Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment Charges; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-5), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution ~~Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Class P Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of ~~any~~ either Trust REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the Custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, ~~the~~ Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-8)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Class P Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any Trust REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of any WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by (i) the ~~Trust Administrator~~Master Servicer, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-12), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~2.01(e), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment Charges; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-3), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment Charges; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) ~~[reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, without ~~direction~~ direction, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account (to the extent funds in the Distribution Account are being invested at the direction of WMMSC) and made in accordance with this Section 3.07. In the absence of written instructions by (i) the Trust Administrator, with respect to funds other than any WMMSC Monthly Remittance Amount or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-3), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-13), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments~~Payments; (x) ~~any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc), Pooling and Servicing Agreement (Mortgage Asset Sec Tr MSTR Alt Ln Tr Mt Ps THR Ct Sr 2003-3), Pooling and Servicing Agreement (Mortgage Asset Securit Trans Inc Mort Ps THR Cert Ser 2003-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the ~~Servicers~~ Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicer or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the ~~applicable~~ Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section ~~3.15(b~~3.16(b) and ~~3.15(d~~3.16(d), and in respect of net monthly rental income from REO Property pursuant to Section ~~3.15~~ 3.16 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section ~~4.01~~4.09; (viii~~) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x~~) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xiix) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (~~xii~~x) any Class P Prepayment Charges; (xi) reserved; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1), Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1), Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Class P Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xii) ~~any Class P Prepayment Charges~~the Initial Depositor Required Deposit; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any Trust REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of any WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by (i) the ~~Trust Administrator~~Master Servicer, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer or the Trustee, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Ps THR Certs 2004-1), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Alt Loan Trust 2004 2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the ~~Servicers~~ Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicer or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the ~~applicable~~ Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~2.01(e), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from ~~any~~ the Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) ~~any Class P Prepayment Charges~~[reserved]; and (xiii) any other amounts required to be deposited hereunder. . (xiv) In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (cxv) [Reserved]. (dxvi) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (ixvii) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (iixviii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (~~iii~~xix) [reserved]; (ivxx) [reserved]; and (vxxi) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (ec) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (fd) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (e) Upon a downgrade in the rating of an institution at which an Eligible Account is held below the required ratings set forth in the definition of Eligible Account, within 30 days of such downgrade, such account will be transferred to an account meeting the requirements of the definition of Eligible Account; provided, however, that this transfer requirement may be waived by the applicable Rating Agency.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-3), Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-S1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution ~~Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xii) ~~any Class P Prepayment Charges~~the Initial Depositor Required Deposit; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the Custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, ~~the~~ Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-5), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-6)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) ~~[reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer (or, with respect to the Monthly Remittance Amount, as directed by WMMSC), which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-10), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-8)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date~~) and the following amounts required to be deposited hereunder:~~): (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xii) ~~any Class P Prepayment Charges~~the Initial Transferor Required Deposit; (xiii) all payments that represent Recoveries; and (~~xiii~~xiv) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the ~~Class P Prepayment Charges~~ Mortgage Loans shall ~~not~~ be ~~treated as~~ deemed to be assets of ~~any REMIC, but shall be treated as assets of a separate sub~~the Lower-~~account~~ Tier REMIC until deemed distributed in respect of the ~~Distribution Account which shall be an asset of~~ Lower-Tier REMIC Regular Interests to the ~~Grantor Trust for the benefit~~ Upper-Tier REMIC and distributed in respect of the Class ~~P Certificates~~LR Certificates (in respect of the Class A-LR Interest) pursuant to Section 4.02(a)(ix) and then shall be deemed to be assets of the Upper-Tier REMIC until distributed in respect of the Certificates in accordance with Section 4.02. