Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03. (b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication): (i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Date; (ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date); (iii) all Net Liquidation Proceeds net of Foreclosure Profits; (iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds; (v) all Released Mortgaged Property Proceeds; (vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16; (vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05; (viii) any Prepayment Charges; and (ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3), Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2007-3)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USAXxxxx Fargo Bank, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072004-3 1 Asset-Backed Certificates, Series 20072004-31”. The Collection Account shall be an Eligible Account. On the Closing Date and on each Subsequent Transfer Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20072004) and prior to the Closing Date or Subsequent Transfer Date, as applicable. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Delta Financial Corp), Pooling and Servicing Agreement (Renaissance Mort Acc Corp Renaissance Home Eq Ln Tr 2004 1)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, charge or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Master Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Master Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled entitled “HSBC First Tennessee Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed CertificatesFirst Horizon ABS Notes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 2007-3”. 20[__]-HE[_] Collection Account.” The Collection Account shall be an Eligible Account. On the Closing Date, the Seller The Master Servicer shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive Loans, net of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Master Servicing Fee;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds the Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount or other than any portion thereof constituting Net Liquidation Proceedsamount paid by the Seller or the Master Servicer during the related Due Period pursuant to Sections 2.02, 2.04, 2.10 or 2.11, as applicable;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with received from the repurchase Transferor for the purchase of any Mortgage Loan and the amount of any Substitution Adjustment Additional Balances pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Section 3.3 of the Trust Agreement; and
(vii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.12 and 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoherein. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be available for withdrawal at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including obligations d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature the Master Servicer and promptly (and in no event later than the Deposit next Payment Date) upon the realization of such loss shall be contributed by the Master Servicer to the Collection Account. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the amount Master Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any loss incurred amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Master Servicer are rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Master Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Master Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of any Eligible Investment held therein which is in excess the Mortgage Loans for each of the income categories specified in Section 3.02(b) shall be recorded and gain thereon on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Master Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or (ii) such notification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Guaranteed Principal Distribution Amount and the Interest Distribution for such Payment Date or (iii) the Master Servicer shall fail to make the deposit pursuant to Section 3.02(d), the Indenture Trustee shall immediately upon realization of such lossnotify the Seller, without any right to reimbursement therefore from its own fundsthe Depositor and the Insurer.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (First Horizon Asset Securities Inc), Sale and Servicing Agreement (First Horizon Asset Securities Inc)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National AssociationJPMorgan Chase Bank, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072003-3 2 Asset-Backed Certificates, Series 20072003-32”. The Collection Account shall be an Eligible Account. On the Closing Date and on each Subsequent Transfer Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 20072003) and prior to the Closing Date or Subsequent Transfer Date, as applicable. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2), Pooling and Servicing Agreement (Home Equity Loan Asset-Backed Certificates Series 2003-2)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03.
(b) The If a Deposit Event has occurred, the Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Bank USAOne, National AssociationN.A., as TrusteeTrust Administrator, in trust for the registered holders of Renaissance HEL American General Mortgage Loan Trust 20072003-3 Asset-Backed Certificates1, Series 2007-3”. Collection Account." The Collection Account shall be an Eligible AccountAccount with an independent financial institution. On the Closing DateNo later than 12:00 noon New York time one Business Day prior to each Distribution Date (unless a Deposit Event has occurred), the Seller Master Servicer shall cause to be deposited in deposit into the Distribution Account (or, if a Deposit Event has occurred, the Master Servicer shall deposit into the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof thereof) the following payments and collections received or made by it with respect to each Mortgage Loan (without duplication):
(i) all payments received on or after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected on and after the related Cut-off Off Date;
(ii) all payments received on or after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of related Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.04 and 3.162.06;
(vi) all Released Mortgaged Property Proceeds; and
(vii) any amount required to be deposited in the Collection Account Accounts pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 3.06 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer4.05(e); provided, however, that, that with respect to each Due Period, the Master Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account Accounts are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account Accounts amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment charges or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be invested as provided in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds4.05.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (American General MRT Ln Asst BCKD Ps THR CRTS Sr 2003-1), Pooling and Servicing Agreement (American General MRT Ln Asst BCKD Ps THR CRTS Sr 2003-1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 2007-3 2 Asset-Backed CertificatesNotes, Series 2007-32”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2007-2)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided PROVIDED that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; providedPROVIDED, furtherFURTHER, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Delta Funding Home Equity Loan Asset-Backed Certificates, Series 20071999-3”. 1." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20071999) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateMarch 1, 1999);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; providedPROVIDED, howeverHOWEVER, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Servicer may Servicer, in its discretion discretion, may (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of the servicing such of the Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with unpaid for a period of not more than ninety (90) days after the Servicer’s policies with respect to date of the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03initial uncured delinquency thereon.
(b) The Servicer On or before the Closing Date, the Trustee shall establish have established, and maintain shall thereafter maintain, a separate trust account in the name of the Trustee for the benefit of the Certificateholders and the Certificate Insurer (the “Collection "Certificate Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for "). If such an account maintained with the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall Trustee would be an Eligible Account. , the Certificate Account shall be maintained with the Trustee.
(c) On the Closing Date, the Seller shall cause Servicer shall, subject to be deposited in this Section 3.2(c), deposit into the Collection Certificate Account any amounts representing payments on on, and any collections in respect of of, the Initial Mortgage Loans allocable to the Investor Certificateholders received on or after the related Cut-off Off Date (other than principal for the Initial Mortgage Loans and interest accrued and due on or prior to August 1, 2007) and through the second Business Day prior to the Closing Date. The Thereafter, the Servicer shall shall, subject to this section 3.2(c), deposit into the Certificate Account on a daily basis within two (2) Business Days following receipt thereof but in any case prior to the immediately succeeding Distribution Date relating to such deposit the following payments and collections allocable to the Trust received or made by it (without duplication):it:
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Date;Daily Investor Interest Collections; and
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant subject to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided3.2(e), however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDaily Investor Principal Collections. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without Without limiting the generality of the foregoingpreceding sentence, the Servicer need shall not be required to deposit in into the Collection Certificate Account (a) amounts representing Servicing Compensation fees (including, without limitation, annual fees and any assumption fees payable pursuant to Section 3.5) or late charge penalties or other charges payable by Mortgagors, (b) amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems or (c) any payments or proceeds (including, without limitation, Insurance Proceeds and Liquidation Proceeds) of any Mortgage Loans removed by the Transferor or purchased by the Servicer which are received after the effective date of such removal or purchase or (d) amounts in respect of the Reassignment Deposit Amounts or Substitution Adjustment Amount that are not included in Daily Investor Interest Collections or Daily Investor Principal Collections. The Servicer may cause Trustee shall deposit into the institution maintaining Certificate Account the Collection Certificate Insurance Draw Amounts received pursuant to Section 4.2.
(d) The Trustee shall hold amounts deposited into the Certificate Account as trustee for the Certificateholders and the Certificate Insurer to the extent of receipts in respect of the Mortgage Loans to be included in Available Funds and as custodian for the Transferor to the extent of receipts, if any, in excess thereof. At the written direction (or oral direction, promptly confirmed in writing) of an Investment Officer, the Trustee shall invest any funds in the Collection Certificate Account in Eligible Permitted Investments specified in such direction (including obligations of the Servicer Trustee or any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments). Such direction shall designate specific investments and shall certify that the specified investments constitute Permitted Investments and mature at the time required hereby. Each investment shall mature not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (unless the obligor in respect of such investment is the Trustee and the Trustee is acting as the Paying Agent, in which case such investment may mature on such Distribution Date) and shall not be sold or disposed of prior to its maturity. All net income and gain realized from any such investment of funds constituting Available Funds shall be distributed to Certificateholders or the Certificate Insurer pursuant to Section 5.05. No such investment shall mature later than the Deposit Date5.1(a). The Servicer Trustee shall deposit in the Collection Account, the amount of not be liable for any loss incurred in connection with any such investment except with respect to any investment issued or guaranteed by the Trustee in its individual capacity.
(e) With respect to the amounts required to be deposited into the Certificate Account pursuant to item (ii) of Section 3.2(c), on any day during the Managed Amortization Period where the amount on deposit in the Certificate Account for the related Collection Period is greater than or equal to 1% of the Investor Certificate Principal Balance as of the immediately prior Distribution Date, the Servicer shall be required to deposit into the Certificate Account an amount, but not less than zero, equal to (x) the aggregate amount of Principal Collections for such Collection Period through such date minus the aggregate amount of Draws for such Collection Period through such date minus (y) 1% of the Investor Certificate Principal Balance as of the immediately prior Distribution Date.
(f) Any amounts received pursuant to Sections 2.2(c), 2.4(b) and 3.1, in respect of any Eligible Investment held therein which is in excess a Reassignment Deposit Amount or a Substitution Adjustment Amount shall be deemed to be received by the Trustee and the Servicer on the last day of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsprior calendar month.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Servicer may Servicer, in its discretion discretion, may (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of the servicing such of the Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with unpaid for a period of not more than ninety (90) days after the Servicer’s policies with respect to date of the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03initial uncured delinquency thereon.
(b) The Servicer On or before the Closing Date, the Trustee shall establish have established, and maintain shall thereafter maintain, a separate trust account in the name of the Trustee for the benefit of the Certificateholders and the Certificate Insurer (the “Collection "Certificate Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for "). If such an account maintained with the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall Trustee would be an Eligible Account. , the Certificate Account shall be maintained with the Trustee.
(c) On the Closing Date, the Seller shall cause Servicer shall, subject to be deposited in this Section 3.2(c), deposit into the Collection Certificate Account any amounts representing payments on on, and any collections in respect of of, the Initial Mortgage Loans allocable to the Investor Certificateholders received on or after the related Cut-off Off Date (other than principal for the Initial Mortgage Loans and interest accrued and due on or prior to August 1, 2007) and through the second Business Day prior to the Closing Date. The Thereafter, the Servicer shall shall, subject to this section 3.2(c), deposit into the Certificate Account on a daily basis within two (2) Business Days following receipt thereof but in any case prior to the immediately succeeding Distribution Date relating to such deposit the following payments and collections allocable to the Trust received or made by it (without duplication):it:
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Date;Daily Investor Interest Collections; and
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant subject to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided3.2(e), however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDaily Investor Principal Collections. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without Without limiting the generality of the foregoingpreceding sentence, the Servicer need shall not be required to deposit in into the Collection Certificate Account (a) amounts representing Servicing Compensation fees (including, without limitation, annual fees and any assumption fees payable pursuant to Section 3.5) or late charge penalties or other charges payable by Mortgagors, (b) amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems or (c) any payments or proceeds (including, without limitation, Insurance Proceeds and Liquidation Proceeds) of any Mortgage Loans removed by the Transferor or purchased by the Servicer which are received after the effective date of such removal or purchase or (d) amounts in respect of the Reassignment Deposit Amounts or Substitution Adjustment Amount that are not included in Daily Investor Interest Collections or Daily Investor Principal Collections. The Servicer may cause Trustee shall deposit into the institution maintaining Certificate Account the Collection Certificate Insurance Draw Amounts received pursuant to Section 4.2.
(d) The Trustee shall hold amounts deposited into the Certificate Account as trustee for the Certificateholders and the Certificate Insurer to the extent of receipts in respect of the Mortgage Loans to be included in Available Funds and as custodian for the Transferor to the extent of receipts, if any, in excess thereof. At the written direction (or oral direction, promptly confirmed in writing) of a Servicing Officer, the Trustee shall invest any funds in the Collection Certificate Account in Eligible Permitted Investments specified in such direction (including obligations of the Servicer Trustee or any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments). Such direction shall be in writing, shall designate specific investments and shall certify that the specified investments constitute Permitted Investments and mature at the time required hereby. Each investment shall mature not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (unless the obligor in respect of such investment is the Trustee and the Trustee is acting as the Paying Agent, in which case such investment may mature on such Distribution Date) and shall not be sold or disposed of prior to its maturity. All net income and gain realized from any such investment of funds constituting Available Funds shall be distributed to Certificateholders or the Certificate Insurer pursuant to Section 5.05. No such investment shall mature later than the Deposit Date5.1(a). The Servicer Trustee shall deposit in the Collection Account, the amount of not be liable for any loss incurred in connection with any such investment except with respect to any investment issued or guaranteed by the Trustee in its individual capacity.
(e) With respect to the amounts required to be deposited into the Certificate Account pursuant to item (ii) of Section 3.2(c), on any day during the Managed Amortization Period where the amount on deposit in the Certificate Account for the related Collection Period is greater than or equal to 1% of the Investor Certificate Principal Balance as of the immediately prior Distribution Date, the Servicer shall be required to deposit into the Certificate Account an amount, but not less than zero, equal to the aggregate amount of Principal Collections for such day minus the aggregate amount of Draws for such day.
(f) Any amounts received pursuant to Sections 2.2(c), 2.4(b) and 3.1, in respect of any Eligible Investment held therein which is in excess a Reassignment Deposit Amount or a Substitution Adjustment Amount shall be deemed to be received by the Trustee and the Servicer on the last day of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsprior calendar month.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072004-3 4 Asset-Backed Certificates, Series 20072004-34”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20072004) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2004-4)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072006-3 Asset-Backed CertificatesNotes, Series 20072006-3”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August September 1, 20072006) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2006-3)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Delta Funding Home Equity Loan Asset-Backed Certificates, Series 20072000-3”. 2." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 20072000) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateJune 1, 2000);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Fund Hm Equ Ln 2000-2 Hm Equ Ln Ass BKD CRT Ser 2000-2)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided PROVIDED that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; providedPROVIDED, furtherFURTHER, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”"COLLECTION ACCOUNT") titled “HSBC Bank USA, National Association"[Trustee], as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Home Equity Loan Asset-Backed Certificates, Series 2007-3”. 200_-_." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on on, and any collections in respect of of, the Initial Mortgage Loans received after the related applicable Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1such Cut-Off Date), 2007) and prior to thereafter the Closing Date. The Servicer Servicer, or the Transferor, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 4.05;
(iii) all Net Liquidation Proceeds net of any related Foreclosure ProfitsProfit;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in credited by the Collection Account Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer); and
(ixv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer10.01; providedPROVIDED, howeverHOWEVER, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Transferor. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders and for the Credit Enhancer. In addition, the Servicer shall notify the Trustee and the Credit Enhancer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to invest Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account in Eligible Investments (including obligations shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, charge or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Master Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Master Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled entitled “HSBC First Tennessee Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed CertificatesFirst Horizon ABS Notes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 2007-3”. HE1 Collection Account.” The Collection Account shall be an Eligible Account. On If the Closing Dateshort-term unsecured debt rating of the depository institution at which the Collection Account is maintained falls below “A-2” by Standard & Poor’s, then within 30 days after such downgrade, the Seller Master Servicer shall cause to be deposited the funds in the Collection Account to be moved to a successor depository institution that satisfies the requirements of the definition of an “Eligible Institution”. The Master Servicer shall deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive Loans, net of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Master Servicing Fee;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds the Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount or other than any portion thereof constituting Net Liquidation Proceedsamount paid by the Seller or the Master Servicer during the related Due Period pursuant to Sections 2.02, 2.04, 2.10 or 2.11, as applicable;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with received from the repurchase Transferor for the purchase of any Mortgage Loan and the amount of any Substitution Adjustment Additional Balances pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Section 3.3 of the Trust Agreement; and
(vii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.12 and 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoherein. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties or early termination fees payable by Mortgagors or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be available for withdrawal at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including obligations d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature the Master Servicer and promptly (and in no event later than the Deposit next Payment Date) upon the realization of such loss shall be contributed by the Master Servicer to the Collection Account. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the amount Master Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any loss incurred amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Master Servicer are rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Master Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Master Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of any Eligible Investment held therein which is in excess the Mortgage Loans for each of the income categories specified in Section 3.02(b) shall be recorded and gain thereon on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Master Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or (ii) such notification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Scheduled Payment for such Payment Date or (iii) the Master Servicer shall fail to make the deposit pursuant to Section 3.02(d), the Indenture Trustee shall immediately upon realization of such lossnotify the Seller, without any right to reimbursement therefore from its own fundsthe Depositor and the Insurer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First Horizon Asset Sec HELOC Notes Ser 2007-He1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Delta Funding Home Equity Loan Asset-Backed Certificates, Series 20072000-3”. 4." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20072000) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Trust 2000-4)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA"Bankers Trust Company of California, National AssociationN.A., as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Delta Funding Home Equity Loan Asset Backed Certificates, Series 20071997-3”. 4." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20071997) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateDecember 1, 1997);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"___________________________, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Home Equity Loan Asset Backed Certificates, Series 2007-3”. 199__-__ and _____________________." The Collection Account shall be an Eligible Account. On The Master Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1the Cut-off Date or due in the month of _________), 2007) and prior to thereafter the Closing Date. The Master Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the amounts, if any, deposited to the Collection Account pursuant to Section 4.05;
(iii) Net Liquidation Proceeds net of any related Foreclosure Profit;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Master Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Cut-off Date on account Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of interest on the Mortgage Loans Master Servicer); and
(exclusive of v) any amounts required to be deposited therein pursuant to Section 10.01; provided, however, that with respect to each Collection Period, the Master Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Master Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Seller. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders and for the Credit Enhancer. In addition, the Master Servicer shall notify the Trustee and the Credit Enhancer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to invest Interest Collections and Principal Collections for the related Distribution Date. Following such notification, the Master Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account in Eligible Investments (including obligations shall be for the benefit of the Master Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns owns, (iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or services; provided, further, that notwithstanding such arrangement (iv) treat a Mortgage Loan as current if the Mortgagor has made two standard payments in the past 60 days to cure the delinquency status of such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03Loan.
