Collection Account; Distribution Account. (a) The Servicer shall establish and maintain the Collection Account in the Trustee's name, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible Account. The Servicer shall deposit or cause to be deposited in the Collection Account within ___ Business Day following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans: (i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans; (ii) all payments on account of interest and Default Interest on the Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment Premiums; (iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls; (iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged Property; (v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4; (vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e), Section 3.18 or Section 9.1 hereof; and (vii) all amounts collected in respect of the ___________ Interest. The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans. In the event that the Servicer deposits in the Collection Account any amount not required to be deposited therein, the Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. (b) The Trustee shall establish and maintain the Distribution Account in the name of the Trustee, in trust for the benefit of the Certificateholders. The Distribution Account shall be established and maintained as an Eligible Account. (c) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions of Section 3.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Collection Account; Distribution Account. (a) The On behalf of the Trust Fund, the Master Servicer shall establish and maintain maintain, or cause to be established and maintained, one or more accounts (such account or accounts, the “Collection Account Account”), held in the Trustee's name, trust for the benefit of the Certificateholders Trustee, the Certificate Insurer and the Trustee as the Holder Certificateholders. On behalf of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible Account. The Trust Fund, the Master Servicer shall deposit or cause to be deposited in the Collection Account within ___ 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 following after the Master Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the Master Servicer’s receipt thereof, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or with respect before the Cut-off Date) or payments (other than Principal Prepayments) received by it on or prior to the Mortgage LoansCut-off Date, but allocable to a Remittance Period subsequent thereto:
(i) all payments on account of principal on the Mortgage Loansprincipal, including the principal component of Unscheduled Payments Principal Prepayments (but not Prepayment Charges), on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest (net of the related Servicing Fee) on the each Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment PremiumsLoan;
(iii) all Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and amounts paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01) and Subsequent Recoveries;
(iv) any amounts required to be deposited pursuant to Section 3.7(b) 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged PropertyAccount;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made required to be deposited by the Master Servicer pursuant to the second paragraph of Section 3.43.14(a) in respect of any blanket policy deductibles;
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, all proceeds of any purchase or repurchase of a Mortgage Loan pursuant to repurchased or purchased in accordance with Section 2.3(d2.03, Section 3.16(c) or (e), Section 3.18 or Section 9.1 hereof10.01; and
(vii) all amounts collected required to be deposited in respect of the ___________ Interestconnection with Substitution Adjustments pursuant to Section 2.03. The foregoing requirements for deposits deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Servicing Fees, late payment charges, late assumption fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement insufficient funds charges and similar fees ancillary income need not be deposited by the Master Servicer in the Collection Account and may be retained by the Master Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loansadditional compensation. In the event that the Master Servicer deposits shall deposit in the Collection Account any amount not required to be deposited therein, the Servicer it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account in the name of the TrusteeAccount”), held in trust for the benefit of the Trustee, the Certificate Insurer and the Certificateholders. The On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account shall on or before 3:00 p.m. New York time (i) on the Master Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be established withdrawn from the Distribution Account) for the related Distribution Date then on deposit in the Collection Account and maintained any other amounts deposited hereunder that are required to be deposited in the Distribution Account funds reimbursable pursuant to Section 3.27, and (ii) on each Business Day as of the commencement of which the balance on deposit in the Collection Account exceeds $75,000 following any withdrawals pursuant to the next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of “Eligible Account.” If the balance on deposit in the Collection Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of “Eligible Account,” the Master Servicer shall, on or before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or reimbursable to the Master Servicer, the Trustee, the Seller or any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons entitled thereto
(c) Funds in the Collection Account and the Distribution Account may shall be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Master Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Master Servicer, the Certificate Insurer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(d) Funds held in the Collection Account at any time may be delivered by the Master Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; provided, however, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Master Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request in writing that the Trustee withdraw such amount from the Distribution Account and remit to it any such amount, any provision herein to the contrary notwithstanding. In addition, the Master Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any Advances, as required pursuant to Section 34.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01;
(iv) any Compensating Interest to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfall;
(v) any amounts required to be paid or reimbursed to the Trustee pursuant to the Agreement (to the extent required to be paid by the Master Servicer), including, but not limited to Section 3.06 and Section 7.02 (to the extent required to be paid by the Master Servicer); and
(vi) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Distribution Account (other than any such losses incurred during the Trustee Float Period).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L3), Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L2)
Collection Account; Distribution Account. (a) The Servicer Prior to each Series Closing Date, the Trustee shall establish open and maintain an account for such Series (which shall be comprised of a depository account and a daily investment account (collectively, for each Series, the "Collection Account")), which at all times shall be an Eligible Account and which may be established at the Collection Account in the Trustee's nameBank, for the benefit of the Certificateholders Noteholders of such Series, for the receipt of (i) amounts deposited by the Subservicer into the Clearing Account attributable to such Series and (ii) any Reinvestment Income on such account. Funds in each Collection Account shall not be commingled with any other monies. All monies deposited from time to time in the Collection Account for a Series pursuant to this Indenture shall be held in the name of the Trustee as the Holder part of the Lower-Tier Regular Interestsrelated Series Trust Estate as herein provided. The fees relating to each Collection Account shall be established paid out of the investment income of such Collection Account, and maintained as the Servicer and the Issuer shall be responsible for paying any fees or expenses not paid out of such investment income. The Trustee shall not be responsible for paying such fees and expenses. Prior to each Series Closing Date, the Trustee shall open and maintain a trust account for such Series (for each Series, the "Distribution Account"), which at all times shall be an Eligible AccountAccount for the benefit of the Noteholders of such Series, for the receipt of (i) amounts transferred from the Collection Account for such Series pursuant to Section 12.02(d) hereof, and (ii) amounts transferred from the Reserve Account for such Series in accordance with Section 12.03 hereof and the applicable Series Supplement. The Servicer Funds in each Distribution Account shall deposit not be commingled with any other monies. All payments to be made from time to time by the Issuer to the Noteholders of a Series out of funds in the related Distribution Account pursuant to this Indenture shall be made by the Trustee or cause the Paying Agent of the Issuer. All monies deposited from time to time in each Distribution Account pursuant to this Indenture shall be held by the Trustee as part of the related Series Trust Estate as herein provided. Amounts deposited in each Distribution Account shall remain uninvested; provided, however, that if the Trustee has actual knowledge that any such amounts will remain in the Distribution Account for any Series more than one Business Day after the day amounts are deposited in such account, such amounts shall be deposited in Eligible Investments, and any earnings thereon shall be remitted by the Trustee to the Collection Account within ___ Business Day following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans:
(i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest on the Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment Premiums;
(iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged Property;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e), Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect of the ___________ Interest. The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans. In the event that the Servicer deposits in the Collection Account any amount not required to be deposited therein, the Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstandingSeries.
(b) The Upon Issuer Order, the Trustee shall establish direct the depository institution or trust company holding any Collection Account to invest the funds in such Collection Account in Eligible Investments. The Issuer Order shall specify the Eligible Investments in which such amounts shall be invested, shall state that the same are Eligible Investments and maintain shall further specify the Distribution percentage of funds to be invested in each Eligible Investment. No such Eligible Investment shall mature later than the Business Day preceding the next following Remittance Date and shall not be sold or disposed of prior to its maturity. In the absence of an Issuer Order, the Trustee shall invest funds in such Collection Account in Eligible Investments described in clause (vi) of the definition thereof. Eligible Investments shall be made in the name of the Trustee, in trust Trustee for the benefit of the CertificateholdersNoteholders of the related Series. The Distribution Account Trustee shall be established and maintained as an have no responsibility for verifying that any investments directed by the Issuer are Eligible AccountInvestments.
(c) Funds Any income or other gain from investments in Eligible Investments as outlined in (b) above shall be credited to the applicable Collection Account and any loss resulting from such investments shall be charged to such account; provided, however, that the Issuer shall make or cause to be made no later than the applicable Payment Date a deposit to the applicable Collection Account to the extent of any losses therein caused as a result of the Issuer's investment instructions provided for herein. The Trustee shall not be liable for any loss incurred on any funds invested in Eligible Investments pursuant to the provisions of this Section 12.02.
(d) On each Payment Date, the Trustee shall pay amounts out of the Collection Account and for each Series as set forth in the Distribution Account related Series Supplement.
(e) Upon the Issuer's or the Trustee's obtaining actual knowledge of the occurrence of any Trigger Event with respect to any Series, the Issuer or the Trustee, as the case may be invested in Permitted Investments in accordance with be, shall within two Business Days of obtaining such actual knowledge notify the provisions Noteholders of Section 3such Series of such occurrence.
Appears in 1 contract
Samples: Indenture (Trendwest Resorts Inc)
Collection Account; Distribution Account. (a) The On behalf of the Trust Fund, the Servicer shall establish and maintain maintain, or cause to be established and maintained, one or more accounts (such account or accounts, the “Collection Account Account”), held in the Trustee's name, trust for the benefit of the Certificateholders Trustee, the Certificate Insurer and the Trustee as the Holder of the Lower-Tier Regular InterestsCertificateholders. The Collection Account shall be established and maintained as an Eligible Account. The On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the Collection Account within ___ 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 following after the Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the Servicer’s receipt thereof, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or with respect before the Cut-off Date) or payments (other than Principal Prepayments) received by it on or prior to the Mortgage LoansCut-off Date, but allocable to a Remittance Period subsequent thereto:
(i) all payments on account of principal on the Mortgage Loansprincipal, including the principal component of Unscheduled Payments Principal Prepayments (but not Prepayment Charges), on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest (net of the related Servicing Fee) on the each Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment PremiumsLoan;
(iii) all Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and amounts paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01) and Subsequent Recoveries;
(iv) any amounts required to be deposited pursuant to Section 3.7(b) 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged PropertyAccount;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made required to be deposited by the Servicer pursuant to the second paragraph of Section 3.43.14(a) in respect of any blanket policy deductibles;
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, all proceeds of any purchase or repurchase of a Mortgage Loan pursuant to repurchased or purchased in accordance with Section 2.3(d2.03, Section 3.16(c) or (e), Section 3.18 or Section 9.1 hereof10.01; and
(vii) all amounts collected required to be deposited in respect of the ___________ Interestconnection with Substitution Adjustments pursuant to Section 2.03. The foregoing requirements for deposits deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Servicing Fees, late payment charges, late assumption fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement insufficient funds charges and similar fees ancillary income need not be deposited by the Servicer in the Collection Account and may be retained by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loansadditional compensation. In the event that the Servicer deposits shall deposit in the Collection Account any amount not required to be deposited therein, the Servicer it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account in the name of the TrusteeAccount”), held in trust for the benefit of the Trustee, the Certificate Insurer and the Certificateholders. The Distribution Account shall will be established and maintained as an Eligible Account. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account on or before 3:00 p.m. New York time (i) on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be withdrawn from the Distribution Account) for the related Distribution Date then on deposit in the Collection Account and any other amounts deposited hereunder that are required to be deposited in the Distribution Account funds reimbursable pursuant to Section 3.27, and (ii) on each Business Day as of the commencement of which the balance on deposit in the Collection Account exceeds $75,000 following any withdrawals pursuant to the next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of “Eligible Account.” If the balance on deposit in the Collection Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of “Eligible Account,” the Servicer shall, on or before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or reimbursable to the Servicer, the Trustee, the Seller or any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons entitled thereto.
(c) Funds in the Collection Account and the Distribution Account may shall be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer, the Certificate Insurer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(d) Funds held in the Collection Account at any time may be delivered by the Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; provided, however, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request in writing that the Trustee withdraw such amount from the Distribution Account and remit to it any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any Advances, as required pursuant to Section 34.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01;
(iv) any Compensating Interest to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfall;
(v) any amounts required to be paid or reimbursed to the Trustee pursuant to the Agreement (to the extent required to be paid by the Servicer), including, but not limited to Section 3.06 and Section 7.02 (to the extent required to be paid by the Servicer); and
(vi) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac Residential Mortgage-Backed Trust, Series 2006-L2)
Collection Account; Distribution Account. (a) The Master Servicer shall establish and maintain the Collection Account in the Trustee's name, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular InterestsCertificateholders. The Collection Account shall be established and maintained as an Eligible Account. The Master Servicer shall deposit or cause to be deposited in the Collection Account within ___ one Business Day following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans:
(i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest on the Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment Premiums;
(iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged Property;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;; and
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e2.3(e), Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect of the ___________ Interest. The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans9.1. In the event that the Master Servicer deposits in the Collection Account any amount not required to be deposited therein, the Master Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain the Distribution Account in the name of the Trustee, in trust for the benefit of the Certificateholders. The Distribution Account shall be established and maintained as an Eligible Account.
(c) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions of Section 33.7. The Master Servicer shall give written notice to the Trustee of the location and account number of the Collection Account and shall notify the Trustee in writing prior to any subsequent change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)
Collection Account; Distribution Account. Grantor ------------------------------------------------------ Trust Collection Account, Grantor Trust Distribution Account and Excess ----------------------------------------------------------------------- Liquidation Proceeds Account. ----------------------------
(a) The Master Servicer shall establish and maintain the Collection Account in the Trustee's name, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular InterestsCertificateholders. The Collection Account shall be established and maintained as an Eligible Account. The Master Servicer shall deposit or cause to be deposited in the Collection Account within ___ two Business Day Days following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans:
(i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest on the Mortgage Loans and (excluding Deferred Interest), the interest portion of all Unscheduled Payments Payments, all Prepayment Premiums and all Prepayment Premiumspayments on account of late payment charges on the Mortgage Loans;
(iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Prepayment/Balloon Payment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged Property;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;Servicing Advances; and
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Master Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e)2.3, Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect of the ___________ Interest. The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans9.1. In the event that the Master Servicer deposits in the Collection Account any amount not required to be deposited therein, the Master Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain the Distribution Account in the name of the Trustee, in trust for the benefit of the Certificateholders. The Distribution Account shall be established and maintained as an Eligible Account. The Trustee will notify each Rating Agency of any change in the location of the Distribution Account.
(c) Prior to the Remittance Date relating to the Collection Period, if any, in which any Deferred Interest is received, the Master Servicer shall establish and maintain the Grantor Trust Collection Account in the name of the Trustee, in trust for the benefit of the Class V Certificateholders as set forth in Section 10.5. The Grantor Trust Collection Account shall be established and maintained as an Eligible Account. The Master Servicer shall transfer to the Grantor Trust Collection Account any Deferred Interest within two Business Days after such amounts are deposited in the Collection Account.
(d) Prior to the Remittance Date relating to the Collection Period, if any, in which Deferred Interest is received, the Trustee shall establish and maintain the Grantor Trust Distribution Account in the name of the Trustee, in trust for the benefit of the Class V Certificateholders as set forth in Section 10.05. The Grantor Trust Distribution Account shall be established and maintained as an Eligible Account. On or before the Remittance Date related to the applicable Distribution Date, the Master Servicer shall remit to the Trustee for deposit in the Grantor Trust Distribution Account an amount equal to the Deferred Interest received during the related Collection Period.
(e) Following the distribution of Deferred Interest to Certificateholders on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Deferred Interest, the Master Servicer and the Trustee, respectively, shall terminate the Grantor Trust Collection Account and the Grantor Trust Distribution Account.
(f) If any Excess Liquidation Proceeds are received, the Trustee shall establish and maintain the Excess Liquidation Proceeds Account in the name of the Trustee, in trust for the benefit of the Certificateholders. On or before the Remittance Date related to the applicable Distribution Date, the Master Servicer shall remit to the Trustee from the Collection Account and for deposit into the Excess Liquidation Proceeds Account an amount equal to the Excess Liquidation Proceeds received during the related Collection Period. The Excess Liquidation Proceeds Account shall be established and maintained as an Eligible Account.
(g) Funds in the Collection Account, the Distribution Account, the Grantor Trust Collection Account and the Grantor Trust Distribution Account may be invested in Permitted Investments in accordance with the provisions of Section 33.7. The Master Servicer shall give written notice to the Trustee of the location and account number of the Collection Account and the Grantor Trust Collection Account and shall notify the Trustee and each Rating Agency in writing prior to any subsequent change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (PNC Mort Sec Corp Com Mort Pass THR Cert Ser 2000-C1)
Collection Account; Distribution Account. (a) The Servicer Prior to the Closing Date, the Trustee shall establish open and maintain an account (which shall be comprised of a depository account and a daily investment account (collectively, the "Collection Account")), which at all times shall be an Eligible Account in and which may be established at the Trustee's nameClearing Account Bank, for the benefit of the Certificateholders Noteholders, for the receipt of (i) amounts deposited by the Subservicer into the Clearing Account and (ii) any Reinvestment Income. Funds in the Trustee as the Holder of the Lower-Tier Regular Interests. The -63- 69 Collection Account shall not be established and maintained as an Eligible Accountcommingled with any other monies. The Servicer shall deposit or cause All monies deposited from time to be deposited time in the Collection Account within ___ Business Day following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans:
(i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest on the Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment Premiums;
(iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds this Indenture shall be held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair name of the related Mortgaged Property;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e), Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect Trustee as part of the ___________ InterestTrust Estate as herein provided. The foregoing requirements for deposits in fees relating to the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality paid out of the foregoing, payments in the nature investment income of late payment charges, late fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans. In the event that the Servicer deposits in the Collection Account any amount not required to be deposited therein, the Servicer may at any time withdraw such amount from the Collection Account, and the Servicer and the Issuer shall be responsible for paying any provision herein to the contrary notwithstanding.
(b) fees or expenses not paid out of such investment income. The Trustee shall establish not be responsible for paying such fees and expenses. Prior to the Closing Date, the Trustee shall open and maintain a trust account (the "Distribution Account"), which at all times shall be an Eligible Account in the name of the Trustee, in trust for the benefit of the CertificateholdersNoteholders, for the receipt of (i) amounts transferred from the Collection Account pursuant to Section 12.02(d) hereof, and (ii) amounts transferred from the Reserve Account in accordance with Section 12.03(d)(i) and (iii) hereof. The Funds in the Distribution Account shall not be established and maintained as an Eligible Account.
(c) Funds commingled with any other monies. All payments to be made from time to time by the Issuer to the Noteholders out of funds in the Collection Account and the Distribution Account may pursuant to this Indenture shall be invested made by the Trustee or the Paying Agent of the Issuer. All monies deposited from time to time in Permitted Investments the Distribution Account pursuant to this Indenture shall be held by the Trustee as part of the Trust Estate as herein provided. Amounts deposited in accordance with the provisions of Section 3Distribution Account shall remain uninvested; provided, however, that if the Trustee has actual knowledge that any such amounts will remain in the Distribution Account more than one Business Day after the day amounts are deposited in such account, such amounts shall be deposited in Eligible Investments, and any earnings thereon shall be remitted by the Trustee to Collection Account.
Appears in 1 contract
Samples: Indenture (Trendwest Resorts Inc)
Collection Account; Distribution Account. (a) The Servicer shall establish and maintain the Collection Account in the Trustee's name, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular InterestsCertificateholders. The Collection Account shall be established and maintained as an Eligible Account. The Servicer shall deposit or cause to be deposited in the Collection Account within ___ one Business Day following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans:
(i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest on the Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment Premiums;
(iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged Property;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;; and
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e), Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect of the ___________ Interest9.1. The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, NSF check charges, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans. In the event that the Servicer deposits in the Collection Account any amount not required to be deposited therein, the Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain the Distribution Account in the name of the Trustee, in trust for the benefit of the Certificateholders. The Distribution Account shall be established and maintained as an Eligible Account.
(c) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions of Section 3.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Midland Realty Accept Corp Com Mort Pass THR Cert Se 1996 C2)
Collection Account; Distribution Account. (a) The Servicer Prior to the initial authentication and delivery of Notes, the Issuer shall establish and maintain open, at a depository institution (which may be the Trustee), (i) an account denominated "Collection Account -- Bankers Trust Company, as trustee in respect of 8.54% Contract Receivable Collateralized Notes, Series 1992-1, Due 1997", (ii) an account denominated "Distribution Account -- Bankers Trust Company, as trustee in respect of 8.54% Contract Receivable Collateralized Notes, Series 1992-1, Due 1997" and (iii) an account denominated "Lockbox Account -- Bankers Trust Company, Trustee for Dyn Funding Corporation under its 8.54% Contract Receivable Collateralized Notes, Series 1992-1, Due 1997" (collectively, the "Accounts"). The Accounts shall be held, in the Trustee's namecorporate trust department of such depositary institution, for in trust and relate solely to the benefit Notes and Eligible Investments securing the Notes, and funds in the Accounts shall be held as provided in Section 6.06. The Issuer shall give the Trustee at least five Business Days' written notice of any change in the Certificateholders location of any Account and any related account identification information. All payments to be made from time to time to the Holders of Notes, out of funds in any Account pursuant to this Indenture shall be made by the Trustee as the Holder Paying Agent of the Lower-Tier Regular InterestsIssuer or, pursuant to Section 8.10, by any other Paying Agent appointed by the Issuer. The All moneys deposited from time to time in the Accounts, including the deposits to be made by the Servicer in the Accounts pursuant to the Servicing Agreement, and all investments made with such moneys, shall be held by the Trustee as part of the Trust Estate as herein provided. All funds withdrawn from the Collection Account pursuant to Section 9.02(d) and (e) for the purpose of making payments to holders shall be established applied in accordance with Section 8.10.
(b) So long as no Default or Event of Default shall have occurred and maintained as an be continuing, all or a portion of the Accounts shall be invested and reinvested by the Trustee at the Issuer's direction in one or more Eligible AccountInvestments bearing interest or sold at discount. The Servicer All income or other gain from investment of moneys deposited in the Accounts shall deposit or cause to be deposited in the Collection appro priate Account within ___ Business Day following receipt immediately upon receipt, and any loss resulting from such investment shall be charged to such appropriate Account. Notwithstanding the definition of "Eligible Investments", in the case of an Account maintained with the Paying Agent, Eligible Investments on which the Paying Agent is the obligor (including repurchase agreements on which the Paying Agent in its commercial capacity is liable as principal), may mature on the Payment Date next succeeding the date of investment.
(c) So long as the Notes have not been declared due and payable pursuant to Section 5.02, the Trustee shall take the following payments and collections received or made by it on or with respect to actions in the Mortgage Loansfollowing order of priority, as applicable:
(i) all payments on account of principal any Business Day, if the amount on deposit in the Mortgage LoansReserve Fund is less than the Required Reserve Balance, including withdraw funds from the principal component of Unscheduled Payments Collection Account for deposit in the Reserve Fund until the amount on deposit therein equals the Mortgage LoansRequired Reserve Balance;
(ii) all on any Business Day, upon receipt of a request from the Servicer pursuant to Section 3.04 of the Servicing Agreement, withdraw funds from the Collection Account to repay the Servicer any amounts that duplicate other payments on in the account or that are not part of interest and Default Interest on the Mortgage Loans and Trust Estate, including, but not limited to, funds deposited in error into the interest portion of all Unscheduled Payments and all Prepayment PremiumsCollection Account;
(iii) on any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized Business Day during the Non-Amortization Period, upon receipt of an Issuer Request including a certification that the Collateral Value Ratio, taking into account the proposed withdrawal of funds, is at least 1.00 on Permitted Investments with respect to such Business Day, withdraw funds held in from the Collection Account in an amount equal to any Deferred Purchase Price and pursuant release such funds to Section 3.25 in connection with Prepayment Interest Shortfallsthe Issuer;
(iv) (x) all Net REO Proceeds transferred on any Business Day during the Non-Amortization Period, upon receipt of an Issuer Request including a certification that the Collateral Value Ratio, taking into account the proposed withdrawal of funds, is at least 1.00 on such Business Day, withdraw funds from the Distribution Account in an REO Account amount equal to the unpaid portion, if any, of Excess Cash that was payable to the Issuer on a prior Payment Date pursuant to Section 3.17(b9.02(f) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied release such funds to the restoration or repair of the related Mortgaged Property;Issuer; and
(v) on any amounts received Business Day during the Non-Amortization Period, upon receipt of an Issuer Order, withdraw funds from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by and apply such funds to the Servicer or the Special Servicerpurchase of Eligible Receivables, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant subject to Section 2.3(d) or (e)2.02 of each Sale and Purchase Agreement. provided, Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect of the ___________ Interest. The foregoing requirements for deposits in the Collection Account shall be exclusivehowever, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans. In the event that the Servicer deposits in the Collection Account any amount Trustee shall not required to be deposited therein, the Servicer may at any time withdraw such amount funds from the Collection Account, any provision herein Lockbox Account or the Distribution Account pursuant to clauses (iii) or (iv) above unless on such Business Day (a) no Default or Event of Default exists, (b) no Special Redemption amounts remain unpaid, (c) no Mandatory Redemption is in effect and (d) amounts on deposit in the Reserve Fund are at least equal to the contrary notwithstandingRequired Reserve Balance.
(bd) The So long as the Notes have not been declared due and payable pursuant to Section 5.02, no later than the Business Day preceding each Payment Date during the Non-Amortization Period, the Trustee shall establish and maintain withdraw funds from the Collection Account, in the amounts required, for application as follows: first, to the Reserve Fund, until the amount on deposit therein equals the Required Reserve Balance; second, to the Distribution Account in the name sum of (i) an amount equal to all interest due and payable on the TrusteeNotes on the succeeding Payment Date, in trust (ii) the amount, if any, required for a Special Redemption, Mandatory Redemption or Optional Redemption on such Payment Date and (iii) all amounts owing to the benefit of Servicer on such Payment Date; and third, to the Certificateholders. The Distribution Account shall Account, all amounts that are determined to be established Excess Cash and maintained as an Eligible Accountdistributable to the Issuer.
(ce) Funds So long as the Notes have not been declared due and payable pursuant to Section 5.02, on the Business Day preceding each Payment Date on and after the Amortization Date, the aggre gate of the amount on deposit in the Collection Account as of the Business Day preceding the related Determination Date shall be withdrawn from the Collection Account, in the amounts required, for application as follows: first, to the Reserve Fund, until the amount on deposit therein equals the Required Reserve Balance; second, to the Distribution Account, an amount equal to all interest and principal due and payable on the Notes, either as a Principal Distribution Amount or to redeem such Notes, on the succeeding Payment Date; and third, to the Distribution Account, an amount equal to all amounts owing to the Servicer on the succeeding Payment Date.
(f) On each Payment Date during the Non-Amortization Period, amounts that have been deposited in the Distribution Account may pursuant to Section 9.02(d) or Section 11.04 will be invested distributed as follows: first, to the payment (or distribution to the Issuer for payment) of all Administrative Expenses, to be applied first to amounts due to the Trustee pursuant to Section 6.07(a), in Permitted Investments an amount not to exceed (i) $10,000 on any Payment Date and and (ii) $75,000, cumulatively, in accordance with any calendar year; second, to the provisions payment of Section 3.all interest due on the Notes; third, to the payment of all principal due on any Notes that have been called for redemption;
Appears in 1 contract
Samples: Indenture (Dyncorp)
Collection Account; Distribution Account. (a) The On behalf of the Trust Fund, the Master Servicer shall establish and maintain maintain, or cause to be established and maintained, one or more accounts (such account or accounts, the “Collection Account Account”), held in the Trustee's name, trust for the benefit of the Certificateholders Trustee, the Certificate Insurer and the Trustee as the Holder Certificateholders. On behalf of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible Account. The Trust Fund, the Master Servicer shall deposit or cause to be deposited in the Collection Account within ___ 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 following after the Master Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the Master Servicer’s receipt thereof, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or with respect before the Cut-off Date) or payments (other than Principal Prepayments) received by it on or prior to the Mortgage LoansCut-off Date, but allocable to a Remittance Period subsequent thereto:
(i) all payments on account of principal on the Mortgage Loansprincipal, including the principal component of Unscheduled Payments Principal Prepayments (but not Prepayment Charges), on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest (net of the related Servicing Fee) on the each Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment PremiumsLoan;
(iii) all Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and amounts paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01) and Subsequent Recoveries;
(iv) any amounts required to be deposited pursuant to Section 3.7(b) 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged PropertyAccount;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made required to be deposited by the Master Servicer pursuant to the second paragraph of Section 3.43.14(a) in respect of any blanket policy deductibles;
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, all proceeds of any purchase or repurchase of a Mortgage Loan pursuant to repurchased or purchased in accordance with Section 2.3(d2.03, Section 3.16(c) or (e), Section 3.18 or Section 9.1 hereof10.01; and
(vii) all amounts collected required to be deposited in respect of the ___________ Interestconnection with Substitution Adjustments pursuant to Section 2.03. The foregoing requirements for deposits deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Servicing Fees, late payment charges, late assumption fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement insufficient funds charges and similar fees ancillary income need not be deposited by the Master Servicer in the Collection Account and may be retained by the Master Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loansadditional compensation. In the event that the Master Servicer deposits shall deposit in the Collection Account any amount not required to be deposited therein, the Servicer it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account in the name of the TrusteeAccount”), held in trust for the benefit of the Trustee, the Certificate Insurer and the Certificateholders. The On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account shall on or before 3:00 p.m. New York time (i) on the Master Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be established withdrawn from the Distribution Account) for the related Distribution Date then on deposit in the Collection Account and maintained the amount of any funds reimbursable to an Advancing Servicer pursuant to Section 3.27, and (ii) on each Business Day as of the commencement of which the balance on deposit in the Collection Account exceeds $75,000 following any withdrawals pursuant to the next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of “Eligible Account.” If the balance on deposit in the Collection Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of “Eligible Account,” the Master Servicer shall, on or before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or reimbursable to the Master Servicer, the Trustee, the Seller or any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons entitled thereto.
(c) Funds in the Collection Account and the Distribution Account may shall be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Master Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Master Servicer, the Certificate Insurer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(d) Funds held in the Collection Account at any time may be delivered by the Master Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; provided, however, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Master Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request in writing that the Trustee withdraw such amount from the Distribution Account and remit to it any such amount, any provision herein to the contrary notwithstanding. In addition, the Master Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any Advances, as required pursuant to Section 34.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01;
(iv) any Compensating Interest to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfall;
(v) any amounts required to be paid or reimbursed to the Trustee pursuant to the Agreement (to the extent required to be paid by the Master Servicer), including, but not limited to Section 3.06 and Section 7.02 (to the extent required to be paid by the Master Servicer); and
(vi) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Distribution Account (other than any such losses incurred during the Trustee Float Period).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2005-L1)
Collection Account; Distribution Account. (a) The Servicer shall establish and maintain the Collection Account in the Trustee's name, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular InterestsCertificateholders. The Collection Account shall be established and maintained as an Eligible Account. The Servicer shall deposit or cause to be deposited in the Collection Account within ___ one Business Day following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans:: 62
(i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest on the Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment Premiums;
(iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged Property;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;; and
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e), Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect of the ___________ Interest9.1. The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, NSF check charges, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans. In the event that the Servicer deposits in the Collection Account any amount not required to be deposited therein, the Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain the Distribution Account in the name of the Trustee, in trust for the benefit of the CertificateholdersCertificateholders and the Trustee as the Holder of the REMIC I Regular Interests. The Distribution Account shall be established and maintained as an Eligible Account.
(c) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions of Section 33.7. The Servicer shall give written notice to the Trustee of the location and account number of the Collection Account and shall notify the Trustee in writing prior to any subsequent change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Midland Realty Accept Corp Com Mort Pass THR Cert Se 1996-C1)
Collection Account; Distribution Account. (a) The Servicer shall establish and maintain the Collection Account in the Trustee's name, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible Account. The Servicer shall deposit or cause to be deposited in the Collection Account within ___ one Business Day following receipt the following payments and collections received or made by it on or with respect to the Mortgage Loans:
(i) all payments on account of principal on the Mortgage Loans, including the principal component of Unscheduled Payments on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest on the Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment Premiums;
(iii) any amounts required to be deposited pursuant to Section 3.7(b) in connection with losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged Property;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made pursuant to Section 3.4;; and
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, proceeds of any purchase or repurchase of a Mortgage Loan pursuant to Section 2.3(d) or (e), Section 3.18 or Section 9.1 hereof; and
(vii) all amounts collected in respect of the ___________ Interest9.1. The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, late fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans. In the event that the Servicer deposits in the Collection Account any amount not required to be deposited therein, the Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain the Distribution Account in the name of the Trustee, in trust for the benefit of the Certificateholders. The Distribution Account shall be established and maintained as an Eligible Account.