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of any WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by (i) the ~~Trust Administrator~~Master Servicer, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-2), Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2004-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date~~) and the following amounts required to be deposited hereunder:~~): (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xii) ~~any Class P Prepayment Charges~~all payments that represent Recoveries; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of any WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by (i) the ~~Trust Administrator~~Master Servicer, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of ~~the Servicers~~ each Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by ~~the Servicers~~ each Servicer or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section ~~3.15(b~~3.16(b) and ~~3.15(d~~3.16(d), and in respect of net monthly rental income from REO Property pursuant to Section ~~3.15~~ 3.16 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any~~ amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xiix) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (~~xii~~x) any ~~Class P~~ Trust Prepayment Charges; (xi) reserved; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the ~~Certificateholders~~Certificateholders and the Certificate Insurer, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders and the Certificate Insurer until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the ~~Certificateholders~~Certificateholders and the Certificate Insurer. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Ab1), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Ab1)

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mastr Seasoned Securitization Trust 2003-1), Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2003-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, without ~~direction either (i) hold funds on deposit in~~ direction, and with respect to the ~~Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ WMMSC Monthly Remittance Amount, as directed by WMMSC, may invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be ~~remitted to~~ withdrawn by it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account and net of the WMMSC Investment Earnings Amount shall be for the benefit of the Trust Administrator as additional compensation and shall be ~~remitted to~~ withdrawn by it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account (to the extent funds in the Distribution Account are being invested at the direction of WMMSC) and made in accordance with this Section 3.07. In the absence of written instructions by (i) the Trust Administrator, with respect to funds other than any WMMSC Monthly Remittance Amount or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2005-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers (other than Cendant), or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments~~Payments; (x) ~~any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-7), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-7)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a ~~sub-~~sub account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing ~~Fee~~Fee and Incremental Interest; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Trust Fund Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account ~~is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the~~ or Distribution Account is maintained shall invest the funds on deposit in the Collection Account, as directed in writing by the Master Servicer, or the Distribution ~~Account~~ Account, as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as ~~master servicing compensation~~ Master Servicing Compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust ~~Administrator~~ Administrator, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) ), or the Distribution Account, and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account, shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account, or Distribution Account, as applicable, ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Marm 2005-7)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) ~~The~~ the Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Seczt Trans Inc Mort Pass Thru Certs 2003-8)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgage Trust 2003-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments~~Payments; (x) ~~any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction either (i)~~ Trustee shall, as directed by the Master Servicer, hold funds on deposit in the Distribution Account either uninvested in ~~a trust or deposit account~~ an Eligible Account of the ~~Trust Administrator~~ Trustee with no liability for interest or ~~(ii)~~ other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in the applicable Loan Group; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in the applicable Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mort Pass THR Certs Ser 2003-12)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section ~~3.07(e~~3.07(c) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~2.01(e), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment Charges; and (xiii) any other amounts required to be deposited hereunder. . (xiv) In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (cxv) [~~Reserved~~reserved].; (dxvi) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (ixvii) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (iixviii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section ~~3.07(e~~3.07(c) in connection with any losses on Permitted Investments; (~~iii~~xix) [reserved]; (ivxx) [reserved]; and (vxxi) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (ec) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (fd) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2007-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Servicing ~~Agreement~~ Agreements and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all ~~Substitution Adjustment Amounts; (vii) all~~ Advances made by the Master Servicer pursuant to Section 4.01; (~~viii~~vii) ~~any prepayment penalties received from any Servicer; (ix) any~~ Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesPayments; and (~~xiii~~viii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [(Reserved].) (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mort Asset Sec Trans Inc E Trade Bank Mort Bak Sec Tr 2001 2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments;~~Payments; and (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) ~~[reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, without ~~direction~~ direction, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments (or, with respect to the Monthly Remittance Amount, as directed by WMMSC), which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer as to the investment of funds held in the Collection Account, ~~all~~ such funds on deposit therein shall remain uninvested. With respect to the WMMSC Monthly Remittance Amount, in the absence of written instructions by WMMSC as to the investment of such funds held in the Distribution ~~Account~~ Account, such funds on deposit therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-12)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Sale and Servicing ~~Agreement~~ Agreements and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited ~~within two Business Days~~ at the close of ~~receipt~~business on the related Servicer Remittance Date, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s or Master Servicer’s~~ Servicers normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~Compensating Interest Payments; (ix) ~~any Compensating Interest payments; (x) any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xix) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xi) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account shall be deemed to be assets of the Lower-Tier REMIC until deemed distributed in respect of the Lower-Tier REMIC Regular Interests and distributed in respect of the Class ~~P Prepayment Charges~~ A-LR Certificates pursuant to Sections 4.02(e), 4.02(a)(v) and 4.02(a)(vi) and then shall ~~not~~ be ~~treated as~~ deemed to be assets of ~~any REMIC, but shall be treated as assets of a separate sub~~the Upper-~~account~~ Tier REMIC until distributed in respect of the ~~Distribution Account which shall be an asset of the Grantor Trust for the benefit of~~ Certificates (other than the Class P A-LR Certificates) in accordance with Section 4.02(a). In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Adj Rate Mort Tr 2002 3)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the ~~Servicers~~ Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicer, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing ~~Fee~~Fee and Incremental Interest; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the ~~applicable~~ Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer; (ix) any~~ Compensating Interest payments; (xix) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xix) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xi) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account ~~is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the~~ or Distribution Account is maintained shall invest the funds on deposit in the Collection Account, as directed in writing by the Master Servicer, or Distribution ~~Account~~ Account, as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, with respect to funds held in the Collection Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-13)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments~~Payments; (x) ~~any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Assset Sec Trans Inc Mastr Alternative Loan 2002-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the ~~Servicers~~ Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicer or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the ~~applicable~~ Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~2.01(e), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from ~~any~~ the Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) ~~any Class P Prepayment Charges~~[reserved]; and (xiii) any other amounts required to be deposited hereunder. . (xiv) In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (cxv) [Reserved]. (dxvi) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (ixvii) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (iixviii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (~~iii~~xix) [reserved]; (ivxx) [reserved]; and (vxxi) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (ec) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (fd) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Starm Mortgage Loan Trust 2007-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution ~~Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xii) ~~any Class P Prepayment Charges~~the Initial Transferor Required Deposit; (xiii) the Closing Date Reconciliation Deposit; and (~~xiii~~xiv) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the Custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, ~~the~~ Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by (i) the ~~Trust Administrator~~Master Servicer, with respect to funds other than the WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to the WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Ser 2003 4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a ~~sub-~~sub account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing ~~Fee~~Fee and Incremental Interest; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Class P Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account ~~is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the~~ or Distribution Account is maintained shall invest the funds on deposit in the Collection Account, as directed in writing by the Master Servicer, or the Distribution ~~Account~~ Account, as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as ~~master servicing compensation~~ Master Servicing Compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust ~~Administrator~~ Administrator, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) ), or the Distribution Account, and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account, shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account, or Distribution Account, as applicable, ceases to be an Eligible Account, the Master Servicer or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2007-Hf1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution ~~Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the Custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, ~~the~~ Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-7)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments~~Payments; (x) ~~any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Transactions Inc Mastr Asset Sec Tr 03 2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a ~~sub-~~sub account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Class P Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall ~~not~~ be treated as assets of ~~any~~ the Subsidiary REMIC, ~~but shall be treated~~ as ~~assets of a separate sub-account of~~ described in the ~~Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates~~Preliminary Statement. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account ~~is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the~~ or Distribution Account is maintained shall invest the funds on deposit in the Collection Account, as directed in writing by the Master Servicer, or the Distribution ~~Account~~ Account, as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as ~~master servicing compensation~~ Master Servicing Compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust ~~Administrator~~ Administrator, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) ), or the Distribution Account, and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account, shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account, or Distribution Account, as applicable, ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2005-8)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment Charges; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders and the Class 2-A-2 Insurer until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the ~~Certificateholders~~Certificateholders and the Class 2-A-2 Insurer, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders and the Class 2-A-2 Insurer until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the ~~Certificateholders~~Certificateholders and the Class 2-A-2 Insurer. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating ~~Agency~~ Agency, the Class 2-A-2 Insurer and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating ~~Agency~~ Agency, the Class 2-A-2 Insurer and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Distribution Account may be a sub-account of the Collection Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]~~any distributions on the Underlying Certificates with respect to the Underlying Distribution Date; (iv) ~~[reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer (or, with respect to the Monthly Remittance Amount, as directed by WMMSC), which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-6)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties~~ amounts received ~~from~~ by the applicable Servicers or the Master Servicer upon the sale of any ~~Servicer~~Additional Collateral pursuant to the terms of the Mortgage 100 Pledge Agreement, the Parent Power(R) Guaranty and Security Agreement for Securities Account or the Parent Power(R) Guaranty Agreement for Real Estate or any amounts received pursuant to the Surety Bond; (ix) ~~any~~ Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesPayments; and (~~xiii~~x) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [(Reserved].) (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments which ~~Permitted Investments~~ shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Master Servicer by wire transfer of immediately available funds for deposit into the Distribution Account, as applicable. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mor Pass THR Cer Ser 2001-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date~~) and the following amounts required to be deposited hereunder:~~). (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Se 2003 9)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related ~~Distribution Account Deposit~~ Servicer Remittance Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such ~~Distribution Account Deposit~~ Servicer Remittance Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-6)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date (or, in the case of distributions on the Underlying Certificates, no later than on the Distribution Date), deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]~~any distributions on the Underlying Certificates with respect to the Underlying Distribution Date; (iv) ~~[reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer (or, with respect to the Monthly Remittance Amount, as directed by WMMSC), which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-9)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc MRT Ps THR Certs Ser 2003-3)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related ~~Distribution Account Deposit~~ Servicer Remittance Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such ~~Distribution Account Deposit~~ Servicer Remittance Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-5)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the ~~Cut-~~Cut off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the ~~Cut-~~Cut off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related ~~Distribution Account Deposit~~ Servicer Remittance Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such ~~Distribution Account Deposit~~ Servicer Remittance Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Incmastr Asset Sec Tr 2003 7)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date~~) and the following amounts required to be deposited hereunder:~~): (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xii) ~~any Class P Prepayment Charges~~the Initial Depositor Required Deposit; (xiii) all payments that represent Recoveries; and (~~xiii~~xiv) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of any WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by (i) the ~~Trust Administrator~~Master Servicer, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Adj Rate Mort Tr 2004 3)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers (other than WAMU Securities), or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments~~Payments; (x) ~~any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xii) ~~any Class P Prepayment Charges~~The Closing Date Deposit Amount remitted to the Master Servicer by the Depositor on the Closing Date; and (xiii) any other amounts required to be deposited hereunder. On each Servicer Remittance Date, the Master Servicer shall cause WAMU Securities (a) to withdraw the WAMU Securities Monthly Remittance Amount from its Protected Account and (b) to remit the WAMU Securities Monthly Remittance Amount to the Trustee. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and the WAMU Securities Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ WAMU Securities Investment Earnings Amount net of any losses realized from any such investment of the WAMU Securities Monthly Remittance Amount on deposit in the Distribution Account shall be for the benefit of WAMU Securities and shall be remitted to it monthly by the Trustee as provided in Section 3.19. The Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-6)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Sale and Servicing ~~Agreement~~ Agreements and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited ~~within two Business Days~~ at the close of ~~receipt~~business on the related Servicer Remittance Date, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s or Master Servicer’s~~ Servicers normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~Compensating Interest Payments; (ix) ~~any Compensating Interest payments; (x) any~~ Any amounts deposited in the Collection Account by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xix) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xi) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account shall be deemed to be assets of the Lower-Tier REMIC until deemed distributed in respect of the Lower-Tier REMIC Regular Interests and distributed in respect of the Class ~~P Prepayment Charges~~ A-LR Certificates pursuant to Sections 4.02(f), 4.02(a)(i) and 4.02(a)(iii) and then shall ~~not~~ be ~~treated as~~ deemed to be assets of ~~any REMIC, but shall be treated as assets of a separate sub~~the Upper-~~account~~ Tier REMIC until distributed in respect of the ~~Distribution Account which shall be an asset of the Grantor Trust