Common use of Establishment of Custodial Accounts; Deposits in Custodial Accounts Clause in Contracts

Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts. Each Custodial Account shall be established with a Qualified Depository. To the extent such funds are not deposited in a Custodial Account, such funds may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Custodial Accounts will be reconciled within 45 days. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement in the form shown in Exhibit B hereto. The original of such letter agreement shall be furnished to the Owner upon request. The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Servicer shall deposit in a mortgage clearing account on a daily basis, and in the Custodial Account or Accounts no later than 48 hours after receipt and identification of funds and retain therein the following payments and collections:

Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts. Each Custodial Account shall be established with a Qualified Depository. To the extent such Any funds are not deposited in a Custodial Account, such funds Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Custodial Accounts will be reconciled within 45 days. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Owner upon reasonable request. The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's ’s own funds, with no right to reimbursement therefor. The Servicer shall deposit in a mortgage clearing account on a daily basis, and in the Custodial Account or Accounts no later than 48 hours after receipt and identification within two (2) Business Days of funds Servicer's receipt, and retain therein therein, the following payments and collections:

Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts. Each Custodial Account shall be established with a Qualified Depository. To the extent such Any funds are not deposited in a Custodial Account, such funds Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Custodial Accounts will be reconciled within 45 days. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Owner upon reasonable request. The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Servicer shall deposit in a mortgage clearing account on a daily basis, and in the Custodial Account or Accounts no later than 48 hours after receipt and identification within two (2) Business Days of funds Servicer's receipt, and retain therein therein, the following payments and collections:

Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Servicer shall, or shall cause the Subservicer to, segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts. Each Custodial Account shall be established with a Qualified Depository. To the extent such Any funds are not deposited in a Custodial Account, such funds Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer, or the Subservicer in the case of a Custodial Account established by the Subservicer). Custodial Accounts will be reconciled within 45 days. Funds deposited in the Custodial Account may be drawn on by the Servicer or the Subservicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Owner Master Servicer upon reasonable request. The Each of the Servicer and the Subservicer acknowledges and agrees that the Servicer it shall bear any losses incurred with respect to Permitted InvestmentsInvestments it directs. The amount of any such losses shall be immediately deposited by the Servicer in or the Subservicer into the Custodial Account, out of the Servicer's its own funds, with no right to reimbursement therefor. The Servicer shall, or shall cause the Subservicer to, deposit in a mortgage clearing account on a daily basis, and in into the Custodial Account within two (2) Business Days of the Servicer’s or Accounts no later than 48 hours after receipt and identification of funds the Subservicer’s receipt, and retain therein therein, the following payments and collections:

Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts. Each Custodial Account shall be established with a Qualified Depository. To the extent such Any funds are not deposited in a Custodial Account, such funds Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the Servicer). Custodial Accounts will be reconciled within 45 days. Funds deposited in the Custodial Account may be drawn on by the Servicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Owner upon reasonable request. The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to Permitted Investments. The amount of any such losses shall be immediately deposited by the Servicer in the Custodial Account, out of the Servicer's own funds, with no right to reimbursement therefor. The Servicer shall deposit in a mortgage clearing account on a daily basis, and in the Custodial Account or Accounts no later than 48 hours after receipt and identification within two (2) Business Days of funds Servicer's receipt, and retain therein therein, the following payments and collections:

Establishment of Custodial Accounts; Deposits in Custodial Accounts. The Servicer shall, or shall cause the Subservicer to, segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts. Each Custodial Account shall be established with a Qualified Depository. To the extent such Any funds are not deposited in a Custodial Account, such funds Account may be invested in Permitted Investments for the benefit of the Owner (with any income earned thereon for the benefit of the ServicerServicer or the Subservicer, in the case of a Custodial Account established by the Subservicer). Custodial Accounts will be reconciled within 45 days. Funds deposited in the Custodial Account may be drawn on by the Servicer or the Subservicer only in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a letter agreement an account certification in the form shown in Exhibit B hereto. The original of such letter agreement account certification shall be furnished to the Owner Master Servicer upon reasonable request. The Each of the Servicer and the Subservicer acknowledges and agrees that the Servicer it shall bear any losses incurred with respect to Permitted InvestmentsInvestments it directs. The amount of any such losses shall be immediately deposited by the Servicer in or the Subservicer into the Custodial Account, out of the Servicer's its own funds, with no right to reimbursement therefor. The Servicer shall, or shall cause the Subservicer to, deposit in a mortgage clearing account on a daily basis, and in into the Custodial Account within two (2) Business Days of the Servicer’s or Accounts no later than 48 hours after receipt and identification of funds the Subservicer’s receipt, and retain therein therein, the following payments and collections: