE1" or "Servicer Custodial Account, [Name of subservicer], as subservicer for [Name of Servicer], for the trust under the Pooling and Servicing Agreement dated as of November 1, 2006 among Asset Backed Funding Corporation, as Depositor, Option One Mortgage Corporation, as a servicer, JPMorgan Chase Bank, National Association, as a servicer, Litton Loan Servicing LP, as a servicer, Wells Fargo Bank, N.A., as xxxxxr servicer and as securities adxxxxxtrator, and U.S. Bank National Association, as trustee, in trust for the registered Holders of ABFC 2006-HE1 Trust, Asset Backed Funding Corporation Asset Backed Certificates, Series 2006-HE1," and each of which must be an Eligible Account. Servicer Event of Termination: One or more of the events described in Section 7.01(a).

Servicer Custodial Account. The separate Eligible Account or Accounts created and maintained by GreenPoint pursuant to Section 3.09(a).

Servicer Custodial Account. The GreenPoint Custodial Account, the BANA Custodial Account or the National City Mortgage Custodial Account, as applicable.

Servicer Custodial Account. The BANA Custodial Account or Wells Fargo Custodial Account, as applicable.

Servicer Custodial Account. The account established and maintained -------------------------- pursuant to Section 3.02. The Servicer Custodial Account shall be an Eligible Account.