(b) The Master Servicer shall establish and maintain with the Indenture Trustee a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"JPMorgan Chase Bank, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Household Mortgage Loan Asset Backed CertificatesNotes, Series 20072002-3”HC1". In the event that a successor Indenture Trustee is appointed as provided in Section 6.8 of the Indenture, a new Collection Account shall be promptly established at and maintained by such successor Indenture Trustee, and the title of the new Collection Account shall be "[Successor Indenture Trustee], as Indenture Trustee, in trust for the registered holders of Household Mortgage Loan Asset Backed Notes, Series 2002-HC1", and any amounts in the old Collection Account shall be transferred to the new Collection Account. The Collection Account shall be an Eligible Account. On No later than 12:00 noon Chicago time on each Deposit Date (or, if a Deposit Event has occurred and the Closing Date, the Seller shall cause Master Servicer has not provided credit enhancement reasonably acceptable to be deposited in the Collection Account any amounts representing payments on and any collections in respect each of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1Rating Agencies, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof by the Servicers), the Master Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account Interest Collections (net of principal any Servicing Fee) on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in paid by the Collection Account Master Servicer pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) Section 3.04 and excluding any Prepayment Chargesportion thereof constituting Principal Collections); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased amounts required to be paid by the Seller Master Servicer in connection with the termination of the Trust pursuant to Section 2.01(d) 8.01; PROVIDED, HOWEVER, that so long as a Deposit Event has not occurred (unless the Master Servicer has provided credit enhancement reasonably acceptable to each of the Rating Agencies), the amount of funds that the Master Servicer is required to deposit or Section 2.04 and remitted to cause to be deposited into the Collection Account on or before such Deposit Date shall be reduced by the Seller Skip-A-Pay Reimbursement Amount the Master Servicer is entitled to receive on the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretonext Payment Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Master Servicer or a Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the related Servicer, if any, need not be deposited in the Collection Account.
(c) The Indenture Trustee shall hold amounts deposited in the Collection Account as trustee for the Noteholders and the Transferor in respect of the Ownership Interest. In addition, the Master Servicer shall notify the Indenture Trustee in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Payment Date.
(d) The Master Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Master Servicer or of any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit DateBusiness Day next preceding the Payment Date and shall not be sold or disposed of prior to its maturity. The In the event the Indenture Trustee is at any time maintaining the Collection Account, any request by the Master Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Indenture Trustee at or before 10:30 A.M., Chicago time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. In the absence of investment instructions, amounts on deposit in the Collection Account shall be uninvested. Any such investment shall be registered in the name of or controlled by the Indenture Trustee as trustee hereunder or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Indenture Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(e) The Indenture Trustee is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Master Servicer through the facilities of its own trading or capital markets operations. The Indenture Trustee shall send to the Master Servicer statements reflecting the monthly activity for each such purchase and sale made for the preceding month. Although the Master Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Master Servicer hereby agrees that confirmations of investments are not required to be issued by the Indenture Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such month.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Household Mortgage Loan Trust 2002 Hc1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof3.13, waive any prepayment charge, Early Termination Fee or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and Loan, (ii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee and the Insurer pursuant to Section 5.035.03 herein; and (ii) if such Mortgage Loan was Delinquent prior to such arrangement, it will be considered Delinquent as if no such arrangement had been entered into.
(b) The Servicer shall establish and maintain a separate trust account an Eligible Account (the “Collection Account”) titled entitled “HSBC Deutsche Bank USA, National Association, as TrusteeTrust Company, in trust for the registered holders of Renaissance HEL Trust 2007-3 IndyMac Home Equity Mortgage Loan Asset-Backed CertificatesTrust, Series 2007-3”H1.” The Servicer shall notify the Indenture Trustee of the Eligible Institution with which the Collection Account is maintained. The Collection Account shall be an Eligible Account. On Servicer shall, on the Closing Date, the Seller shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Date (other than principal and excluding scheduled interest accrued and payments due on or prior to August 1, 2007the Cut-off Date) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(c), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received by the Servicer after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments payments, net of related Servicing Fees, received by the Servicer after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Insurance Proceeds and Liquidation Proceeds net of Foreclosure ProfitsProceeds;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation ProceedsRecoveries;
(v) all Released Mortgaged Property ProceedsEarly Termination Fees;
(vi) any amounts payable required to be deposited pursuant to Section 3.07 in connection with any REO Property;
(vii) the repurchase Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment paid by a Seller during the related Collection Period pursuant to Sections 2.02, 2.04, 2.05 and 3.163.01(j);
(viiviii) all Released Mortgaged Property Proceeds; and
(ix) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller therein pursuant to Section 2.01(d3.02(c) or Section 2.04 and remitted by the Seller to the Servicerherein; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees, assumption fees, modification fees, insufficient funds charges and other ancillary income) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. .
(c) The Servicer may shall use its best efforts to cause the institution maintaining the Collection Account to invest any funds only the Interest Collections on deposit in the Collection Account attributable to the Mortgage Loans in Eligible Investments (including obligations which shall mature not later than the Servicer Remittance Date next following the date of such investment and which shall not be sold or disposed of prior to their maturities. All income and gain realized from any such investment shall be for the benefit of the Servicer as additional servicing compensation and shall be subject to its withdrawal or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant order from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of any Eligible Investment held therein which is such investments attributable to the investment of amounts in excess respect of the income and gain thereon Mortgage Loans shall be deposited in the Collection Account by the Servicer out of its own funds immediately upon realization of such loss, as realized without any right to reimbursement therefore from its own fundsof reimbursement.
Appears in 1 contract
Samples: Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2007-H1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Wells Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072002-3 4 Asset-Backed Certificates, Series 2007Xxxxes 2002-34”. The Collection Account shall be an Eligible Account. On the Closing Date and on each Subsequent Transfer Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20072002) and prior to the Closing Date or Subsequent Transfer Date, as applicable. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Ser 2002-4)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The First National Bank USA, National Associationof Chicago, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Delta Funding Home Equity Loan Asset Backed Certificates, Series 20071998-3”. 1." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20071998) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateMarch 1, 1998);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072006-3 2 Asset-Backed CertificatesNotes, Series 20072006-32”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 20072006) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2006-2)
Collection of Certain Mortgage Loan Payments. (a) The -------------------------------------------- Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided -------- that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that -------- ------- notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Master Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account account, which shall be an Eligible Account (the “"Collection Account”") titled “HSBC Bank USA, National Association"(Trustee), as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Home Equity Loan Asset Backed Certificates, Series 2007-3”. 199_-_ Collection Account." The Collection Account shall be an Eligible Account. On The Master Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received on and after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):
(i) all payments received on and after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected on and after the related Cut-off Off Date;
(ii) all payments received on and after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of related Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06, 3.01(j) and 3.16;3.17; and
(viivi) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.043.01(j), 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.05(e); provided, however, that, that with respect to each Due Period, the Master Servicer -------- ------- shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Master Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments (including obligations Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to the second Business Day preceding the immediately succeeding Distribution Date. Any investment earnings on funds held in the Collection Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account shall be for the account of its Affiliates, if the Master Servicer and promptly upon the realization of such obligations otherwise qualify as Eligible Investments) pursuant loss shall be contributed by the Master Servicer to Section 5.05the Collection Account. No such investment shall mature later than the Deposit Date. The Servicer shall Any references herein to amounts on deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization Account shall refer to amounts net of such loss, without any right to reimbursement therefore from its own fundsinvestment earnings.
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans Mortgage Loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Bondholders pursuant to Section 5.034.01.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1, 2007such Cut-Off Date) and prior to thereafter the Closing Date. The Servicer Servicer, or the Depositor, as the case may be, shall deposit into the Collection Account within two (2) one Business Days Day following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 3.04;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer);
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited therein pursuant to Section 7.01;
(vi) any amounts payable in connection with drawn under the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Policy pursuant to Section 8.4(f) of the Indenture, but only to be used for the payment of the items specified in Sections 2.028.7(d)(iii) and (vi) of the Indenture, 2.04, 2.05 and 3.16;as applicable; and
(vii) any amount the amounts, if any, required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased therein by the Seller Depositor pursuant to Section 2.01(d2.05(b) or Section 2.04 and remitted by the Seller to the Servicerhereof; provided, however, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Depositor. The Indenture Trustee shall hold amounts deposited in the Collection Account as Indenture Trustee for the Bondholders and the Insurer. The Servicer shall notify the Indenture Trustee and the Insurer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. At the written direction of the Servicer, the Indenture Trustee shall invest any funds in the Collection Account in Eligible Investments (including obligations specified in such written direction. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized. In the absence of written direction the Indenture Trustee shall invest funds in the Collection Account as directed by the Depositor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Sequoia Residential Funding Inc)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof3.13, waive any prepayment charge, Early Termination Fee or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and Loan, (ii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee and the Insurer pursuant to Section 5.03.5.03 herein
(b) The Servicer shall establish and maintain a separate trust account an Eligible Account (the “"Collection Account”") titled “HSBC entitled "Deutsche Bank USA, National Association, as TrusteeTrust Company, in trust for the registered holders of Renaissance HEL Trust 2007-3 IndyMac Home Equity Mortgage Loan Asset-Backed CertificatesTrust, Series 20072006-3”H3." The Servicer shall notify the Indenture Trustee of the Eligible Institution with which the Collection Account is maintained. The Collection Account shall be an Eligible Account. On Servicer shall, on the Closing Date, the Seller shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Date (other than principal and excluding scheduled interest accrued and payments due on or prior to August 1, 2007the Cut-off Date) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(c), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received by the Servicer after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments payments, net of related Servicing Fees, received by the Servicer after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation ProceedsEarly Termination Fees;
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited pursuant to Section 3.07 in connection with any REO Property;
(vi) any amounts payable in connection with the repurchase Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment paid by a Seller during the related Collection Period pursuant to Sections 2.02, 2.04, 2.05 2.04 and 3.162.05;
(vii) all Released Mortgaged Property Proceeds; and
(viii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.02(c) any Prepayment Chargesand 5.08(e) herein; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees, assumption fees, modification fees, insufficient funds charges and other ancillary income) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. .
(c) The Servicer may shall use its best efforts to cause the institution maintaining the Collection Account to invest any funds only the Interest Collections on deposit in the Collection Account attributable to the Mortgage Loans in Eligible Investments (including obligations which shall mature not later than the Servicer Remittance Date next following the date of such investment and which shall not be sold or disposed of prior to their maturities. All income and gain realized from any such investment shall be for the benefit of the Servicer as additional servicing compensation and shall be subject to its withdrawal or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant order from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of any Eligible Investment held therein which is such investments attributable to the investment of amounts in excess respect of the income and gain thereon Mortgage Loans shall be deposited in the Collection Account by the Servicer out of its own funds immediately upon realization of such loss, as realized without any right to reimbursement therefore from its own fundsof reimbursement.
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio which are comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loan, and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.035.05.
(b) The Servicer shall establish and maintain for the benefit of the Certificateholders with [Trustee] a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association[Trustee], as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. [Trust].” The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have has accrued and were due on or prior to through the related Cut-off DateDue Date in [_________] 20[__]);.
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;3.17; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 3.16, 5.04 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.08; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) retain, from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties or prepayment penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. .
(c) [Reserved].
(d) The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds5.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072002-3 Asset-Backed Certificates, Series 20072002-3”. The Collection Account shall be an Eligible Account. On the Closing Date and on each Subsequent Transfer Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August September 1, 20072002) and prior to the Closing Date or Subsequent Transfer Date, as applicable. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Tr Asset BKD Cer Series 2002-3)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Master Servicer’s policies with respect to the mortgage loans it owns owns, (iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or services; provided, further, that notwithstanding such arrangement (iv) treat a Mortgage Loan as current if the Mortgagor has made two standard payments in the past 60 days to cure the delinquency status of such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03Loan.
(b) The Master Servicer shall establish and maintain with the Indenture Trustee a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National AssociationJPMorgan Chase Bank, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Household Mortgage Loan Asset Backed CertificatesNotes, Series 20072003-3HC1”. In the event that a successor Indenture Trustee is appointed as provided in Section 6.8 of the Indenture, a new Collection Account shall be promptly established at and maintained by such successor Indenture Trustee, and the title of the new Collection Account shall be “[Successor Indenture Trustee], as Indenture Trustee, in trust for the registered holders of Household Mortgage Loan Asset Backed Notes, Series 2003-HC1”, and any amounts in the old Collection Account shall be transferred to the new Collection Account. The Collection Account shall be an Eligible Account. On No later than 12:00 noon Chicago time on each Deposit Date (or, if a Deposit Event has occurred and the Closing Date, the Seller shall cause Master Servicer has not provided credit enhancement reasonably acceptable to be deposited in the Collection Account any amounts representing payments on and any collections in respect each of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1Rating Agencies, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof by the Servicers), the Master Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account Interest Collections (net of principal any Servicing Fee) on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in paid by the Collection Account Master Servicer pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) Section 3.04 and excluding any Prepayment Chargesportion thereof constituting Principal Collections); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased amounts required to be paid by the Seller Master Servicer in connection with the termination of the Trust pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer8.01; provided, however, that, with respect that so long as a Deposit Event has not occurred (unless the Master Servicer has provided credit enhancement reasonably acceptable to each Due Periodof the Rating Agencies), the amount of funds that the Master Servicer is required to deposit or to cause to be deposited into the Collection Account on or before such Deposit Date shall be permitted reduced by the Skip-A-Pay Reimbursement Amount the Master Servicer is entitled to retain (x) from payments in respect of interest receive on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretonext Payment Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Master Servicer or a Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the related Servicer, if any, need not be deposited in the Collection Account.
(c) The Indenture Trustee shall hold amounts deposited in the Collection Account as trustee for the Noteholders and the Transferor in respect of the Ownership Interest. In addition, the Master Servicer shall notify the Indenture Trustee in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Payment Date.
(d) The Master Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Master Servicer or of any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit DateBusiness Day next preceding the Payment Date and shall not be sold or disposed of prior to its maturity. The In the event the Indenture Trustee is at any time maintaining the Collection Account, any request by the Master Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Indenture Trustee at or before 10:30 A.M., Chicago time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. In the absence of investment instructions, amounts on deposit in the Collection Account shall be uninvested. Any such investment shall be registered in the name of or controlled by the Indenture Trustee as trustee hereunder or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Indenture Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(e) The Indenture Trustee is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Master Servicer through the facilities of its own trading or capital markets operations. The Indenture Trustee shall send to the Master Servicer statements reflecting the monthly activity for each such purchase and sale made for the preceding month. Although the Master Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Master Servicer hereby agrees that confirmations of investments are not required to be issued by the Indenture Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such month.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Household Mortgage Loan Trust 2003-Hc1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Delta Funding Home Equity Loan Asset-Backed Certificates, Series 20072000-3”. ." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August September 1, 20072000) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off DateSeptember 1, 2000) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateSeptember 1, 2000);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USAXxxxx Fargo Bank, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072004-3 2 Asset-Backed Certificates, Series 20072004-32”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 20072004) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2004-2)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072005-3 Asset-Backed CertificatesNotes, Series 20072005-3”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August September 1, 20072005) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2005-3)
Collection of Certain Mortgage Loan Payments. (a) The -------------------------------------------- Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement -------- is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding -------- ------- such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The First National Bank USA, National Associationof Chicago, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Revolving Home Equity Loan Asset Backed Certificates, Series 20071996-3”. A and Financial Security Assurance Inc." The Collection Account shall be an Eligible Account. On The Master Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1the Cut-off Date), 2007) and prior to thereafter the Closing Date. The Servicer Master Servicer, or the Sponsor, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the amounts, if any, deposited to the Collection Account pursuant to Section 4.05;
(iii) Net Liquidation Proceeds net of any related Foreclosure Profit;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Master Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Cut-off Date on account Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of interest on the Mortgage Loans Master Servicer); and
(exclusive of v) any amounts required to be deposited therein pursuant to Section 10.01; provided, however, that with respect to each Collection Period, the Master -------- ------- Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to Loans, the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan Servicing Fee for such Collection Period and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased unreimbursed optional advance made by the Seller Master Servicer pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto4.05. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Master Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Sponsor. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders and for the Credit Enhancer. In addition, the Master Servicer shall notify the Trustee and the Credit Enhancer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to invest Interest Collections and Principal Collections for the related Distribution Date. Following such notification, the Master Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. Amounts on deposit in the Collection Account will, at the direction of the Master Servicer, be invested in Eligible Investments maturing no later than the day before the next Distribution Date. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account in Eligible Investments (including obligations shall be for the benefit of the Master Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The -------------------------------------------- Master Servicer shall shall, as required by the Servicing Standard, make all reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures with respect to the Mortgage Loans as it follows with respect to comparable mortgage loans in its own servicing portfolio comparable to portfolio; provided, that the Mortgage LoansMaster Servicer shall always at -------- least follow collection procedures that are consistent with or better than the Servicing Standard. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion and subject to Section 4.01(c) hereof (i) subject to the provisions of Section 3.21 hereof, waive any prepayment chargeassumption fees, late payment charge or any assumption fees charges, charges for checks returned for insufficient funds, prepayment fees, if any, or other fees which may be collected in the ordinary course of servicing the Mortgage Loans, (ii) modify payments of monthly principal and interest on any Mortgage Loan becoming subject to the terms of the Civil Relief Act, as amended, in accordance with the Master Servicer's general policies relating to comparable mortgage loans subject to such Act. The Master Servicer may modify and extend the maturity of a Balloon Loan which matures, to protect against a Realized Loss and which is not otherwise paid in full at such maturity date by the related Mortgagor; provided -------- that the rescheduled final maturity date of such Mortgage Loan is not for a period in excess of one year, the related Mortgage Rate is not decreased, the Mortgagor does not receive any additional proceeds and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with Mortgage Loan fully amortizes by such rescheduled final maturity date; and provided further -------- ------- that the Servicer’s policies with respect Mortgagor executes a written modification agreement agreeing to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03modifications.
(b) The Master Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans apply all Advance Payments received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in with respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Date;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited as set forth in the Collection Account pursuant to Sections 3.02related Note, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) and in a manner consistent with the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 Master Servicer's standard procedures and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsapplicable law.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive [any prepayment charge, penalty] or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee and the Securities Administrator pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The First National Bank USA, National Associationof Chicago, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Delta Funding Home Equity Loan Asset-Backed Certificates, Series 20071999-3”. 2." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 20071999) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateJune 1, 1999);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 1999-2 Home Equ Loan Ass B)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided provided, that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.035.2.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") which may, as provided in Section 3.2(d), be maintained as a deposit account with the Seller, provided that, upon the occurrence and continuance of the failure of any of the events described in clauses (i) or (ii) of Section 3.2(d), the Collection Account shall be established and maintained with an entity meeting the requirements of the definition of "Eligible Account", as a separate trust account titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007FURSX Xxxtgage Pass-3 Asset-Backed Through Certificates, Series 20071998-3”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited B." Funds in the Collection Account in respect of the Pool 1 Mortgage Loans and the Pool 2 Mortgage Loans and amounts withdrawn from the Collection Account attributable to each of such Pools shall be accounted for separately. The Master Servicer shall on the Closing Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after as of the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall Date and due for periods after such Cut-Off Date and thereafter deposit within two (2) Business Days following receipt and identification thereof by the Master Servicer the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans Interest Collections and Principal Collections (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Dateincluding any Payaheads received);
(ii) all payments received after the Net Liquidation Proceeds net of any related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Foreclosure Profit;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;Insurance Proceeds; 97 104
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Amount pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Article II hereof; and
(viiv) any amount required to be deposited in the Collection Account pursuant to Sections 3.023.2(c), 3.043.4, 3.053.5, 3.06, 3.07, 5.02 3.7 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer3.13; provided, however, that, with respect to each Due Collection Period, the Master Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Master Servicing Fee and any Ancillary Income the Subservicing Fee for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. The Master Servicer may cause retain, as additional servicing compensation, all Foreclosure Profits and fees and late charge penalties collected from Mortgagors. The Seller shall deposit the institution maintaining amounts required to be deposited in respect of Mortgage Loans purchased by the Seller pursuant to Sections 2.2 and 2.6 to the Collection Account to invest any no later than the date specified therein.
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments (including obligations Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to the second Business Day preceding the immediately succeeding Distribution Date. Any investment earnings on funds held in the Collection Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account shall be for the account of its Affiliates, if the Master Servicer and promptly upon the realization of such obligations otherwise qualify as Eligible Investments) pursuant loss shall be contributed by the Master Servicer to Section 5.05the Collection Account. No such investment shall mature later than the Deposit Date. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything in this Agreement to the contrary, (i) for so long as (A) the amount Master Servicer remains an Affiliate of the Seller, (B) no Event of Default shall have occurred and be continuing and (C) the Seller maintains a short-term rating of at least A-1 by S&P and P-1 by Moodx'x, xxd for five Business Days following any reduction, suspension, termination or withdrawal in such rating, or (ii) if following the occurrence and continuation of any loss incurred event described in subclause (i) of this Section 3.2(d), an arrangement is established that is satisfactory to the Rating Agencies and which does not in itself result in any reduction of any rating issued in respect of the Senior Certificates, the Master Servicer may establish and maintain the Collection Account as a deposit account with the Seller.
(e) For all purposes of this Agreement, any Eligible Investment held therein which is in excess of amount received at any time during the income and gain thereon immediately upon realization term hereof by any Subservicer shall be deemed to constitute receipt of such lossamount by the 98 105 Master Servicer (receipt by the Master Servicer shall also be deemed to occur on the same day as the amount is actually received by the relevant Subservicer), without any right to reimbursement therefore from its own fundsregardless of whether the Master Servicer actually receives such amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"[Trustee], as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Home Equity Loan Asset-Backed Certificates, Series 2007-3”. 200_-_." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on on, and any collections in respect of of, the Initial Mortgage Loans received after the related applicable Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1such Cut-Off Date), 2007) and prior to thereafter the Closing Date. The Servicer Servicer, or the Transferor, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 4.05;
(iii) all Net Liquidation Proceeds net of any related Foreclosure ProfitsProfit;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in credited by the Collection Account Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer); and
(ixv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer10.01; provided, however, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Transferor. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders and for the Credit Enhancer. In addition, the Servicer shall notify the Trustee and the Credit Enhancer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to invest Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account in Eligible Investments (including obligations shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, charge or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Master Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Master Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled entitled “HSBC Bank USA, National Association, as Trustee[____________________], in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed CertificatesFund America ABS Notes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 2007-3”. 20[__]-HE[_] Collection Account.” The Collection Account shall be an Eligible Account. On the Closing Date, the Seller The Master Servicer shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive Loans, net of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Master Servicing Fee;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds the Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount or other than any portion thereof constituting Net Liquidation Proceedsamount paid by the Seller or the Master Servicer during the related Due Period pursuant to Sections 2.02, 2.04, 2.10 or 2.11, as applicable;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with received from the repurchase Transferor for the purchase of any Mortgage Loan and the amount of any Substitution Adjustment Additional Balances pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Section 3.3 of the Trust Agreement; and
(vii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.12 and 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoherein. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be available for withdrawal at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including obligations d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature the Master Servicer and promptly (and in no event later than the Deposit next Payment Date) upon the realization of such loss shall be contributed by the Master Servicer to the Collection Account. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the amount Master Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any loss incurred amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Master Servicer are rated at least “A-1” by Standard & Poor’s and “P-1” by Xxxxx’x, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Master Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Master Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of any Eligible Investment held therein which is in excess the Mortgage Loans for each of the income categories specified in Section 3.02(b) shall be recorded and gain thereon on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Master Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or (ii) such notification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Guaranteed Principal Distribution Amount and the Interest Distribution for such Payment Date or (iii) the Master Servicer shall fail to make the deposit pursuant to Section 3.02(d), the Indenture Trustee shall immediately upon realization of such lossnotify the Seller, without any right to reimbursement therefore from its own fundsthe Depositor and the Insurer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Fund America Investors Corp Ii)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee and the Securities Administrator pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Bank USAOne, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Delta Funding Home Equity Loan Asset-Backed Certificates, Series 20071999-3”. ." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August November 1, 20071999) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateNovember 1, 1999);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Home Equity Loan Tr 99-3 Home Eq as Bk Se 99-3)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Servicer may Servicer, in its discretion discretion, may (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of the servicing such of the Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with unpaid for a period of not more than ninety (90) days after the Servicer’s policies with respect to date of the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03initial uncured delinquency thereon.
(b) The Servicer On or before the Closing Date, the Trustee shall establish have established, and maintain shall thereafter maintain, a separate trust account in the name of the Trustee for the benefit of the Certificateholders and the Certificate Insurer (the “Collection "Certificate Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for "). If such an account maintained with the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall Trustee would be an Eligible Account. , the Certificate Account shall be maintained with the Trustee.
(c) On the Closing Date, the Seller shall cause Servicer shall, subject to be deposited in this Section 3.2(c), deposit into the Collection Certificate Account any amounts representing payments on on, and any collections in respect of of, the Initial Mortgage Loans allocable to the Investor Certificateholders received on or after the related Cut-off Off Date (other than principal for the Initial Mortgage Loans and interest accrued and due on or prior to August 1, 2007) and through the second Business Day prior to the Closing Date. The Thereafter, the Servicer shall shall, subject to this section 3.2(c), deposit into the Certificate Account on a daily basis within two (2) Business Days following receipt thereof but in any case prior to the immediately succeeding Distribution Date relating to such deposit the following payments and collections allocable to the Trust received or made by it (without duplication):it:
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Date;Daily Investor Interest Collections; and
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant subject to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided3.2(e), however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDaily Investor Principal Collections. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without Without limiting the generality of the foregoingpreceding sentence, the Servicer need shall not be required to deposit in into the Collection Certificate Account (a) amounts representing Servicing Compensation fees (including, without limitation, annual fees and any assumption fees payable pursuant to Section 3.5) or late charge penalties or other charges payable by Mortgagors, (b) amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems or (c) any payments or proceeds (including, without limitation, Insurance Proceeds and Liquidation Proceeds) of any Mortgage Loans removed by the Transferor or purchased by the Servicer which are received after the effective date of such removal or purchase or (d) amounts in respect of the Reassignment Deposit Amounts or Substitution Adjustment Amount that are not included in Daily Investor Interest Collections or Daily Investor Principal Collections. The Servicer may cause Trustee shall deposit into the institution maintaining Certificate Account the Collection Certificate Insurance Draw Amounts received pursuant to Section 4.2.
(d) The Trustee shall hold amounts deposited into the Certificate Account as trustee for the Certificateholders and the Certificate Insurer to the extent of receipts in respect of the Mortgage Loans to be included in Available Funds and as custodian for the Transferor to the extent of receipts, if any, in excess thereof. At the written direction of a Servicing Officer, the Trustee shall invest any funds in the Collection Certificate Account in Eligible Permitted Investments specified in such direction (including obligations of the Servicer Trustee or any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments). Such direction shall be in writing, shall designate specific investments and shall certify that the specified investments constitute Permitted Investments and mature at the time required hereby. Each investment shall mature not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (unless the obligor in respect of such investment is the Trustee and the Trustee is acting as the Paying Agent, in which case such investment may mature on such Distribution Date) and shall not be sold or disposed of prior to its maturity. All net income and gain realized from any such investment of funds constituting Available Funds shall be distributed to Certificateholders or the Certificate Insurer pursuant to Section 5.05. No such investment shall mature later than the Deposit Date5.1(a). The Servicer Trustee shall deposit in the Collection Account, the amount of not be liable for any loss incurred in connection with any such investment except with respect to any investment issued or guaranteed by the Trustee in its individual capacity.
(e) With respect to the amounts required to be deposited into the Certificate Account pursuant to item (ii) of Section 3.2(c), on any day during the Managed Amortization Period where the amount on deposit in the Certificate Account for the related Collection Period is greater than or equal to 1% of the Investor Certificate Principal Balance as of the immediately prior Distribution Date, the Servicer shall be required to deposit into the Certificate Account an amount, but not less than zero, equal to the aggregate amount of Principal Collections for such day minus the aggregate amount of Draws for such day.
(f) Any amounts received pursuant to Sections 2.2(c), 2.4(b) and 3.1, in respect of any Eligible Investment held therein which is in excess a Reassignment Deposit Amount or a Substitution Adjustment Amount shall be deemed to be received by the Trustee and the Servicer on the last day of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsprior calendar month.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Capitol Revolving Home Equity Loan Trust 1996-1)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns owns, (iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or services; provided, further, that notwithstanding such arrangement such (iv) reset the delinquency status of a contractually delinquent Mortgage Loans will be included Loan to current in the monthly information delivered by the Servicer to accordance with the Master Servicer pursuant to Section 5.03Servicer's customary account management policies and practices.
(b) The Master Servicer shall establish and maintain with the Indenture Trustee a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"JPMorgan Chase Bank, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Household Mortgage Loan Asset Backed CertificatesNotes, Series 20072003-3”HC2". In the event that a successor Indenture Trustee is appointed as provided in Section 6.8 of the Indenture, a new Collection Account shall be promptly established at and maintained by such successor Indenture Trustee, and the title of the new Collection Account shall be "[Successor Indenture Trustee], as Indenture Trustee, in trust for the registered holders of Household Mortgage Loan Asset Backed Notes, Series 2003-HC2", and any amounts in the old Collection Account shall be transferred to the new Collection Account. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments No later than 12:00 noon Chicago time on and any collections in respect of the Mortgage Loans received after the related Cut-off each Deposit Date (other than principal or, if a Deposit Event has occurred and interest accrued the Master Servicer has not arranged for and due on or prior to August 1maintained Servicer credit enhancement approved by each Rating Agency, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof by the Servicers), the Master Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account Interest Collections (net of principal any Servicing Fee) on the Mortgage Loans (exclusive of payments in respect of principal on the each Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoan Group;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the each Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loan Group;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in paid by the Collection Account Master Servicer pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viiiSection 3.04 and excluding any portion thereof constituting Principal Collections) any Prepayment Chargesrelating to Mortgage Loans in each Mortgage Loan Group; and
(ixiv) amounts required to be paid by the Purchase Price Master Servicer relating to the optional purchase of any the Mortgage Loans in each Mortgage Loan repurchased Group by the Seller Master Servicer pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer8.01; provided, however, thatthat so long as a Deposit Event has not occurred (unless the Master Servicer has arranged for and maintained Servicer credit enhancement approved by each of the Rating Agencies), the amount of funds that the Master Servicer is required to deposit or to cause to be deposited into the Collection Account in respect of any Mortgage Loan Group on or before such Deposit Date shall be reduced by the Skip-A-Pay Reimbursement Amount with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoGroup that the Master Servicer is entitled to receive on the next Payment Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Master Servicer or a Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the related Servicer, if any, need not be deposited in the Collection Account.
(c) The Indenture Trustee shall hold amounts deposited in the Collection Account as trustee for the Noteholders and the Transferor in respect of the Ownership Interest. In addition, the Master Servicer shall notify the Indenture Trustee in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Payment Date.
(d) The Master Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Master Servicer or of any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit Business Day next preceding the Payment Date or on the Payment Date next following the date of such investment so long as such action does not result in a withdrawal or downgrading of the then-current ratings of the Notes by the Rating Agencies (except that if such Permitted Investment is an obligation of the institution that maintains such account or a fund for which such institution serves as a custodian, then such Permitted Investment may mature on or before 12:00 noon, Chicago time, on such Payment Date) and shall not be sold or disposed of prior to its maturity. The In the event the Indenture Trustee is at any time maintaining the Collection Account, any request by the Master Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Indenture Trustee at or before 10:30 a.m., Chicago time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. In the absence of investment instructions, amounts on deposit in the Collection Account shall be uninvested. Any such investment shall be registered in the name of or controlled by the Indenture Trustee as trustee hereunder or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Indenture Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(e) The Indenture Trustee is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Master Servicer through the facilities of its own trading or capital markets operations. The Indenture Trustee shall send to the Master Servicer statements reflecting the monthly activity for each such purchase and sale made for the preceding month. Although the Master Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Master Servicer hereby agrees that confirmations of investments are not required to be issued by the Indenture Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such month.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Household Mortgage Loan Trust 2003-Hc2)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio which are comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loan, and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.035.05.
(b) The Servicer shall establish and maintain for the benefit of the Certificateholders with Deutsche Bank National Trust Company a separate trust account (the “Collection Account”) titled “HSBC Deutsche Bank USA, National AssociationTrust Company, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Home Equity Loan Asset Backed Certificates, Series 20072005-3”. 1.” The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date and on each Subsequent Transfer Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date or Subsequent Transfer Date. The Servicer , as applicable, and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Initial Mortgage Loans which have has accrued and were due on or prior to through the related Cut-off Due Date in October 2005 and on the Subsequent Mortgage Loans which has accrued through the related Due Date in the month preceding the Subsequent Transfer Date);.
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;3.17; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, Section 3.05, 3.06, 3.07, 5.02 3.16, 5.04 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.08; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) retain, from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in into the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties or prepayment penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. .
(c) [Reserved].
(d) The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds5.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Loan Mortgage Loan Trust 2005-1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, charge or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled entitled “HSBC First Tennessee Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed CertificatesFirst Horizon ABS Notes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 2007-3”. 200_-HE_ Collection Account.” The Collection Account shall be an Eligible Account. On the Closing Date, the Seller The Servicer shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive Loans, net of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Servicing Fee;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount paid by the Seller during the related Due Period pursuant to Sections 2.02, 2.02 and 2.04, 2.05 and 3.16;
(viiv) all Released Mortgaged Property Proceeds; and
(vi) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.15 and 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoherein. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Servicer and may be withdrawn from the Collection Account by the Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of the Servicer and promptly (and in no event later than the next Payment Date) upon the realization of such loss shall be contributed by the Servicer to the Collection Account. Any references herein to amounts on deposit in the Collection Account shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Servicer are rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of the Mortgage Loans for each of the categories specified in Section 3.02(b) shall be recorded and on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or any of its Affiliates, if (ii) such obligations otherwise qualify as Eligible Investmentsnotification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Guaranteed Principal Distribution Amount and the Interest Distribution for such Payment Date or (iii) the Servicer shall fail to make the deposit pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account3.02(d), the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of Indenture Trustee shall immediately notify the income Seller, the Depositor and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsthe Insurer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First Horizon Asset Securities Inc)
Collection of Certain Mortgage Loan Payments. (a) The In accordance with and to the extent of the Servicing Standard, the Master Servicer shall make reasonable efforts in accordance with the customary and usual standards of practice of prudent mortgage servicers to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, provided further that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"___________ ______________________, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Home Equity Loan Asset Backed Certificates, Series 2007-3”. 199_-_." The Collection Account shall be an Eligible Account. On The Master Servicer shall [(i) on the Closing Business Day immediately preceding each of the first three Distribution Dates, deposit in the Collection Account any shortfall in the amount required to pay the Investor Certificate Interest on such Distribution Dates resulting solely from the failure of certain Mortgage Loans to be fully indexed and (ii) on the Business Day immediately preceding the first Distribution Date, the Seller shall cause to be deposited deposit in the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1the Cut-off Date), 2007) and prior to thereafter the Closing Date. The Servicer shall Master Servicer, or the Sponsor, as the case may be, shall] deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateMort- gage Loans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior xxx xxxxxxx, xx xxy, deposited to the related Cut-off Date)Collection Account pursuant to Section 4.05;
(iii) all Net Liquidation Proceeds net of any related Foreclosure ProfitsProfit;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in credited by the Collection Account Master Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Master Servicer); and
(ixv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.10.01;
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided PROVIDED that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; providedPROVIDED, furtherFURTHER, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Wells Fargo Bank USAMinnesota, National AssociationXxxxciation, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Soundview Home Equity Loan Asset-Backed Certificates, Series 20072001-3”. 1." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller Depositor shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August April 1, 20072001) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16Loan;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased Charges collected by the Seller pursuant to Section 2.01(d) or Section 2.04 Servicer and remitted by the Seller to the Servicer; providedPrepayment Charge Payment Amounts. PROVIDED, howeverHOWEVER, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Se Cp Soundview Hm Eq Ln as Bk Cer Se 2001-1)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided provided, that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.035.2.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") which may, as provided in Section 3.2(d), be maintained as a deposit account with the Seller, provided that, upon the occurrence and continuance of the failure of any of the events described in clauses (i) or (ii) of Section 3.2(d), the Collection Account shall be established and maintained with an entity meeting the requirements of the definition of "Eligible Account", as a separate trust account titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007FURSX Xxxtgage Pass-3 Asset-Backed Through Certificates, Series 20071999-3”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited A." Funds in the Collection Account in respect of the Pool 1 Mortgage Loans and the Pool 2 Mortgage Loans and amounts withdrawn from the Collection Account attributable to each of such Pools shall be accounted for separately. The Master Servicer shall on the Closing Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after as of the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall Date and due for periods after such Cut-Off Date and thereafter deposit within two (2) Business Days following receipt and identification thereof by the Master Servicer the following payments and collections received or made by it (without duplication):) (excluding Liquidation Proceeds to the extent they relate to a Mortgage Loan that is not a Liquidated Mortgage Loan at the end of the related Collection Period:
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans Interest Collections and Principal Collections (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Dateincluding any Payaheads received);
(ii) all payments received after the Net Liquidation Proceeds net of any related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Foreclosure Profit;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsInsurance Proceeds;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Amount pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Article II hereof; and
(viiv) any amount required to be deposited in the Collection Account pursuant to Sections 3.023.2(c), 3.043.4, 3.053.5, 3.06, 3.07, 5.02 3.7 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer3.13; provided, however, that, with respect to each Due Collection Period, the Master Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Master Servicing Fee and any Ancillary Income the Subservicing Fee for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. The Master Servicer may cause retain, as additional servicing compensation, all Foreclosure Profits and fees and late charge penalties collected from Mortgagors. The Seller shall deposit the institution maintaining amounts required to be deposited in respect of Mortgage Loans purchased by the Seller pursuant to Sections 2.2 and 2.6 to the Collection Account to invest any no later than the date specified therein.
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments (including obligations Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to the second Business Day preceding the immediately succeeding Distribution Date. Any investment earnings on funds held in the Collection Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account shall be for the account of its Affiliates, if the Master Servicer and promptly upon the realization of such obligations otherwise qualify as Eligible Investments) pursuant loss shall be contributed by the Master Servicer to Section 5.05the Collection Account. No such investment shall mature later than the Deposit Date. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything in this Agreement to the contrary, (i) for so long as (A) the amount Master Servicer remains an Affiliate of the Seller, (B) no Event of Default shall have occurred and be continuing and (C) the Seller maintains a short-term rating of at least A-1 by S&P, and for five Business Days following any reduction, suspension, termination or withdrawal in such rating, or (ii) if following the occurrence and continuation of any loss incurred event described in subclause (i) of this Section 3.2(d), an arrangement is established that is satisfactory to the Rating Agencies and which does not in itself result in any reduction of any rating issued in respect of the Senior Certificates, the Master Servicer may establish and maintain the Collection Account as a deposit account with the Seller.
(e) For all purposes of this Agreement, any Eligible Investment held therein which is in excess of amount received at any time during the income and gain thereon immediately upon realization term hereof by any Subservicer shall be deemed to constitute receipt of such lossamount by the Master Servicer (receipt by the Master Servicer shall also be deemed to occur on the same day as the amount is actually received by the relevant Subservicer), without any right to reimbursement therefore from its own fundsregardless of whether the Master Servicer actually receives such amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns owns, (iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or services; provided, further, that notwithstanding such arrangement (iv) treat a Mortgage Loan as current if the Mortgagor has made two standard payments in the past 60 days to cure the delinquency status of such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03Loan.
(b) The Servicer shall establish and maintain with the Trustee a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"[______________], as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Compass Receivables Asset Funding Mortgage Loan Asset Backed Certificates, Series 2007-3”200[_]-[__]". In the event that a successor Trustee is appointed as provided in Section 9.07, a new Collection Account shall be promptly established at and maintained by such successor Trustee, and the title of the new Collection Account shall be "[Successor Trustee], as Trustee, in trust for the registered holders of Compass Receivables Asset Funding Mortgage Loan Asset Backed Certificates, Series 200[_]-[__]", and any amounts in the old Collection Account shall be transferred to the new Collection Account. The Collection Account shall be an Eligible Account. On No later than 12:00 noon New York time on each Deposit Date (or, if a Deposit Event has occurred and the Closing Date, the Seller shall cause Servicer has not provided credit enhancement reasonably acceptable to be deposited in the Collection Account any amounts representing payments on and any collections in respect each of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1Rating Agencies, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof by the Servicer), the Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account of principal Interest Collections on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in paid by the Collection Account Servicer pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) Section 3.04 and excluding any Prepayment Chargesportion thereof constituting Principal Collections); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased amounts required to be paid by the Seller in connection with the termination of the Trust pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto10.01. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the Servicer, if any, need not be deposited in the Collection Account.
(c) The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders. In addition, the Servicer shall notify the Trustee in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Distribution Date.
(d) The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Servicer or of any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit Business Day next preceding the Distribution Date or on the Distribution Date next following the date of such investment as long as such action does not result in a withdrawal or downgrading of the then current ratings on the Class A and Class M Certificates by the Rating Agencies (except that any investment in an obligation of the institution with which the Collection Account is maintained may mature on or before 12:00 noon, New York time, on such Distribution Date) and shall not be sold or disposed of prior to its maturity. The In the event the Trustee is at any time maintaining the Collection Account, any request by the Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Trustee at or before 10:30 A.M., New York time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. Any such investment shall be registered in the name of or controlled by the Trustee as trustee hereunder or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which such investments shall be deposited in the Collection Account by the Servicer out of its own funds immediately as realized.
(e) The Trustee is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Servicer through the facilities of its own trading or capital markets operations on the condition that such purchases and sales do not cause any tax to be imposed on the Trust under the REMIC Provisions or result in excess the disqualification of the income Trust Fund as a REMIC. The Trustee shall send to the Servicer statements reflecting the monthly activity for each such purchase and gain thereon immediately upon realization sale made for the preceding month. Although the Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Servicer hereby agrees that confirmations of investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such loss, without any right to reimbursement therefore from its own fundsmonth.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Compass Asset Acceptance Co)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.035.2.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") which may, as provided in Section 3.2(d), be maintained as a deposit account with the Seller, provided that, upon the occurrence and continuance of the failure of any of the events described in clauses (i) or (ii) of Section 3.2(d), the Collection Account shall be established and maintained with an entity meeting the requirements of the definition of "Eligible Account", as a separate trust account titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 XXXXX Home Equity Loan Asset-Backed Certificates, Series 20071996-3”. 2." The Collection Account Master Servicer shall be an Eligible Account. On on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after as of the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall Date and thereafter deposit within two (2) one Business Days Day following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans Interest Collections and Principal Collections (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Dateincluding any Payaheads received);
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of any related Foreclosure ProfitsProfit; and
(iii) Insurance Proceeds;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Amount pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Article II hereof; and
(viiv) any amount required to be deposited in the Collection Account pursuant to Sections 3.023.1(e), 3.043.4, 3.053.5, 3.063.7, 3.07, 5.02 3.13 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.4(e); provided, however, that, with respect to each Due Collection Period, the Master Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan Collection Period and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, the amount of any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoUnreimbursed Advances. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. The Master Servicer may cause retain, as additional servicing compensation, all Foreclosure Profits. The Seller shall deposit the institution maintaining amounts required to be deposited in respect of Mortgage Loans purchased by the Seller pursuant to Sections 2.2 and 2.6 to the Collection Account to invest any no later than the date specified therein.
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments (including obligations Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to the second Business Day preceding the immediately succeeding Distribution Date. Any investment earnings on funds held in the Collection Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account shall be for the account of its Affiliates, if the Master Servicer and promptly upon the realization of such obligations otherwise qualify as Eligible Investments) pursuant loss shall be contributed by the Master Servicer to Section 5.05the Collection Account. No such investment shall mature later than the Deposit Date. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything in this Agreement to the contrary, (i) for so long as (A) the amount Master Servicer remains an Affiliate of the Seller, (B) no Event of Default shall have occurred and be continuing and (C) the Seller maintains a long-term unsecured rating of at least A2 by Xxxxx'x and A by S&P and a short-term rating of at least A-1 by Standard & Poor's and P-1 by Xxxxx'x, and for three Business Days following any reduction, suspension, termination or withdrawal in either such rating, or (ii) following the occurrence and continuation of any loss incurred event described in subclause (i) of this Section 3.2(d), an arrangement is established that is satisfactory to the Rating Agencies and which does not in itself result in (I) any reduction of any rating issued in respect of the Class A Certificates or (II) any Eligible Investment held therein which is in excess reduction below investment grade of the income Class A Certificates without the benefit of the Certificate Insurance Policy, the Master Servicer, notwithstanding anything to the contrary herein provided, may establish and gain thereon immediately upon realization maintain the Collection Account as a deposit account with the Seller.
(e) For all purposes of this Agreement, any amount received at any time during the term hereof by any Subservicer shall be deemed to constitute receipt of such lossamount by the Master Servicer (receipt by the Master Servicer shall also be deemed to occur on the same day as the amount is actually received by the relevant Subservicer), without any right to reimbursement therefore from its own fundsregardless of whether the Master Servicer actually receives such amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The First National Bank USA, National Associationof Chicago, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Revolving Home Equity Loan Asset Backed Certificates, Series 20071998-3”. D and Ambac Assurance Corporation." The Collection Account shall be an Eligible Account. On The Master Servicer shall (i) on the Closing Business Day immediately preceding each of the first three Distribution Dates, deposit in the Collection Account any shortfall in the amount required to pay the Investor Certificate Interest on such Distribution Dates resulting solely from the failure of certain Mortgage Loans to be fully indexed and (ii) on the Business Day immediately preceding the first Distribution Date, the Seller shall cause to be deposited deposit in the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1the Cut-off Date), 2007) and prior to thereafter the Closing Date. The Servicer Master Servicer, or the Sponsor, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 4.05;
(iii) all Net Liquidation Proceeds net of any related Foreclosure ProfitsProfit;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in credited by the Collection Account Master Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Master Servicer); and
(ixv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.10.01;
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072003-3 4 Asset-Backed Certificates, Series 20072003-34”. The Collection Account shall be an Eligible Account. On the Closing Date and on each Subsequent Transfer Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20072003) and prior to the Closing Date or Subsequent Transfer Date, as applicable. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Trust 2003-4)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Servicer shall establish and maintain with the Indenture Trustee, a separate trust account (the “Collection Account”) titled entitled “HSBC Bank USA, National Association[_________], as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed CertificatesFirst Horizon ABS Notes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 2007-3”. 20[__]-[__] Collection Account.” The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds[Reserved];
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount paid by the Seller during the related Due Period pursuant to Sections 2.02, 2.02 and 2.04, 2.05 and 3.16;
(vi) all Released Mortgaged Property Proceeds; and
(vii) [Reserved];
(viii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.16 and 5.06(e) any Prepayment Chargesherein; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Servicer and may be withdrawn from the Collection Account by the Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of the Servicer and promptly (and in no event later than the next Payment Date) upon the realization of such loss shall be contributed by the Servicer to the Collection Account. Any references herein to amounts on deposit in the Collection Account shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Servicer are rated at least “[___]” by S&P and “[___]” by Xxxxx’x, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of the Mortgage Loans for each of the categories specified in Section 3.02(b) shall be recorded and on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or any of its Affiliates, if (ii) such obligations otherwise qualify as Eligible Investmentsnotification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Guaranteed Principal Distribution Amount and the Interest Distribution for such Payment Date or (iii) the Servicer shall fail to make the deposit pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account3.02(d), the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of Indenture Trustee shall immediately notify the income Seller, the Depositor and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsthe Insurer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First Horizon Asset Securities Inc)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA"Bankers Trust Company of California, National AssociationN.A., as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Delta Funding Home Equity Loan Asset Backed Certificates, Series 20071998-3”. ." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August September 1, 20071998) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateSeptember 1, 1998);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio which are comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loan, and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.035.05.
(b) The Servicer shall establish and maintain for the benefit of the Certificateholders with Deutsche Bank National Trust Company a separate trust account (the “Collection Account”) titled “HSBC Deutsche Bank USA, National AssociationTrust Company, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Home Equity Loan Asset Backed Certificates, Series 20072004-3”. .” The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date and on each Subsequent Transfer Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date or Subsequent Transfer Date. The Servicer , as applicable, and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Initial Mortgage Loans which have has accrued and were due on or prior to through the related Cut-off Due Date in April 2004 and on the Subsequent Mortgage Loans which has accrued through the related Due Date in the month preceding the Subsequent Transfer Date);.
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;3.17; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, Section 3.05, 3.06, 3.07, 5.02 3.16, 5.04 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.08; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) retain, from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in into the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties or prepayment penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. .
(c) [Reserved].
(d) The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds5.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Lehman Home Equity Loan Trust 2004-3)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Servicer shall establish and maintain with [indenture trustee], a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Associationentitled "[ ], as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-[ ] Home Equity Loan Asset- Backed CertificatesNotes and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 2007-3”. 200_-_ Collection Account." The Collection Account shall be an Eligible Account. On The Servicer shall on the 37 42 Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of related Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.04 and 3.162.06;
(vi) all Released Mortgaged Property Proceeds; and
(vii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.02, 3.043.02(c), 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.16, 3.20, 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.07 herein; provided, however, that, that with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan Due Period and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account in Eligible Investments shall be held (including obligations i) uninvested or (ii) invested at the direction of the Servicer or any of its Affiliates, if such obligations otherwise qualify as in Eligible Investments) pursuant to Section 5.05. No such investment Any investments of funds in the Collection Account shall mature later than or be withdrawable at par on or prior to three Business Days preceding the Deposit immediately succeeding Payment Date. The Any investment earnings on funds held in the Collection Account shall be for the account of the Servicer and may be withdrawn from the Collection Account by the Servicer at any time. Any investment losses on funds held in the Collection Account shall be for such account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Collection Account. Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the amount Servicer shall be permitted to remit the collections specified in Section 3.02(b), net of any loss incurred amount permitted to be retained by the Servicer as set forth in the proviso to such Section, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the second Business Day prior to each Payment Date but only for so long as (a) (i) the Servicer shall be[ ], (ii) [ ] has a rating with respect to short-term deposit obligations of at least "A-1" by S&P and "P-1" by Moodx'x, xxd (iii) no Event of Servicing Termination shall have occurred and be continuing. If the Servicer shall fail to make the deposit pursuant to this Section 3.02(d), the Indenture Trustee shall immediately notify, but in any Eligible Investment held therein which is in excess of event no later than 12:00 p.m. New York City time on the income third Business Day prior to the Payment Date, by facsimile or telephone, [ ] and gain thereon immediately upon realization the Insurer of such loss, without any right to reimbursement therefore from its own fundsfailure by the Servicer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Fleet Home Equity Loan Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided PROVIDED that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans Mortgage Loans it owns or services; providedPROVIDED, furtherFURTHER, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Noteholders pursuant to Section 5.034.01.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1, 2007such Cut-Off Date) and prior to thereafter the Closing Date. The Servicer Servicer, or the Sponsor, as the case may be, shall deposit into the Collection Account within two (2) one Business Days Day following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 3.04;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer);
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited therein pursuant to Section 7.01;
(vi) any amounts payable in connection with drawn under the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Policy pursuant to Section 8.4(f) of the Indenture, but only to be used for the payment of the items specified in Sections 2.028.7(d)(iii) and (vi) of the Indenture, 2.04, 2.05 and 3.16as applicable;
(vii) any amount the amounts, if any, required to be deposited in therein by the Collection Account Sponsor pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05Section 2.05(b) hereof;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts drawn pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the ServicerDemand Note; providedPROVIDED, howeverHOWEVER, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Sponsor. The Indenture Trustee shall hold amounts deposited in the Collection Account as Indenture Trustee for the Noteholders and the Insurer. The Servicer shall notify the Indenture Trustee and the Insurer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. At the written direction of the Servicer, the Indenture Trustee shall invest any funds in the Collection Account in Eligible Investments (including obligations specified in such written direction. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.funds immediately as
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072006-3 4 Asset-Backed CertificatesNotes, Series 20072006-34”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20072006) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2006-4)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA"Bankers Trust Company of California, National AssociationN.A., as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Delta Funding Home Equity Loan Asset Backed Certificates, Series 20071997-3”. 1." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateMarch 15, 1997);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or and services; and provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The Bank USA, National Associationof New York, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Banc One ABS Corporation HELOC Asset-Backed Certificates, Series 20071998-3”. 1 and MBIA." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller Servicer shall cause to be deposited in the Collection Account deposit any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer , and thereafter the Servicer, or the Seller, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the Net Liquidation Proceeds net of any related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Foreclosure Profit;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04, 2.05 and 3.16;
(vii) for this purpose any amount required to be deposited in credited by the Collection Account Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer10.01; provided, however, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) the Servicing Fee for such Collection Period from payments in respect of interest on a the Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoLoans. The foregoing requirements respecting with respect to deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsapplicable Seller.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc One Abs Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance DFC HEL Trust 20072001-3 2 Asset-Backed Certificates, Series 20072001-3”. 2." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August September 1, 20072001) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance DFC HEL Trust 20072001-3 1 Asset-Backed Certificates, Series 20072001-3”. 1." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August May 1, 20072001) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided PROVIDED that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans Mortgage Loans it owns or services; providedPROVIDED, furtherFURTHER, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Noteholders pursuant to Section 5.034.01.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1, 2007such Cut-Off Date) and prior to thereafter the Closing Date. The Servicer Servicer, or the Sponsor, as the case may be, shall deposit into the Collection Account within two (2) one Business Days Day following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 3.04;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer);
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited therein pursuant to Section 7.01;
(vi) any amounts payable in connection with drawn under the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Policy pursuant to Section 8.4(f) of the Indenture, but only to be used for the payment of the items specified in Sections 2.028.7(d)(iii) and (vi) of the Indenture, 2.04, 2.05 and 3.16as applicable;
(vii) any amount the amounts, if any, required to be deposited in therein by the Collection Account Sponsor pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05Section 2.05(b) hereof;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts drawn pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the ServicerDemand Note; providedPROVIDED, howeverHOWEVER, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Sponsor. The Indenture Trustee shall hold amounts deposited in the Collection Account as Indenture Trustee for the Noteholders and the Insurer. The Servicer shall notify the Indenture Trustee and the Insurer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. At the written direction of the Servicer, the Indenture Trustee shall invest any funds in the Collection Account in Eligible Investments (including obligations specified in such written direction. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized. In the absence of written direction the Indenture Trustee shall invest funds in the Collection Account as directed by the Sponsor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion discretion
(i) subject to the provisions of Section 3.21 hereof3.13, waive any prepayment charge, Early Termination Fee or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and Loan, (ii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee and the Insurer pursuant to Section 5.035.03 herein.
(b) The Servicer shall establish and maintain a separate trust account an Eligible Account (the “Collection Account”) titled entitled “HSBC Deutsche Bank USA, National Association, as TrusteeTrust Company, in trust for the registered holders of Renaissance HEL Trust 2007-3 IndyMac Home Equity Mortgage Loan Asset-Backed CertificatesTrust, Series 20072006-3”H4.” The Servicer shall notify the Indenture Trustee of the Eligible Institution with which the Collection Account is maintained. The Collection Account shall be an Eligible Account. On Servicer shall, on the Closing Date, the Seller shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Date (other than principal and excluding scheduled interest accrued and payments due on or prior to August 1, 2007the Cut-off Date) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(c), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received by the Servicer after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments payments, net of related Servicing Fees, received by the Servicer after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Insurance Proceeds and Liquidation Proceeds net of Foreclosure ProfitsProceeds;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation ProceedsRecoveries;
(v) all Released Mortgaged Property ProceedsEarly Termination Fees;
(vi) any amounts payable required to be deposited pursuant to Section 3.07 in connection with any REO Property;
(vii) the repurchase Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment paid by a Seller during the related Collection Period pursuant to Sections 2.02, 2.04, 2.05 2.04 and 3.162.05;
(viiviii) all Released Mortgaged Property Proceeds; and
(ix) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller therein pursuant to Section 2.01(d3.02(c) or Section 2.04 and remitted by the Seller to the Servicerherein; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees, assumption fees, modification fees, insufficient funds charges and other ancillary income) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. .
(c) The Servicer may shall use its best efforts to cause the institution maintaining the Collection Account to invest any funds only the Interest Collections on deposit in the Collection Account attributable to the Mortgage Loans in Eligible Investments (including obligations which shall mature not later than the Servicer Remittance Date next following the date of such investment and which shall not be sold or disposed of prior to their maturities. All income and gain realized from any such investment shall be for the benefit of the Servicer as additional servicing compensation and shall be subject to its withdrawal or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant order from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of any Eligible Investment held therein which is such investments attributable to the investment of amounts in excess respect of the income and gain thereon Mortgage Loans shall be deposited in the Collection Account by the Servicer out of its own funds immediately upon realization of such loss, as realized without any right to reimbursement therefore from its own fundsof reimbursement.
Appears in 1 contract
Samples: Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H4)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio which are comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loan, and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that PROVIDED such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; providedPROVIDED, further, that notwithstanding such arrangement such Mortgage Loans will shall be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.037.05 of the Indenture.
(b) The Servicer shall establish and maintain for the benefit of the Noteholders and the Note Insurer with Deutsche Bank National Trust Company a separate segregated non-interest bearing trust account (the “"Collection Account”") titled “HSBC "Deutsche Bank USA, National AssociationTrust Company, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Loan Mortgage Loan Trust 2007-3 Asset-Asset Backed CertificatesNotes, Series 20072004-3”. 2." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date and on each Subsequent Transfer Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date or Subsequent Transfer Date. The Servicer , as applicable, and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Initial Mortgage Loans which have has accrued and were due on or prior to through the related Cut-off Due Date in November 2004 and on the Subsequent Mortgage Loans which has accrued through the related Due Date in the month preceding the Subsequent Transfer Date);.
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.02 and 3.16;2.03; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges3.16, 3.17 hereof and Section 3.10 of the Indenture; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; providedPROVIDED, however, thatHOWEVER, with respect to each Due Period, the Servicer shall be permitted to retain (x) retain, from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in into the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties or prepayment penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. .
(c) [Reserved].
(d) The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess 3.10 of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsIndenture.
Appears in 1 contract
Samples: Servicing Agreement (Home Loan Mortgage Loan Trust 2004-2)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072003-3 1 Asset-Backed Certificates, Series 20072003-31”. The Collection Account shall be an Eligible Account. On the Closing Date and on each Subsequent Transfer Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20072003) and prior to the Closing Date or Subsequent Transfer Date, as applicable. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Mort Accept Corp Home Eq Ln as Bk Cer Se 03 1)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, charge or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Master Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Master Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled entitled “HSBC First Tennessee Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed CertificatesFirst Horizon ABS Notes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 20072006-3”. HE2 Collection Account.” The Collection Account shall be an Eligible Account. On the Closing Date, the Seller The Master Servicer shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive Loans, net of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Master Servicing Fee;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds the Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount or other than any portion thereof constituting Net Liquidation Proceedsamount paid by the Seller or the Master Servicer during the related Due Period pursuant to Sections 2.02, 2.04, 2.10 or 2.11, as applicable;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with received from the repurchase Transferor for the purchase of any Mortgage Loan and the amount of any Substitution Adjustment Additional Balances pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Section 3.3 of the Trust Agreement; and
(vii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.12 and 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoherein. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties or early termination fees payable by Mortgagors or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be available for withdrawal at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including obligations d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature the Master Servicer and promptly (and in no event later than the Deposit next Payment Date) upon the realization of such loss shall be contributed by the Master Servicer to the Collection Account. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the amount Master Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any loss incurred amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Master Servicer are rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Master Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Master Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of any Eligible Investment held therein which is in excess the Mortgage Loans for each of the income categories specified in Section 3.02(b) shall be recorded and gain thereon on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Master Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or (ii) such notification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Scheduled Payment for such Payment Date or (iii) the Master Servicer shall fail to make the deposit pursuant to Section 3.02(d), the Indenture Trustee shall immediately upon realization of such lossnotify the Seller, without any right to reimbursement therefore from its own fundsthe Depositor and the Insurer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First Horizon Asset Sec HELOC Notes Ser 2006-He2)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans Mortgage Loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Securityholders pursuant to Section 5.034.01.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1, 2007such Cut-Off Date) and prior to thereafter the Closing Date. The Servicer Servicer, or the Sponsor, as the case may be, shall deposit into the Collection Account within two (2) one Business Days Day following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 3.04;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer);
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited therein pursuant to Section 7.01;
(vi) any amounts payable in connection with drawn under the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Policy pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Section 8.4(d) of the Pooling Agreement; and
(vii) any amount required to be deposited in the Collection Account amounts drawn pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the ServicerDemand Note; provided, however, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Sponsor. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Securityholders, the Insurer and Xxxxxxx Mac. The Servicer shall notify the Trustee, the Insurer, and Xxxxxxx Mac in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. At the direction of the Servicer, the Trustee shall invest any funds in the Collection Account in Eligible Investments. All income and gain realized from any investment in Eligible Investments (including obligations of funds in the Collection Account shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided provided, that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.035.2.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") which may, as provided in Section 3.2(d), be maintained as a deposit account with the Seller, provided that, upon the occurrence and continuance of the failure of any of the events described in clauses (i) or (ii) of Section 3.2(d), the Collection Account shall be established and maintained with an entity meeting the requirements of the definition of "Eligible Account", as a separate trust account titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007FURSX Xxxtgage Pass-3 Asset-Backed Through Certificates, Series 20071998-3”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited A." Funds in the Collection Account in respect of the Mortgage Loans in Loan Group SA and the Mortgage Loans in Loan Group A and amounts withdrawn from the Collection Account attributable to each of such Loan Groups shall be accounted for separately. The Servicer shall on the Closing Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Date;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.of
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Union Residential Securitization Transactions Inc)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Servicer shall establish and maintain with the Indenture Trustee, a separate trust account (the “Collection Account”) titled entitled “HSBC Bank USA, National Association[Indenture Trustee], as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 [________] Home Equity Loan Asset-Backed CertificatesNotes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 2007-3”. 200[_]-[_] Collection Account.” The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceedsamounts drawn pursuant to the Demand Note;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount paid by the Seller during the related Due Period pursuant to Sections 2.02, 2.02 and 2.04, 2.05 and 3.16;
(vi) all Released Mortgaged Property Proceeds; and
(vii) [Reserved];
(viii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.16 and 5.06(e) any Prepayment Chargesherein; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Servicer and may be withdrawn from the Collection Account by the Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of the Servicer and promptly (and in no event later than the next Payment Date) upon the realization of such loss shall be contributed by the Servicer to the Collection Account. Any references herein to amounts on deposit in the Collection Account shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Servicer are rated at least “A-1” by S&P, “F1” by Fitch and “P-1” by Xxxxx’x, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of the Mortgage Loans for each of the categories specified in Section 3.02(b) shall be recorded and on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or any of its Affiliates, if (ii) such obligations otherwise qualify as Eligible Investmentsnotification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Guaranteed Principal Distribution Amount and the Interest Distribution for such Payment Date or (iii) the Servicer shall fail to make the deposit pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account3.02(d), the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of Indenture Trustee shall immediately notify the income Seller, the Depositor and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsthe Insurer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Terwin Securitization LLC)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072002-3 2 Asset-Backed Certificates, Series 20072002-3”. 2" The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20072002) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Home Equity Loan Asset-BKD Cert Series 2002-1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio which are comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loan, and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.035.05.
(b) The Servicer shall establish and maintain for the benefit of the Certificateholders with [Trustee] a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association[Trustee], as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. [Trust].” The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have has accrued and were due on or prior to through the related Cut-off DateDue Date in [_________] 200[__]);.
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;3.17; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 3.16, 5.04 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.08; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) retain, from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties or prepayment penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar items. .
(c) [Reserved].
(d) The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds5.08.
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further(iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or (iv) treat a Mortgage Loan as current if the Mortgagor has made one scheduled payment (which, that notwithstanding such arrangement for the purposes of this Section 3.02(a)(iii) only, is in accordance with the Master Servicer's customary servicing practices and may be less than 100% of the scheduled payment) to cure the delinquency status of such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03Loan.
(b) The Master Servicer shall establish and maintain with the Trustee a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"[ ], as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-[ ] Mortgage Loan Asset Backed CertificatesNotes, Series 2007200[ ]-3”[ ]". In the event that a successor Indenture Trustee is as provided in Section [ ] of the Indenture, a new Collection Account be promptly established at and maintained by such successor Indenture Trustee, and the title of the new Collection Account shall be "[Successor Indenture Trustee], as Indenture Trustee, in trust for the registered holders of [ ] Mortgage Loan Asset Backed Notes, Series 200[ ]-[ ]", and any amounts in the old Collection Account shall be transferred to the new Collection Account. The Collection Account shall be an Eligible Account. On No later than 12:00 noon Chicago time on each Deposit Date (or, if a Deposit Event has occurred and the Closing Date, the Seller shall cause Master Servicer has not provided credit enhancement acceptable to be deposited in the Collection Account any amounts representing payments on and any collections in respect each of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1Rating Agencies, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof thereof), the Master Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account Interest Collections (net of principal any Servicing Fee) on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in paid by the Collection Account Master Servicer pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) Section 3.04 and excluding any Prepayment Chargesportion thereof constituting Principal Collections); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased amounts required to be paid by the Seller Master Servicer in connection with the termination of the Trust pursuant to Section 2.01(d) 8.01; PROVIDED, HOWEVER, that so long as a Deposit Event has not occurred (unless the Master Servicer has provided credit enhancement acceptable to each of the Rating Agencies [and the Insurer]), the amount of funds that the Master Servicer is required to deposit or Section 2.04 and remitted to cause to be deposited into the Collection Account on or before such Deposit Date shall be reduced by the Seller Skip-A-Pay Reimbursement Amount the Master Servicer is entitled to receive on the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretonext Payment Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Master Servicer or a Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the related Servicer, if any, need not be deposited in the Collection Account.
(c) The Indenture Trustee shall hold amounts deposited in the Collection Account as trustee for the Class A Noteholders[, the Insurer] and the Transferor in respect of the Ownership Interest. In addition, the Master Servicer shall notify the Indenture Trustee in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Payment Date.
(d) The Master Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Master Servicer or of any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit Business Day next preceding the Payment Date or on the Payment Date next following the date of such investment as long as such action does not result in a withdrawal or downgrading of the then current ratings on the Class A Notes by the Rating Agencies (except that any investment in an obligation of the institution with which the Collection Account is maintained may mature on or before 12:00 noon, Chicago time, on such Payment Date) and shall not be sold or disposed of prior to its maturity. The In the event the Indenture Trustee is at any time maintaining the Collection Account, any request by the Master Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Indenture Trustee at or before 10:30 A.M., Chicago time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. Any such investment shall be registered in the name of or controlled by the Indenture Trustee as trustee hereunder or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Indenture Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(e) The Indenture Trustee is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Master Servicer through the facilities of its own trading or capital markets operations. The Indenture Trustee shall send to the Master Servicer statements reflecting the monthly activity for each such purchase and sale made for the preceding month. Although the Master Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Master Servicer hereby agrees that confirmations of investments are not required to be issued by the Indenture Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such month.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Household Mortgage Funding Corp Iii)
Collection of Certain Mortgage Loan Payments. (a) The -------------------------------------------- Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is -------- consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such -------- ------- arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The First National Bank USA, National Associationof Chicago, as Trustee, ------------------ in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Revolving Home Equity Loan Asset Backed Certificates, Series 20071999-3”. C and Ambac Assurance Corporation." The Collection Account shall be an Eligible Account. On The Master Servicer shall (i) on the Closing Business Day immediately preceding each of the first three Distribution Dates, deposit in the Collection Account any shortfall in the amount required to pay the Investor Certificate Interest on such Distribution Dates resulting solely from the failure of certain Mortgage Loans to be fully indexed and (ii) on the Business Day immediately preceding the first Distribution Date, the Seller shall cause to be deposited deposit in the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1the Cut-off Date), 2007) and prior to thereafter the Closing Date. The Servicer Master Servicer, or the Sponsor, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 4.05;
(iii) all Net Liquidation Proceeds net of any related Foreclosure ProfitsProfit;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in credited by the Collection Account Master Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Master Servicer); and
(ixv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.10.01;
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 2007-3 1 Asset-Backed CertificatesNotes, Series 2007-31”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2007-1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA"Bankers Trust Company of California, National AssociationN.A., as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Delta Funding Home Equity Loan Asset Backed Certificates, Series 20071997-3”. 2." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1June 15, 20071997) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateJune 1, 1997);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Master Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account account, which shall be an Eligible Account (the “"Collection Account”") titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Provident Bank Home Equity Loan Asset-Backed Certificates, Series 20072000-3”. 2 Collection Account." The Collection Account shall be an Eligible Account. On The Master Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received on and after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received on and after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected on and after the related Cut-off Off Date;
(ii) all payments received on and after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of related Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;3.01(f); and
(viivi) any amount required to be deposited in the Collection Account pursuant to Sections 3.023.01(f), 3.043.02(c), 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.05(e); provided, however, that, that with respect to each Due Period, the Master Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Master Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDue Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments (including obligations Investments. Any investments of funds in the Collection Account shall mature or be withdrawable at par on or prior to the second Business Day preceding the immediately succeeding Distribution Date. Any investment earnings on funds held in the Collection Account shall be for the account of the Master Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) and may be withdrawn from the Collection Account pursuant to Section 5.053.03(iv) by or at the direction of the Master Servicer at any time. No Any investment losses on funds held in the Collection Account shall be for the account of the Master Servicer and promptly upon the realization of such investment loss shall mature later than be contributed by the Deposit DateMaster Servicer to the Collection Account. The Servicer shall Any references herein to amounts on deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization Account shall refer to amounts net of such loss, without any right to reimbursement therefore from its own fundsinvestment earnings.
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072006-3 1 Asset-Backed CertificatesNotes, Series 20072006-31”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20072006) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Servicer may Servicer, in its discretion discretion, may (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of the servicing such of the Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with unpaid for a period of not more than ninety (90) days after the Servicer’s policies with respect to date of the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03initial uncured delinquency thereon.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On or before the Closing Date, the Seller Trustee shall cause to be deposited have established, and shall thereafter maintain, a separate trust account in the Collection name of the Trustee for the benefit of the Certificateholders (the "Certificate Account"). If such an account maintained with the Trustee would be an Eligible Account, the Certificate Account shall be maintained with the Trustee.
(c) on the Closing Date, the Servicer shall, subject to Section 3.2(d), deposit into the Certificate Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans allocable to the Investor Certificateholders received on or after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to through the second Business Day before the Closing Date. The Thereafter, the Servicer shall shall, subject to Section 3.2(d), deposit into the Certificate Account on a daily basis within two (2) Business Days following receipt thereof but in any case prior to the immediately succeeding Distribution Date relating to such deposit the following payments and collections allocable to the Trust received or made by it (without duplication):it:
(i) all payments received after the related Cut-off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Date;Daily Investor Interest Collections; and
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued Daily Investor Principal Collections, and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant subject to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto3.2(e). The foregoing requirements respecting with respect to deposits to the Collection Certificate Account are exclusive, it being understood that, without . Without limiting the generality of the foregoingpreceding sentence, the Servicer need shall not be required to deposit in into the Collection Certificate Account (a) amounts representing Servicing Compensation fees (including, without limitation, annual fees and any assumption fees payable pursuant to Section 3.5) or late charge penalties or other charges payable by Mortgagors, (b) amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems or (c) any payments or proceeds (including, without limitation, insurance Proceeds and Liquidation Proceeds) of any Mortgage Loans removed by the Seller or purchased by the Servicer which are received after the effective date of such removal or (d) amounts in respect of the Reassignment Deposit Amounts or Substitution Adjustment Amount that are not included in Daily Investor Interest Collections or Daily Investor Principal Collections. The Trustee shall deposit into the Certificate Account the Certificate Insurance Draw Amounts received pursuant to Section 4.2.
(d) The Trustee shall hold amounts deposited into the Certificate Account as trustee for the Certificateholders and the Certificate Insurer to the extent of receipts in respect of the Mortgage Loans to be included in Available Funds and as custodian for the Seller to the extent of receipts, if any, in excess thereof. At the direction of the Servicer may cause signed by a Servicing Officer, the institution maintaining the Collection Account to Trustee shall invest any funds in the Collection Certificate Account in Eligible Permitted Investments specified in such direction (including obligations of the Servicer Trustee or any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments). Such direction shall be in writing, shall designate specific investments and shall certify that the specified investments constitute Permitted Investments and mature at the time required hereby. Each investment shall mature not later than the Business Day immediately preceding the Distribution Date next following the date of such investment (unless the obligor in respect of such investment is the Trustee and the Trustee is acting as the Paying Agent, in which case such investment may mature on such Distribution Date) and shall not be sold or disposed of prior to its maturity. All net income and gain realized from any such investment of funds constituting Available Funds shall be distributed to Certificateholders or the Certificate Insurer pursuant to Section 5.05. No such investment shall mature later than the Deposit Date5.1(a). The Servicer Trustee shall deposit in the Collection Account, the amount of not be liable for any loss incurred in connection with any such investment except with respect to any investment issued or guaranteed by the Trustee in its individual capacity.
(e) With respect of the amounts required to be deposited into the Certificate Account pursuant item (ii) of Section 3.2(c), on any Eligible Investment held therein which day during the Managed Amortization Period where the amount on deposit in the Certificate Account for the related Collection Period is in excess greater than __% of the income Investor Certificate Principal Balance as of the immediately prior Distribution Date, the Servicer shall be required to deposit into the Certificate Account an amount, but not less than zero, equal to (X) the aggregate amount of Principal Collections for the Collection Period through such date minus the aggregate amount of Draws for such Collection Period through such date minus (Y) ___% of the Investor Certificate Principal Balance as of the immediately prior Distribution Date.
(f) Any amounts received pursuant to Sections 2.2(c), 2.4(b) and gain thereon immediately upon realization 3.1, in respect of such loss, without any right a Reassignment Deposit Amount or a Substitution Adjustment Amount shall be deemed to reimbursement therefore from its own fundsbe received by the Trustee and the Servicer on the last day of prior calendar month.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided PROVIDED that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; providedPROVIDED, furtherFURTHER, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “"HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072005-3 1 Asset-Backed CertificatesNotes, Series 20072005-3”1". The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20072005) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; providedPROVIDED, howeverHOWEVER, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2005-1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"[ ], as Trustee, in trust for the registered holders of Renaissance HEL [ ] Home Equity Loan Trust 2007-3 Asset-Backed Certificates200_-_, Series 2007-3”. Collection Account." The Collection Account shall be an Eligible AccountAccount with an independent financial institution. On the Closing Date, the Seller shall cause No later than 12:00 noon New York time two Business Days prior to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off each Distribution Date (other than principal and interest accrued and due on or prior to August 1or, 2007) and prior to the Closing Date. The Servicer shall deposit if a Deposit Event has occurred, within two (2) Business Days following receipt thereof thereof), the Servicer shall deposit into the Collection Account the following payments and collections received or made by it with respect to each Mortgage Loan (without duplication):
(i) all payments received on or after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected on and after the related Cut-off Off Date;
(ii) all payments received or advanced on or after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fleet Home Equity Loan Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans Mortgage Loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Noteholders and Class S Certificateholders pursuant to Section 5.034.01.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1, 2007such Cut-Off Date) and prior to thereafter the Closing Date. The Servicer Servicer, or the Sponsor, as the case may be, shall deposit into the Collection Account within two (2) one Business Days Day following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 3.04;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer);
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited therein pursuant to Section 7.01;
(vi) any amounts payable in connection with transferred from the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Pre-Funding Account pursuant to Sections 2.02, 2.04, 2.05 and 3.16Section 8.9(e) of the Indenture;
(vii) any amount required to be deposited in amounts drawn under the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Policy pursuant to Section 2.01(d8.4(f) or Section 2.04 of the Indenture, but only to be used for the payment of the items specified in Sections 8.7(d)(iii), (iv) and remitted by (vii) of the Seller to the Servicer; Indenture, as applicable. provided, however, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Sponsor. The Indenture Trustee shall hold amounts deposited in the Collection Account as Indenture Trustee for the Noteholders, the Class S Certificateholders and the Insurer. The Servicer shall notify the Indenture Trustee and the Insurer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. At the written direction of the Servicer, the Indenture Trustee shall invest any funds in the Collection Account in Eligible Investments (including obligations specified in such written direction. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072005-3 2 Asset-Backed CertificatesNotes, Series 20072005-32”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 20072005) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Servicing Agreement (Renaissance Home Equity Loan Trust 2005-2)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. "[________________________________________]" The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1[_________] [___], 2007[____]) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Norwest Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Delta Funding Home Equity Loan Asset-Backed Certificates, Series 20072000-3”. 1." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August March 1, 20072000) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateMarch 1, 2000);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The -------------------------------------------- Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Bank USAOne, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Revolving Home Equity Loan Asset Backed Certificates, Series 20071999-3”. D and Ambac Assurance Corporation." The Collection Account shall be an Eligible Account. On The Master Servicer shall (i) on the Closing Business Day immediately preceding each of the first three Distribution Dates, deposit in the Collection Account any shortfall in the amount required to pay the Investor Certificate Interest on such Distribution Dates resulting solely from the failure of certain Mortgage Loans to be fully indexed and (ii) on the Business Day immediately preceding the first Distribution Date, the Seller shall cause to be deposited deposit in the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1the Cut-off Date), 2007) and prior to thereafter the Closing Date. The Servicer Master Servicer, or the Sponsor, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 4.05;
(iii) all Net Liquidation Proceeds net of any related Foreclosure ProfitsProfit;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in credited by the Collection Account Master Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Master Servicer); and
(ixv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.10.01;
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject pursuant to the provisions of Section 3.21 hereof3.13, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and Loan, (ii) arrange with a Mortgagor a schedule for the payment of principal and interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee and the Insurer pursuant to Section 5.03.5.03 herein
(b) [Reserved]
(c) The Servicer shall establish and maintain a separate trust account an Eligible Account (the “"Collection Account”") titled “HSBC Bank USAentitled "IndyMac Bank, National Association, as TrusteeF.S.B., in trust for the registered holders of Renaissance HEL Trust 2007-3 IndyMac Home Equity Mortgage Loan Asset-Backed CertificatesTrust, Series 20072006-3”H1" The Servicer shall notify the Indenture Trustee of the Eligible Institution with which the Collection Account is maintained. The Collection Account shall be an Eligible Account. On Servicer shall, on the Closing Date, the Seller shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and excluding interest accrued and due on or prior to August 1, 2007the Cut-Off Date) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received by the Servicer after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments payments, net of related servicing fees, received by the Servicer after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation ProceedsPrepayment Charges;
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited pursuant to Section 3.07 in connection with any REO Property;
(vi) any amounts payable in connection with [Reserved];
(vii) [Reserved];
(viii) [Reserved];
(ix) the repurchase Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment paid by a Seller during the related Collection Period pursuant to Sections 2.02, 2.04, 2.05 2.04 and 3.162.05;
(viix) all Released Mortgaged Property Proceeds; and
(xi) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.02(d) any Prepayment Chargesand 5.08(e) herein; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees, assumption fees, modification fees, insufficient funds charges and other ancillary income) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(d) All funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment be held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsuninvested.
Appears in 1 contract
Samples: Sale and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H1)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Master Servicer’s policies with respect to the mortgage loans it owns owns, (iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or services; provided, further, that notwithstanding such arrangement such (iv) reset the delinquency status of a contractually delinquent Mortgage Loans will be included Loan to current in the monthly information delivered by the Servicer to accordance with the Master Servicer pursuant to Section 5.03Servicer’s customary account management policies and practices.
(b) The Master Servicer shall establish and maintain with the Administrator a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Administrator on behalf of U.S. Bank National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Household Mortgage Loan Asset Backed CertificatesNotes, Series 20072004-3HC1”. In the event that a successor Administrator is appointed, a new Collection Account shall be promptly established at and maintained by such successor Administrator, and the title of the new Collection Account shall be “[Successor Administrator], as Administrator on behalf of Indenture Trustee, in trust for the registered holders of Household Mortgage Loan Asset Backed Notes, Series 2004-HC1”, and any amounts in the old Collection Account shall be transferred to the new Collection Account. In the event that a successor Indenture Trustee is appointed as provided in Section 6.8 of the Indenture, the Collection Account shall be retitled to reflect the name of the successor Indenture Trustee. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments No later than 12:00 noon Chicago time on and any collections in respect of the Mortgage Loans received after the related Cut-off each Deposit Date (other than principal or, if a Deposit Event has occurred and interest accrued the Master Servicer has not arranged for and due on or prior to August 1maintained Servicer credit enhancement approved by each Rating Agency, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof by the Servicers), the Master Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account of principal Net Interest Collections on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);Loans; and
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable required to be paid by the Master Servicer in connection with the repurchase termination of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Trust pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer8.01; provided, however, that, with respect that so long as a Deposit Event has not occurred (unless the Master Servicer has provided credit enhancement reasonably acceptable to each Due Periodof the Rating Agencies), the amount of funds that the Master Servicer is required to deposit or to cause to be deposited into the Collection Account on or before such Deposit Date shall be permitted reduced by the Skip-A-Pay Reimbursement Amount the Master Servicer is entitled to retain (x) from payments in respect of interest receive on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretonext Payment Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Master Servicer or a Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the related Servicer, if any, need not be deposited in the Collection Account.
(c) The Administrator shall hold amounts deposited in the Collection Account on behalf of the Indenture Trustee for the benefit of the Noteholders and on behalf of the Transferor in respect of the Ownership Interest. In addition, the Master Servicer shall notify the Administrator in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Payment Date.
(d) The Master Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Master Servicer or of any of its Affiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit Business Day next preceding the Payment Date or on the Payment Date next following the date of such investment so long as such action does not result in a withdrawal or downgrading of the then-current ratings of the Notes by the Rating Agencies (except that if such Permitted Investment is an obligation of the institution that maintains such account or a fund for which such institution serves as a custodian, then such Permitted Investment may mature on or before 12:00 noon, Chicago time, on such Payment Date) and shall not be sold or disposed of prior to its maturity. The In the event the Administrator is at any time maintaining the Collection Account, any request by the Master Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Administrator at or before 10:30 a.m., Chicago time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. In the absence of investment instructions, amounts on deposit in the Collection Account shall be uninvested. Any such investment shall be registered in the name of or controlled by the Administrator on behalf of the Indenture Trustee or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Administrator on behalf of the Indenture Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(e) The Administrator is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Master Servicer through the facilities of its own trading or capital markets operations. The Administrator shall send to the Master Servicer statements reflecting the monthly activity for each such purchase and sale made for the preceding month. Although the Master Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Master Servicer hereby agrees that confirmations of investments are not required to be issued by the Administrator for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such month.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Household Mortgage Loan Trust 2004-Hc1)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Master Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"[______________________________], as Trustee, Collection Account in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Revolving Home Equity Loan Asset Backed Certificates, Series 2007-3”. [______][, Insurer]." The Collection Account shall be an Eligible Account. On The Master Servicer shall (i) on the Closing DateBusiness Day immediately preceding each of the first three Distribution Dates, the Seller shall cause to be deposited deposit in the Collection Account any shortfall in the amount required to pay the Investor Certificate Interest on such Distribution Dates resulting solely from the failure of certain Mortgage Loans to be fully indexed and (ii) on the Business Day immediately preceding the first Distribution Date, deposit in the Collection Account (A) an amount equal to the excess of the aggregate amount payable pursuant to Section 5.01(a)(i), (ii), and (iii) on the first Distribution Date over what the aggregate Investor Interest Collections would be if the Minimum Monthly Payments due during the first Collection Period were made on each Mortgage Loan and (B) any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1the Cut-off Date), 2007) and prior to thereafter the Closing Date. The Servicer Master Servicer, or the Sponsor, as the case may be, shall deposit within two (2) [two] Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the amounts, if any, deposited to the Collection Account pursuant to Section 4.05;
(iii) Net Liquidation Proceeds net of any related Foreclosure Profit;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Master Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Cut-off Date on account Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of interest on the Mortgage Loans Master Servicer); and
(exclusive of v) any amounts required to be deposited therein pursuant to Section 10.01; provided, however, that with respect to each Collection Period, the Master Servicer shall be permitted to retain from payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to Loans, the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan Servicing Fee for such Collection Period and the amount of any Substitution Adjustment unreimbursed optional advance made by the Master Servicer pursuant to Sections 2.02Section 4.05; and provided, 2.04further, 2.05 that, notwithstanding the foregoing, so long as IndyMac Bank is the Master Servicer and 3.16;
(viix) any amount required to be deposited the Master Servicer's long-term senior unsecured debt obligations are rated at least "[____]" by [_______] and "[___]" by [_________________]] [and y) the Credit Enhancer's claims-paying ability is rated "[____]" by [_______] and "[___]" by [_________________]]], the Master Servicer need not make daily deposits in the Collection Account pursuant for any Collection Period, but instead may make a single deposit in the Collection Account of amounts to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and be remitted by it for such Collection Period in immediately available funds on the Seller Business Day prior to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoDistribution Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Master Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Master Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Sponsor. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders[and the Credit Enhancer]. In addition, the Master Servicer shall notify the Trustee [and the Credit Enhancer] in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to invest Interest Collections and Principal Collections for the Mortgage Loans in each Loan Group for the related Distribution Date. Following such notification, the Master Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. Amounts on deposit in the Collection Account will, at the direction of the Master Servicer, be invested in Eligible Investments maturing no later than the day before the next Distribution Date. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account in Eligible Investments (including obligations shall be for the benefit of the Master Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(c) The Master Servicer shall establish and maintain a trust account (the "Reserve Fund") titled "[______________________________], as Trustee, Reserve Fund in trust for the registered holders of Revolving Home Equity Loan Asset Backed Certificates, Series [______][, Insurer]." The Reserve Fund shall be an Eligible Account. The Reserve Fund shall be maintained in accordance with Section 5.01(e) hereof.
(d) The Trustee shall establish and maintain two trust accounts (the "Additional Loan Accounts") titled "[______________________________], as Trustee, Group 1 Additional Loan Account in trust for the registered holders of Revolving Home Equity Loan Asset Backed Certificates, Series [______][, Insurer]" and "[______________________________], as Trustee, Group 2 Additional Loan Account in trust for the registered holders of Revolving Home Equity Loan Asset Backed Certificates, Series [______][, Insurer]." The Additional Loan Accounts shall be Eligible Accounts. The Additional Loan Accounts shall be maintained in accordance with Section 3.03(b).
Appears in 1 contract
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided PROVIDED that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; providedPROVIDED, furtherFURTHER, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC Bank USA"Bankers Trust Company of California, National AssociationN.A., as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Delta Funding Home Equity Loan Asset Backed Certificates, Series 20071998-3”. 4." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20071998) and prior to the Closing Date. The Servicer , and thereafter shall use its best efforts to deposit within one Business Day, and shall in any event deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off DateDecember 1, 1998);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; providedPROVIDED, howeverHOWEVER, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Delta Funding Corp /De/)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, charge or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Master Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Master Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Master Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled entitled “HSBC First Tennessee Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed CertificatesFirst Horizon ABS Notes and as Paying Agent for the Transferor in respect of the Transferor Interest, as their interests may appear, Series 20072006-3”. HE1 Collection Account.” The Collection Account shall be an Eligible Account. On the Closing Date, the Seller The Master Servicer shall cause to be deposited in the Collection Account deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive Loans, net of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Master Servicing Fee;
(iii) all Net Liquidation Proceeds net of Foreclosure ProfitsRecoveries;
(iv) all Insurance Proceeds the Purchase Price of any Mortgage Loan and the amount of any Substitution Adjustment and of any Transferor Deposit Amount or other than any portion thereof constituting Net Liquidation Proceedsamount paid by the Seller or the Master Servicer during the related Due Period pursuant to Sections 2.02, 2.04, 2.10 or 2.11, as applicable;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with received from the repurchase Transferor for the purchase of any Mortgage Loan and the amount of any Substitution Adjustment Additional Balances pursuant to Sections 2.02, 2.04, 2.05 and 3.16;Section 3.3 of the Trust Agreement; and
(vii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.023.02(c), 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.12 and 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoherein. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Master Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Master Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account shall be held (i) uninvested or (ii) invested at the direction of the Master Servicer in Eligible Investments Investments. Any investments of funds in the Collection Account shall mature or be available for withdrawal at par on or prior to two Business Days preceding the immediately succeeding Payment Date or if deposits are being made pursuant to paragraph (including obligations d) below, on the Business Day preceding the immediately succeeding Payment Date. Any investment earnings on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for the account of the Master Servicer or and may be withdrawn from the Collection Account by the Master Servicer at any time. Any investment losses on funds held in the Collection Account through the second day preceding the day on which such funds are to be deposited in the Distribution Account shall be for such account of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature the Master Servicer and promptly (and in no event later than the Deposit next Payment Date) upon the realization of such loss shall be contributed by the Master Servicer to the Collection Account. The Servicer shall Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the amount Master Servicer shall be permitted to remit the collections that would otherwise be required to be deposited on a daily basis pursuant Section 3.02(b), net of any loss incurred amount permitted to be withdrawn pursuant to Section 3.03(ii) through (viii) hereof, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the Business Day prior to each Payment Date but only for so long as (a) the short-term deposit obligations of the Master Servicer are rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s, and (b) no Event of Servicing Termination shall have occurred and be continuing.
(e) During the period that the Master Servicer is permitted to remit collections as contemplated by the preceding paragraph 3.02(d), the Master Servicer shall establish and maintain for the Trust a Mortgage Loan Payment Record on which the payments and collections in respect of any Eligible Investment held therein which is in excess the Mortgage Loans for each of the income categories specified in Section 3.02(b) shall be recorded and gain thereon on which each of the categories of withdrawal specified in Section 3.03 shall be recorded and the Master Servicer shall notify the Indenture Trustee and the Insurer in writing as promptly as practicable (but in any event not later than Determination Date for the next Payment Date) of the amounts so recorded for each of the categories specified in such Section that are to be included in Interest Collections and Principal Collections for the related Payment Date and of the amounts so recorded which will constitute a part of Interest Collections and Principal Collections for the second following Payment Date.
(f) If (i) the written notification called for by the preceding paragraph is not received by the Determination Date for the next Payment Date or (ii) such notification indicates that Interest Collections and Principal Collections for such Payment Date are less than the Guaranteed Principal Distribution Amount and the Interest Distribution for such Payment Date or (iii) the Master Servicer shall fail to make the deposit pursuant to Section 3.02(d), the Indenture Trustee shall immediately upon realization of such lossnotify the Seller, without any right to reimbursement therefore from its own fundsthe Depositor and the Insurer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (First Horizon Asset Sec HELOC Notes Ser 2006-He1)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, penalty or late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Indenture Trustee pursuant to Section 5.035.03 herein.
(b) The Servicer shall establish and maintain with [indenture trustee], a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Associationentitled "[ ], as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-[ ] Home Equity Loan Asset- Backed CertificatesNotes and as Paying Agent for the Transferor in respect of the Ownership Interest, as their interests may appear, Series 2007-3”. 200_-_ Collection Account." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in the Collection Account Date deposit any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The Servicer shall , and thereafter, subject to Section 3.02(d), deposit within two (2) Business Days following receipt thereof thereof, the following payments and collections received or made by it (without duplication):) to the Collection Account:
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of related Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.04 and 3.162.06;
(vi) all Released Mortgaged Property Proceeds; and
(vii) any amount required to be deposited in the Collection Account therein pursuant to Sections 3.02, 3.043.02(c), 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii3.16, 3.20, 5.06(e) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer5.07 herein; provided, however, that, that with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan Due Period and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any .
(c) All funds in the Collection Account in Eligible Investments shall be held (including obligations i) uninvested or (ii) invested at the direction of the Servicer or any of its Affiliates, if such obligations otherwise qualify as in Eligible Investments) pursuant to Section 5.05. No such investment Any investments of funds in the Collection Account shall mature later than or be withdrawable at par on or prior to three Business Days preceding the Deposit immediately succeeding Payment Date. The Any investment earnings on funds held in the Collection Account shall be for the account of the Servicer and may be withdrawn from the Collection Account by the Servicer at any time. Any investment losses on funds held in the Collection Account shall be for such account of the Servicer and promptly upon the realization of such loss shall be contributed by the Servicer to the Collection Account. Any references herein to amounts on deposit in the Collection AccountAccount shall refer to amounts net of such investment earnings.
(d) Notwithstanding anything contained in Section 3.02(b) to the contrary, the amount Servicer shall be permitted to remit the collections specified in Section 3.02(b), net of any loss incurred amount permitted to be retained by the Servicer as set forth in the proviso to such Section, to the Collection Account in immediately available funds no later than 12:00 p.m. New York City time on the second Business Day prior to each Payment Date but only for so long as (a) (i) the Servicer shall be[ ], (ii) [ ]has a rating with respect to short-term deposit obligations of at least "A-1" by S&P and "P-1" by Moody's, and (iii) no Event of Servicing Termination shall have occuxxxx xxd be continuing. If the Servicer shall fail to make the deposit pursuant to this Section 3.02(d), the Indenture Trustee shall immediately notify, but in any Eligible Investment held therein which is in excess of event no later than 12:00 p.m. New York City time on the income third Business Day prior to the Payment Date, by facsimile or telephone, [ ] and gain thereon immediately upon realization the Insurer of such loss, without any right to reimbursement therefore from its own fundsfailure by the Servicer.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Bond Securitization LLC)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans Mortgage Loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Bondholders pursuant to Section 5.034.01.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Backed Certificates, Series 2007-3”. The Collection Account shall be an Eligible Account. On on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1, 2007such Cut-Off Date) and prior to thereafter the Closing Date. The Servicer Servicer, or the Depositor, as the case may be, shall deposit into the Collection Account within two (2) one Business Days Day following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior amounts, if any, deposited to the related Cut-off Date)Collection Account pursuant to Section 3.04;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer);
(v) all Released Mortgaged Property Proceedsany amounts required to be deposited therein pursuant to Section 7.01;
(vi) any amounts payable in connection with drawn under the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment Policy pursuant to Section 8.4(f) of the Indenture, but only to be used for the payment of the items specified in Sections 2.028.7(d)(iii) and (vi) of the Indenture, 2.04, 2.05 and 3.16;as applicable; and
(vii) any amount the amounts, if any, required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased therein by the Seller Depositor pursuant to Section 2.01(d2.05(b) or Section 2.04 and remitted by the Seller to the Servicerhereof; provided, however, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a the Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Depositor. The Indenture Trustee shall hold amounts deposited in the Collection Account as Indenture Trustee for the Bondholders and the Insurer. The Servicer shall notify the Indenture Trustee and the Insurer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Payment Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. At the written direction of the Servicer, the Indenture Trustee shall invest any funds in the Collection Account in Eligible Investments (including obligations specified in such written direction. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized. In the absence of written direction the Indenture Trustee shall invest funds in the Collection Account as directed by the Depositor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Sequoia Mortgage Funding Corp)
Collection of Certain Mortgage Loan Payments. (a) The -------------------------------------------- Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's -------- policies with respect to the mortgage home equity loans it owns or services; provided, -------- further, that notwithstanding such arrangement such Mortgage Loans will be ------- included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Servicer Trustee shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The First National Bank USA, National Association, of Chicago as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Revolving Home Equity Loan Asset-Backed Certificates, Series 20071996-3”. 1 and Capital Markets Assurance Corporation." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Initial Mortgage Loans received after the related applicable Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1such Cut-Off Date), 2007) and prior to thereafter the Closing Date. The Servicer Servicer, or the Transferor, as the case may be, shall deposit into the Collection Account within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the amounts, if any, deposited to the Collection Account pursuant to Section 3.04;
(iii) Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Cut-off Date on account Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of interest on the Mortgage Loans Servicer);
(exclusive of v) any amounts required to be deposited therein pursuant to Section 10.01;
(vi) any amounts transferred from the Deferred Interest Account pursuant to Section 5.06;
(vii) amounts transferred from the Funding Account pursuant to Sections 5.05(c)(i) and 5.05(c)(iii)(C);
(viii) any Transferor Deposit Amounts; and
(ix) any amounts drawn under the Policy pursuant to Section 4.02; provided, however, that with respect to each Collection Period, the Servicer -------- ------- shall be permitted to retain from payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Transferor. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders and for the Credit Enhancer. In addition, the Servicer shall notify the Trustee and the Credit Enhancer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to invest Interest Collections and Principal Collections for the related Distribution Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. All income and gain realized from any investment in Eligible Investments of funds in the Collection Account in Eligible Investments (including obligations shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage home equity loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan Loans and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the -------- Servicer’s 's policies with respect to the mortgage home equity loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans -------- ------- will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Noteholders pursuant to Section 5.034.01.
(b) The Servicer Indenture Trustee shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The First National Bank USA, National Association, of Chicago as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Revolving Home Equity Loan Asset-Backed CertificatesNotes, Series 20071998-3”. 1 and Ambac Assurance Corporation." The Collection Account shall be an Eligible Account. On The Servicer shall on the Closing Date, the Seller shall cause to be deposited in Date deposit into the Collection Account any amounts representing payments on on, and any collections in respect of of, the Initial Mortgage Loans received after the related applicable Cut-off Off Date and prior to the Closing Date (other than principal and exclusive of payments in respect of accrued interest accrued and due on or prior to August 1such Cut-Off Date and with respect to interest payments on the Initial Mortgage Loans, 2007) an amount equal to interest at the Class A Note Rate, interest at the Class S Note Rate, the Indenture Trustee's fee, the Owner Trustee's fee and prior to the Closing Date. The Servicer Premium Fee for a period of 21 days, and thereafter the Servicer, or the Sponsor, as the case may be, shall deposit into the Collection Account within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the amounts, if any, deposited to the Collection Account pursuant to Section 3.04;
(iii) Net Liquidation Proceeds;
(iv) Insurance Proceeds (including, for this purpose, any amount required to be credited by the Servicer pursuant to the last sentence of Section 3.04 and excluding the portion thereof, if any, that has been applied to the restoration or repair of the related Cut-off Date on account Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of interest on the Mortgage Loans Servicer);
(exclusive v) any amounts required to be deposited therein pursuant to Section 7.01;
(vi) any amounts transferred from the Capitalized Interest Account pursuant to Section 8.8 of the Indenture;
(vii) amounts transferred from the Funding Account pursuant to Sections 8.7(c)(i) and 8.7(c)(iii)(C) of the Indenture;
(viii) any Transfer Deposit Amounts; and
(ix) any amounts drawn under the Policy pursuant to Section 4.02; provided, however, that with respect to each Collection Period, the Servicer -------- ------- shall be permitted to retain from payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage LoanLoans, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoCollection Period. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees (including annual fees) or late charge penalties payable by Mortgagors, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess pay off amounts and similar items. The Servicer may cause shall remit all Foreclosure Profits to the institution maintaining Sponsor. The Indenture Trustee shall hold amounts deposited in the Collection Account as trustee for the Noteholders and for the Credit Enhancer. The Servicer shall notify the Indenture Trustee and the Credit Enhancer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Distribution Date. Following such notification, the Servicer shall be entitled to withdraw from the Collection Account and retain any amounts that constitute income and gain realized from the investment of such payments and collections. At the direction of the Servicer, the Indenture Trustee shall invest any funds in the Collection Account in Eligible Investments. All income and gain realized from any investment in Eligible Investments (including obligations of funds in the Collection Account shall be for the benefit of the Servicer or any of and shall be subject to its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant withdrawal from time to Section 5.05. No such investment shall mature later than the Deposit Datetime. The Servicer shall deposit in the Collection Account, the amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Headlands Mortgage Securities Inc)
Collection of Certain Mortgage Loan Payments. (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Master Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Master Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further(iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or (iv) treat a Mortgage Loan as current if the Mortgagor has made one scheduled payment (which, that notwithstanding such arrangement for the purposes of this Section 3.02(a)(iii) only, is in accordance with the Master Servicer's customary servicing practices and may be less than 100% of the scheduled payment) to cure the delinquency status of such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03Loan.