(c) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions of Section 3.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)
Collection Account; Distribution Account. (a) The On behalf of the Trust Fund, the Servicer shall establish and maintain maintain, or cause to be established and maintained, one or more accounts (such account or accounts, the "Collection Account Account"), held in the Trustee's name, trust for the benefit of the Certificateholders Trustee, the Certificate Insurer and the Trustee as the Holder of the Lower-Tier Regular InterestsCertificateholders. The Collection Account shall be established and maintained as an Eligible Account. The On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the Collection Account within ___ 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 following after the Servicer's receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the Servicer's receipt thereof, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or with respect before the Cut-off Date) or payments (other than Principal Prepayments) received by it on or prior to the Mortgage LoansCut-off Date, but allocable to a Remittance Period subsequent thereto:
(i) all payments on account of principal on the Mortgage Loansprincipal, including the principal component of Unscheduled Payments Principal Prepayments (but not Prepayment Charges), on the Mortgage Loans;
(ii) all payments on account of interest and Default Interest (net of the related Servicing Fee) on the each Mortgage Loans and the interest portion of all Unscheduled Payments and all Prepayment PremiumsLoan;
(iii) all Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and amounts paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01) and Subsequent Recoveries;
(iv) any amounts required to be deposited pursuant to Section 3.7(b) 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account and pursuant to Section 3.25 in connection with Prepayment Interest Shortfalls;
(iv) (x) all Net REO Proceeds transferred from an REO Account pursuant to Section 3.17(b) and (y) all Condemnation Proceeds, Insurance Proceeds and Net Liquidation Proceeds not required to be applied to the restoration or repair of the related Mortgaged PropertyAccount;
(v) any amounts received from Borrowers which represent recoveries of Property Protection Expenses or Property Advances made required to be deposited by the Servicer pursuant to the second paragraph of Section 3.43.14(a) in respect of any blanket policy deductibles;
(vi) any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer or the Special Servicer, including, without limitation, all proceeds of any purchase or repurchase of a Mortgage Loan pursuant to repurchased or purchased in accordance with Section 2.3(d2.03, Section 3.16(c) or (e), Section 3.18 or Section 9.1 hereof10.01; and
(vii) all amounts collected required to be deposited in respect of the ___________ Interestconnection with Substitution Adjustments pursuant to Section 2.03. The foregoing requirements for deposits deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Servicing Fees, late payment charges, late assumption fees, Assumption Fees, loan modification fees, loan service transaction fees, extension fees, demand fees, beneficiary statement insufficient funds charges and similar fees ancillary income need not be deposited by the Servicer in the Collection Account and may be retained by the Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loansadditional compensation. In the event that the Servicer deposits shall deposit in the Collection Account any amount not required to be deposited therein, the Servicer it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the "Distribution Account in the name of the TrusteeAccount"), held in trust for the benefit of the Trustee, the Certificate Insurer and the Certificateholders. The Distribution Account shall will be established and maintained as an Eligible Account. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account on or before 3:00 p.m. New York time (i) on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be withdrawn from the Distribution Account) for the related Distribution Date then on deposit in the Collection Account and any other amounts deposited hereunder that are required to be deposited in the Distribution Account funds reimbursable pursuant to Section 3.27, and (ii) on each Business Day as of the commencement of which the balance on deposit in the Collection Account exceeds $75,000 following any withdrawals pursuant to the next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account." If the balance on deposit in the Collection Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account," the Servicer shall, on or before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or reimbursable to the Servicer, the Trustee, the Seller or any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons entitled thereto.
(c) Funds in the Collection Account and the Distribution Account may shall be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer, the Certificate Insurer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(d) Funds held in the Collection Account at any time may be delivered by the Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; provided, however, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request in writing that the Trustee withdraw such amount from the Distribution Account and remit to it any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any Advances, as required pursuant to Section 34.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01;
(iv) any Compensating Interest to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfall;
(v) any amounts required to be paid or reimbursed to the Trustee pursuant to the Agreement (to the extent required to be paid by the Servicer), including, but not limited to Section 3.06 and Section 7.02 (to the extent required to be paid by the Servicer); and
(vi) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Distribution Account (other than any such losses incurred during the Trustee Float Period).
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Samples: Pooling and Servicing Agreement (Indymac Residential Mortgage-Backed Trust, Series 2006-L1)