(b) The Master Servicer shall establish and maintain with the Trustee a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"[ ], as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-[ ] Mortgage Loan Asset Backed Certificates, Series 2007200[ ]-3”[ ]". In the event that a successor Trustee is appointed as provided in Section 9.07, a new Collection Account shall be promptly established at and maintained by such successor Trustee, and the title of the new Collection Account shall be "[Successor Trustee], as Trustee, in trust for the registered holders of [ ] Mortgage Loan Asset Backed Certificates, Series 200[ ]-[ ]", and any amounts in the old Collection Account shall be transferred to the new Collection Account. The Collection Account shall be an Eligible Account. On No later than 12:00 noon Chicago time on each Deposit Date (or, if a Deposit Event has occurred and the Closing Date, the Seller shall cause Master Servicer has not provided credit enhancement acceptable to be deposited in the Collection Account any amounts representing payments on and any collections in respect each of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1Rating Agencies, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof thereof), the Master Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account Interest Collections (net of principal any Servicing Fee) on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in paid by the Collection Account Master Servicer pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) Section 3.04 and excluding any Prepayment Chargesportion thereof constituting Principal Collections); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased amounts required to be paid by the Seller Master Servicer in connection with the termination of the Trust pursuant to Section 2.01(d) 10.01; PROVIDED, HOWEVER, that so long as a Deposit Event has not occurred (unless the Master Servicer has provided credit enhancement acceptable to each of the Rating Agencies [and the Certificate Insurer]), the amount of funds that the Master Servicer is required to deposit or Section 2.04 and remitted to cause to be deposited into the Collection Account on or before such Deposit Date shall be reduced by the Seller Skip-A-Pay Reimbursement Amount the Master Servicer is entitled to receive on the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretonext Distribution Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Master Servicer or a Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the related Servicer, if any, need not be deposited in the Collection Account.
(c) The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders [and the Certificate Insurer]. In addition, the Master Servicer shall notify the Trustee in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Distribution Date.
(d) The Master Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Master Servicer or of any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit Business Day next preceding the Distribution Date or on the Distribution Date next following the date of such investment as long as such action does not result in a withdrawal or downgrading of the then current ratings on the Class A and Class M Certificates by the Rating Agencies (except that any investment in an obligation of the institution with which the Collection Account is maintained may mature on or before 12:00 noon, Chicago time, on such Distribution Date) and shall not be sold or disposed of prior to its maturity. The In the event the Trustee is at any time maintaining the Collection Account, any request by the Master Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Trustee at or before 10:30 A.M., Chicago time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. Any such investment shall be registered in the name of or controlled by the Trustee as trustee hereunder or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Master Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(e) The Trustee is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Master Servicer through the facilities of its own trading or capital markets operations. The Trustee shall send to the Master Servicer statements reflecting the monthly activity for each such purchase and sale made for the preceding month. Although the Master Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Master Servicer hereby agrees that confirmations of investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such month.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Household Mortgage Funding Corp Iii)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoingwith, and without limiting the generality of of, the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which that may be collected in the ordinary course of servicing such the Mortgage Loan and Loans, (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that delinquent amounts, so long as such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns owns, (iii) sell the Mortgage Loan at its fair market value to a third party for collection activity or services; provided, further, that notwithstanding such arrangement (iv) treat a Mortgage Loan as current if the Mortgagor has made two standard payments in the past 60 days to cure the delinquency status of such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.03Loan.
(b) The Servicer shall establish and maintain with the Indenture Trustee a separate trust account (the “"Collection Account”") titled “HSBC Bank USA, National Association"[__________], as Indenture Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Asset-Compass Receivables Asset Funding Mortgage Loan Asset Backed CertificatesNotes, Series 2007-3”200[_]-[__]". In the event that a successor Indenture Trustee is appointed as provided in Section 6.8 of the Indenture, a new Collection Account shall be promptly established at and maintained by such successor Indenture Trustee, and the title of the new Collection Account shall be "[Successor Indenture Trustee], as Indenture Trustee, in trust for the registered holders of Compass Receivables Asset Funding Mortgage Loan Asset Backed Notes, Series 200[_]-[__]", and any amounts in the old Collection Account shall be transferred to the new Collection Account. The Collection Account shall be an Eligible Account. On No later than 12:00 noon New York time on each Deposit Date (or, if a Deposit Event has occurred and the Closing Date, the Seller shall cause Servicer has not provided credit enhancement reasonably acceptable to be deposited in the Collection Account any amounts representing payments on and any collections in respect each of the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1Rating Agencies, 2007) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof by the Servicer), the Servicer shall deposit or cause to be deposited into the Collection Account the following payments and collections received or made by it with respect to the Mortgage Loans (without duplication):
(i) all payments received after the related Cut-off Date on account Interest Collections (net of principal any Servicing Fee) on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the related Cut-off Date on account of interest Principal Collections on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Loans;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02including, 2.04for this purpose, 2.05 and 3.16;
(vii) any amount required to be deposited in paid by the Collection Account Servicer pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;
(viii) Section 3.04 and excluding any Prepayment Chargesportion thereof constituting Principal Collections); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased amounts required to be paid by the Seller Servicer in connection with the termination of the Trust pursuant to Section 2.01(d) 8.01; PROVIDED, HOWEVER, that so long as a Deposit Event has not occurred (unless the Servicer has provided credit enhancement reasonably acceptable to each of the Rating Agencies), the amount of funds that the Servicer is required to deposit or Section 2.04 and remitted to cause to be deposited into the Collection Account on or before such Deposit Date shall be reduced by the Seller to the Servicer; provided, however, that, with respect to each Due Period, Skip-A-Pay Reimbursement Amount the Servicer shall be permitted is entitled to retain (x) from payments in respect of interest receive on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretonext Payment Date. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation fees (including annual fees) or late charge penalties payable by Mortgagors, prepayment penalties, or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments and similar itemsitems for the account of the Servicer, if any, need not be deposited in the Collection Account.
(c) The Indenture Trustee shall hold amounts deposited in the Collection Account as trustee for the Noteholders and the Transferor in respect of the Ownership Interest. In addition, the Servicer shall notify the Indenture Trustee in writing on each Determination Date of the amount of payments and collections to be deposited in the Collection Account with respect to the related Payment Date.
(d) The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Permitted Investments (including obligations of the Servicer or of any of its Affiliatesaffiliates, if such obligations otherwise qualify as Eligible Permitted Investments) pursuant to Section 5.05. No such investment ), which shall mature or otherwise be available not later than the Deposit Business Day next preceding the Payment Date or on the Payment Date next following the date of such investment as long as such action does not result in a withdrawal or downgrading of the then current ratings on the Class A and Class M Notes by the Rating Agencies (except that any investment in an obligation of the institution with which the Collection Account is maintained may mature on or before 12:00 noon, New York time, on such Payment Date) and shall not be sold or disposed of prior to its maturity. The In the event the Indenture Trustee is at any time maintaining the Collection Account, any request by the Servicer shall to invest funds on deposit in the Collection AccountAccount shall be in writing, shall be delivered to the Indenture Trustee at or before 10:30 A.M., New York time, if such investment is to be made on such day, and shall certify that the requested investment is a Permitted Investment that matures at or prior to the time required hereby. Any such investment shall be registered in the name of or controlled by the Indenture Trustee as trustee hereunder or in the name of its nominee and to the extent such investments are certificated they shall be maintained in the possession or control of the Indenture Trustee in the state of its Corporate Trust Office. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Servicer and shall be subject to its withdrawal or order from time to time. The amount of any loss losses incurred in respect of the principal amount of any Eligible Investment held therein which is such investments shall be deposited in excess the Collection Account by the Servicer out of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own fundsfunds immediately as realized.
(e) The Indenture Trustee is hereby authorized to execute purchases and sales of Permitted Investments as directed by the Servicer through the facilities of its own trading or capital markets operations. The Indenture Trustee shall send to the Servicer statements reflecting the monthly activity for each such purchase and sale made for the preceding month. Although the Servicer recognizes that it may obtain a broker confirmation or written monthly statement containing comparable information at no additional cost, the Servicer hereby agrees that confirmations of investments are not required to be issued by the Indenture Trustee for each month in which a monthly statement is rendered. No statement need be rendered pursuant to the provision of this subsection if no activity occurred in the account for such month.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Compass Asset Acceptance Co)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such the collection procedures as it follows with respect to mortgage loans in its servicing portfolio that are comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or and services; and provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate and monthly information delivered by the Servicer statement to the Master Servicer Certificateholders pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "The Bank USA, National Associationof New York, as Trustee, in trust for the registered holders of Renaissance HEL Trust 2007-3 Banc One ABS Corporation HELOC Asset-Backed Certificates, Series 20071999-3”. 1 and MBIA." The Collection Account shall be an Eligible Account. On the Closing Date, the Seller Servicer shall cause to be deposited in the Collection Account deposit any amounts representing payments on on, and any collections in respect of of, the Mortgage Loans received after the related Cut-off Date (other than principal and interest accrued and due on or prior to August 1, 2007) and prior to the Closing Date. The , and thereafter the Servicer or the Seller, as the case may be, shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Date collections on account of principal on the Mortgage Loans (exclusive of payments and in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off DateLoans;
(ii) all payments received after the Net Liquidation Proceeds net of any related Cut-off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Date)Foreclosure Profit;
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 and 3.16;
(vii) including for this purpose any amount required to be deposited in credited by the Collection Account Servicer pursuant to Sections 3.02the last sentence of Section 3.04 and excluding the portion thereof, 3.04if any, 3.05, 3.06, 3.07, 5.02 that has been applied to the restoration or 5.05;
(viii) any Prepayment Chargesrepair of the related Mortgaged Property or released to the related Mortgagor in accordance with the normal servicing procedures of the Servicer); and
(ixiv) the Purchase Price of any Mortgage Loan repurchased by the Seller amounts required to be deposited therein pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer10.01; provided, however, that, that with respect to each Due Collection Period, the Servicer shall be permitted to retain (x) the Servicing Fee for such Collection Period from payments in respect of interest on a the Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related theretoLoans. The foregoing requirements respecting with respect to deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation Foreclosure Profits, fees or late charge penalties payable by Mortgagors or amounts received by the Servicer for the accounts of Mortgagors for application toward towards the payment of taxes, insurance premiums, assessments assessments, excess payoff amounts and similar items. The Servicer shall remit all Foreclosure Profits to the applicable Seller. Notwithstanding the foregoing, so long as the Servicer's short-term debt obligations are rated at least "A-1" and "P-1" by Standard & Poor's and Moody's, respectively, all amounts collected by the Servicer may cause be commingled with other general collections of the institution maintaining Servicer and amounts collected on the Mortgage Loans for each Collection Period shall be deposited in same-day funds into the Collection Account no later than one Business Day prior to invest the related Distribution Date. The Trustee shall hold amounts deposited in the Collection Account as trustee for the Certificateholders and for the Credit Enhancer. Such funds may be invested in Eligible Investments maturing no later than one Business Day prior to the date on which the amount the deposit therein is required to be deposited to the Collection Account, or on such Distribution Date if approved by the Rating Agencies and the Credit Enhancer. In addition, the Servicer shall notify the Trustee and the Credit Enhancer in writing on each Determination Date of the amount of payments and collections in the Collection Account allocable to Interest Collections and Principal Collections for the related Distribution Date. All income and gain, if any, realized from any investment in Eligible Investments of funds in the Collection Account in Eligible Investments (including obligations shall be for the benefit of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit DateInvestor Certificateholders. The Servicer amount of any losses incurred in respect of the principal amount of any such investments shall be deemed not to be on deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc One Abs Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s 's policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer Trustee pursuant to Section 5.03.
(b) The Servicer shall establish and maintain a separate trust account (the “"Collection Account”") titled “HSBC "Xxxxx Fargo Bank USAMinnesota, National Association, as Trustee, in trust for the registered holders of Renaissance HEL Trust 20072002-3 2 Asset-Backed Certificates, Series 20072002-3”2". The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August June 1, 20072002) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days Days, following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.02, 2.04, 2.05 2.06 and 3.16;; and
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.05;; and
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller pursuant to Section 2.01(d) or Section 2.04 and remitted by the Seller to the Servicer; . provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.05. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Collection of Certain Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows with respect to mortgage loans in its servicing portfolio comparable to the Mortgage Loans. Consistent with the foregoing, and without limiting the generality of the foregoing, the Servicer may in its discretion (i) subject to the provisions of Section 3.21 hereof, waive any prepayment charge, late payment charge or any assumption fees or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor a schedule for the payment of interest due and unpaid; provided that such arrangement is consistent with the Servicer’s policies with respect to the mortgage loans it owns or services; provided, further, that notwithstanding such arrangement such Mortgage Loans will be included in the monthly information delivered by the Servicer to the Master Servicer pursuant to Section 5.033.23.
(b) The Servicer shall establish and maintain a separate trust account (the “Collection Account”) titled “HSBC Bank USA, National Association, as Indenture Trustee, in trust for the registered holders of Renaissance HEL Home Equity Loan Trust 20072005-3 4 Asset-Backed CertificatesNotes, Series 20072005-34”. The Collection Account shall be an Eligible Account. On the Closing Date, the Seller shall cause to be deposited in the Collection Account any amounts representing payments on and any collections in respect of the Mortgage Loans received after the related Cut-off Off Date (other than principal and interest accrued and due on or prior to August December 1, 20072005) and prior to the Closing Date. The Servicer shall deposit within two (2) Business Days following receipt thereof the following payments and collections received or made by it (without duplication):
(i) all payments received after the related Cut-off Off Date on account of principal on the Mortgage Loans (exclusive of payments in respect of principal on the Mortgage Loans which were due on or prior to the related Cut-off Date) and all Principal Prepayments and Curtailments collected after the related Cut-off Off Date;
(ii) all payments received after the related Cut-off Off Date on account of interest on the Mortgage Loans (exclusive of payments in respect of interest on the Mortgage Loans which have accrued and were due on or prior to the related Cut-off Off Date);
(iii) all Net Liquidation Proceeds net of Foreclosure Profits;
(iv) all Insurance Proceeds other than any portion thereof constituting Net Liquidation Proceeds;
(v) all Released Mortgaged Property Proceeds;
(vi) any amounts payable in connection with the repurchase of any Mortgage Loan and the amount of any Substitution Adjustment pursuant to Sections 2.022.1(f), 2.04, 2.05 3.1 or 3.2 of the Mortgage Loan Sale and 3.16Contribution Agreement and Section 3.16 hereof;
(vii) any amount required to be deposited in the Collection Account pursuant to Sections 3.02, 3.04, 3.05, 3.06, 3.07, 5.02 or 5.053.14, 3.15(d), 3.16 and 3.21;
(viii) any Prepayment Charges; and
(ix) the Purchase Price of any Mortgage Loan repurchased by the Seller Originator pursuant to Section 2.01(d) or Section 2.04 the Mortgage Loan Sale and Contribution Agreement and remitted by the Seller Originator to the Servicer; provided, however, that, with respect to each Due Period, the Servicer shall be permitted to retain (x) from payments in respect of interest on a Mortgage Loan, the Servicing Fee and any Ancillary Income for such Mortgage Loan and (y) from payments from Mortgagors, Liquidation Proceeds, Insurance Proceeds and Released Mortgaged Property Proceeds, any unreimbursed Servicing Advances and Monthly Advances or unpaid Servicing Fees related thereto. The foregoing requirements respecting deposits to the Collection Account are exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection Account amounts representing Servicing Compensation or amounts received by the Servicer for the accounts of Mortgagors for application toward the payment of taxes, insurance premiums, assessments and similar items. The Servicer may cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments (including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments) pursuant to Section 5.053.01 of the Indenture. No such investment shall mature later than the Deposit Date. The Servicer shall deposit in the Collection Account, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.
Appears in 1 contract