for the benefit of~~ Certificates (other than the Class P A-LR Certificates) in accordance with Section 4.02(a). In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in the applicable Loan Group; (xi) the Closing Date Reconciliation Deposit; (xii) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in the applicable Loan Group; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2004-5)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; ; and (iii~~) [reserved]; (iv) [reserved]; and (v~~) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Alt Loan Tr 2003-5)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, as directed by the Master Servicer, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mort Asset Sec Trans Mort Pass Through Certs Ser 2003-9)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related ~~Distribution Account Deposit~~ Servicer Remittance Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such ~~Distribution Account Deposit~~ Servicer Remittance Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Incmastr Asset Sec Tr 2003 7)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, as directed by the Master Servicer, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer or the Trustee, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Alternative Loan Trust 2004-3)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) ~~[reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. The Trust Administrator ~~shall~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, without ~~direction~~ direction, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as ~~master servicing compensation~~ Master Servicing Compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account (to the extent funds in the Distribution Account are being invested at the direction of WMMSC), and made in accordance with this Section 3.07. In the absence of written instructions by (i) the Trust Administrator, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-11)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall ~~without direction~~ either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2004-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of ~~the Servicers~~ each Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by ~~the Servicers~~ each Servicer or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section ~~3.15(b~~3.16(b) and ~~3.15(d~~3.16(d), and in respect of net monthly rental income from REO Property pursuant to Section ~~3.15~~ 3.16 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any~~ amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xiix) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (~~xii~~x) any ~~Class P~~ Trust Prepayment Charges; (xi) reserved; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the ~~Certificateholders~~Certificateholders and the Certificate Insurer. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-Ab1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers (other than WAMU), or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) ~~any~~ Compensating Interest ~~payments~~Payments; (x) ~~any~~ Any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) ~~all~~ All proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage Loans~~; (xii) any Class P Prepayment Charges~~; and (~~xiii~~xii) any other amounts required to be deposited hereunder. On each Servicer Remittance Date, the Master Servicer shall cause WAMU (a) to withdraw the WAMU Monthly Remittance Amount from its Protected Account and (b) to remit the WAMU Monthly Remittance Amount to the Trustee. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and the WAMU Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ WAMU Investment Earnings Amount net of any losses realized from any such investment of the WAMU Monthly Remittance Amount on deposit in the Distribution Account shall be for the benefit of WAMU and shall be remitted to it monthly by the Trustee as provided in Section 3.19. The Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2002 5)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer~~’s or Master Servicer’s~~ 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts ~~required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and~~ in respect of REO property proceeds, Liquidation Proceeds or net monthly rental income from REO Property pursuant to Section 3.15 ~~hereof~~hereof or the Purchase and Servicing Agreements; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited~~ amount paid by ~~the Master~~ a Servicer in connection with a deductible clause in ~~any~~ a blanket hazard insurance ~~policy in respect of the Mortgage Loans~~policy; (xiix) ~~all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment Charges~~Compensating Interest Payments; and (~~xiii~~x) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [(Reserved].) (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital Inc Trust 2002-Wl1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer; (ix) any~~ Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesPayments; and (~~xiii~~ix) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Transactions Inc Mastr Alt Ln Tr 2002 1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment Charges; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders and the Class 1-A-3 Insurer until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the ~~Certificateholders~~Certificateholders and the Class 1-A-3 Insurer, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders and the Class 1-A-3 Insurer until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the ~~Certificateholders~~Certificateholders and the Class 1-A-3 Insurer. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating ~~Agency~~ Agency, the Class 1-A-3 Insurer and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating ~~Agency~~ Agency, the Class 1-A-3 Insurer and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) the Closing Date Reconciliation Deposit; (xii) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed in writing by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer or WMMSC, as applicable, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer or WMMSC, as applicable, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of any WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by (i) the ~~Trust Administrator~~Master Servicer, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or the Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of ~~the Servicers~~ each Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by ~~the Servicers~~ each Servicer or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section ~~3.15(b~~3.16(b) and ~~3.15(d~~3.16(d), and in respect of net monthly rental income from REO Property pursuant to Section ~~3.15~~ 3.16 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section ~~4.01~~4.09; (viii~~) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x~~) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xiix) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (~~xii~~x) any ~~Class P~~ Trust Prepayment Charges; (xi) reserved; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Second Lien Trust 2005-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2003-10)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a ~~sub-~~sub account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing ~~Fee~~Fee and Incremental Interest; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Trust Fund Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account ~~is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the~~ or Distribution Account is maintained shall invest the funds on deposit in the Collection Account, as directed in writing by the Master Servicer, or the Distribution ~~Account~~ Account, as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as ~~master servicing compensation~~ Master Servicing Compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust ~~Administrator~~ Administrator, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) ), or the Distribution Account, and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account, shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account, or Distribution Account, as applicable, ceases to be an Eligible Account, the Master Servicer or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Sale and Servicing ~~Agreement~~ Agreements and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all ~~Substitution Adjustment Amounts; (vii) all~~ Advances made by the Master Servicer pursuant to Section 4.01; (~~viii~~vii) ~~any prepayment penalties received from any Servicer; (ix) any~~ Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesPayments; and (~~xiii~~viii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [(Reserved].) (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.10(b). In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mor Pass THR Cer Ser 2002-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, as directed by the Master Servicer, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, all funds on deposit in the Collection Account or Distribution Account shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mort Asset Sec Trans Mort Ps THR Certs Ser 2003-3)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in Asset Group 2 and Asset Group 3; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in Asset Group 2 and Asset Group 3; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Distribution Account may be a sub-account of the Collection Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]~~any distributions on the Underlying Certificates with respect to the Underlying Distribution Date; (iv) ~~[reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer (or, with respect to the Monthly Remittance Amount, as directed by WMMSC), which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Transaction Inc Mastr Asset Sec Tr 2004-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Sale and Servicing ~~Agreement~~ Agreements and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all ~~Substitution Adjustment Amounts; (vii) all~~ Advances made by the Master Servicer pursuant to Section 4.01; (~~viii~~vii) ~~any prepayment penalties received from any Servicer; (ix) any~~ Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesPayments; and (~~xiii~~viii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [(Reserved].) (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account shall be deemed to be assets of the Lower-Tier REMIC until deemed distributed in respect of the Lower-Tier REMIC Regular Interests and the Class ~~P Prepayment Charges~~ A-LR Certificates pursuant to Sections 4.02(e), 4.02(a)(iv) and 4.02(a)(v) and then shall ~~not~~ be ~~treated as~~ deemed to be assets of ~~any REMIC, but shall be treated as assets of a separate sub~~the Upper-~~account~~ Tier REMIC until distributed in respect of the ~~Distribution Account which shall be an asset of the Grantor Trust for the benefit of~~ Certificates (other than the Class P A-LR Certificates) in accordance with Section 4.02(a). In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002 1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~Compensating Interest Payments; (ix) ~~any Compensating Interest payments; (x) any amounts deposited by~~ the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesTransferor's Closing Date Deposit; and (~~xiii~~x) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cer Ser 2002-1)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related ~~Distribution Account Deposit~~ Servicer Remittance Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such ~~Distribution Account Deposit~~ Servicer Remittance Date). The ~~Trust Administrator shall without direction~~ Trustee shall, as directed by the Master Servicer, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-4)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer;~~[Reserved] (ix) ~~any~~ Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesPayments; and (~~xiii~~x) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-3)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d), Section~~ 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in the applicable Loan Group; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in the applicable Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2003 11)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which ~~account~~ may be deemed to be a ~~sub-~~sub account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing ~~Fee~~Fee and Incremental Interest; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s 's or Master Servicer’s 's normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to ~~Section 2.01(d),~~ Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any ~~prepayment penalties received from any Servicer~~Class P Prepayment Charges; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans~~Loans in such Loan Group; (xii) ~~any Class P Prepayment Charges~~the Initial Depositor Required Deposit; and (xiii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix)(A); (ii) any amount deposited by the Master ~~Servicer or~~ Servicer, the Trust Administrator or WMMSC pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (iii) ~~[reserved]; (iv) [reserved]~~any WMMSC Monthly Remittance Amount received by the Trust Administrator from WMMSC; and (viv) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section ~~3.10~~3.10(b). Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any Trust REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account ~~is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the~~ or Distribution Account is maintained shall invest the funds on deposit in the Collection Account, as directed in writing by the Master Servicer, or the Distribution ~~Account~~ Account, as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that ~~maintains~~ maintains, or is the custodian for, such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator ~~shall without direction~~ shall, with respect to funds other than the WMMSC Monthly Remittance Amount, and with respect to the WMMSC Monthly Remittance Amount, as directed in writing by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator with no liability for interest or other compensation thereon, except as otherwise agreed in writing with WMMSC, or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as ~~master servicing compensation~~ Master Servicing Compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of any WMMSC Investment Earnings Amount) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator or WMMSC, as applicable, in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) ), or the Distribution Account (to the extent funds in the Distribution Account are being invested at the direction of WMMSC), and made in accordance with this Section 3.07. In the absence of written instructions by (i) the Trust Administrator, with respect to funds other than any WMMSC Monthly Remittance Amount, or (ii) WMMSC, with respect to any WMMSC Monthly Remittance Amount, to invest funds held in the Distribution Account, all funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof. (g) Each of the Collection Account and Distribution Account shall at all times be an Eligible Account, provided, that the Collection Account may be deemed to be a sub-account of the Distribution Account. If at any time either the Collection Account or Distribution Account ceases to be an Eligible Account, the Master Servicer, the Trustee or the Trust Administrator, as applicable, shall immediately establish and maintain a new Collection Account or Distribution Account, as applicable, that is an Eligible Account, and shall immediately transfer all funds on deposit in the former Collection Account or Distribution Account, as applicable, to the new Collection Account or Distribution Account, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages 2005-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers (other than Cendant and WMMSC), or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer~~[Reserved]; (ix) any Compensating Interest ~~payments~~Payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in such Group; (xi) all proceeds of ~~any~~ a primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in such Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. On each Servicer Remittance Date, the Master Servicer shall (i) cause Cendant (a) to withdraw the Cendant Monthly Remittance Amount from its Protected Account and (b) to remit the Cendant Monthly Remittance Amount to the Trustee and (ii) cause WMMSC (a) to withdraw the WMMSC Monthly Remittance Amount from its Protected Account and (b) to remit the WMMSC Monthly Remittance Amount to the Trustee. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, ~~promptly upon receipt but no later than~~ on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(a)(ix); (ii) any amount deposited by the Master Servicer or ~~the Trust Administrator~~ WMMSC pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account (other than losses realized from any investment of the WMMSC Monthly Remittance Amount on deposit in the Distribution Account) incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ WMMSC Investment Earnings Amount net of any losses realized from any such investment of the WMMSC Monthly Remittance Amount on deposit in the Distribution Account shall be for the benefit of WMMSC and shall be remitted to it monthly by the Trustee as provided in Section 3.19. The amount of any realized losses in the Distribution Account realized from the investment of the WMMSC Monthly Remittance Amount on deposit in the Distribution Account shall promptly be deposited by WMMSC in the Distribution Account. The Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-8)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Purchase and Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicers, or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Insurance Proceeds and Liquidation ~~Proceeds (including Insurance~~ Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable ~~Servicer’s~~ Servicers or Master Servicer’s 's normal servicing procedures~~, and all Recoveries~~; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~3.15(b), ~~Section 3.15(b) and~~ 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) ~~any prepayment penalties received from any Servicer;~~[Reserved] (ix) ~~any~~ Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) any Class P Prepayment ChargesPayments; and (~~xiii~~x) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [(Reserved].) (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon ~~receipt but no later than on the Distribution Account Deposit Date~~receipt, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section ~~3.10(a)(ix)(a~~3.10(ix); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator in writing~~ Trustee to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s 's Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates3.08. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator~~ Trustee shall ~~without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii)~~ invest funds on deposit in the Distribution Account in Permitted ~~Investments,~~ Investments as directed by the Master Servicer which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer ~~(from its own funds without any right of reimbursement)~~ in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account)~~ Account shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer to invest funds held in the Collection Account or Distribution Account, all funds on deposit ~~in the Distribution Account~~ thereon shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Ser 2002 2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the ~~Servicers~~ Servicer to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the ~~applicable~~ Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection Account, which account may be deemed to be a sub-account of the Distribution Account, into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the ~~Servicers~~ Servicer or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the ~~related~~ Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the ~~applicable~~ Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section ~~3.07(e~~3.07(c) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section ~~2.01(d~~2.01(e), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from ~~any~~ the Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage Loans; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage Loans; (xii) ~~any Class P Prepayment Charges~~[reserved]; and (xiii) any other amounts required to be deposited hereunder. . (c) In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (cd) [~~Reserved~~reserved].; (de) The Trust Administrator shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The Trust Administrator shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the Trust Administrator pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer or the Trust Administrator pursuant to Section ~~3.07(e~~3.07(c) in connection with any losses on Permitted Investments; (iii) [reserved]; (iv) [reserved]; and (v) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the Trust Administrator in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the Trust Administrator which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the Trust Administrator in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the Trust Administrator incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (ef) Each institution at which the Collection Account is maintained shall invest the funds on deposit in the Collection Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The Trust Administrator shall without direction either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the Trust Administrator or (ii) invest funds on deposit in the Distribution Account in Permitted Investments, which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the Trust Administrator by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution Account) shall be for the benefit of the Trust Administrator as compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the Trust Administrator in the Distribution Account. The Trust Administrator shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the Trust Administrator is the obligor and has defaulted thereon) and made in accordance with this Section 3.07. In the absence of written instructions by the Trust Administrator, all funds on deposit in the Distribution Account shall remain uninvested. (fg) The Master Servicer shall give notice to the Trustee, the Trust Administrator, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The Trust Administrator shall give notice to the Trustee, the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2007-2)

Collection of Mortgage Loan Payments; Collection Account; Distribution Account. (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy. (b) The Master Servicer shall establish and maintain a Collection ~~Account, which account may be deemed to be a sub-account of the Distribution Account,~~ Account into which the Master Servicer shall deposit or cause to be deposited within two Business Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by the Servicers or received by it in respect of Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder: (i) all payments on account of principal on the Mortgage Loans, including Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans, net of the related Servicing Fee; (iii) all Liquidation Proceeds (including Insurance Proceeds), other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the applicable Servicer’s or Master Servicer’s normal servicing procedures, and all Recoveries; (iv) any amount required to be deposited by the Master Servicer pursuant to Section 3.07(e) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Master Servicer pursuant to Section 2.01(d), Section 3.15(b) and 3.15(d), and in respect of net monthly rental income from REO Property pursuant to Section 3.15 hereof; (vi) all Substitution Adjustment Amounts; (vii) all Advances made by the Master Servicer pursuant to Section 4.01; (viii) any prepayment penalties received from any Servicer; (ix) any Compensating Interest payments; (x) any amounts deposited by the Master Servicer in connection with a deductible clause in any blanket hazard insurance policy in respect of the Mortgage ~~Loans~~Loans in the applicable Loan Group; (xi) all proceeds of any primary mortgage guaranty insurance policy in respect of the Mortgage ~~Loans; (xii) any Class P Prepayment Charges~~Loans in the applicable Loan Group; and (~~xiii~~xii) any other amounts required to be deposited hereunder. In the event that the Master Servicer shall deposit into the Collection Account any amount not required to be deposited, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Collection Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 3.10. (c) [Reserved]. (d) The ~~Trust Administrator~~ Trustee shall establish and maintain, on behalf of the Certificateholders, the Distribution Account. The ~~Trust Administrator~~ Trustee shall, promptly upon receipt but no later than on the Distribution Account Deposit Date, deposit in the Distribution Account and retain therein the following: (i) the aggregate amount remitted by the Master Servicer to the ~~Trust Administrator~~ Trustee pursuant to Section 3.10(a)(ix)(a); (ii) any amount deposited by the Master Servicer ~~or the Trust Administrator~~ pursuant to Section 3.07(e) in connection with any losses on Permitted Investments~~; (iii) [reserved]; (iv) [reserved]~~; and (viii) any other amounts described hereunder which are required to be deposited in the Distribution Account. In the event that the Master Servicer shall remit any amount not required to be remitted, it may at any time direct the ~~Trust Administrator~~ Trustee in writing to withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding. Such direction may be accomplished by delivering an Officer’s Certificate to the ~~Trust Administrator~~ Trustee which describes the amounts deposited in error in the Distribution Account. All funds deposited in the Distribution Account shall be held by the ~~Trust Administrator~~ Trustee in trust for the Certificateholders until disbursed in accordance with this Agreement or withdrawn in accordance with Section 3.10. Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates. In no event shall the ~~Trust Administrator~~ Trustee incur liability for withdrawals from the Distribution Account at the direction of the Master Servicer. (e) Each institution at which the Collection Account or Distribution Account is maintained shall invest the funds on deposit in the Collection Account or Distribution Account as directed in writing by the Master Servicer, in Permitted Investments. Each institution at which the Distribution Account is maintained shall invest the funds on deposit in the Distribution Account as directed in writing by the Trust Administrator, in Permitted Investments. Funds invested in the Collection Account shall mature not later than the Business Day next preceding the related Distribution Account Deposit Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such account, then such Permitted Investment shall mature not later than such Distribution Account Deposit Date). The ~~Trust Administrator shall without direction~~ Trustee shall, with respect to funds other than the WMMSC Monthly Remittance Amount, as directed by the Master Servicer, and with respect to the WMMSC Monthly Remittance Amount, as directed by WMMSC, either (i) hold funds on deposit in the Distribution Account uninvested in a trust or deposit account of the ~~Trust Administrator~~ Trustee with no liability for interest or other compensation thereon, except as otherwise agreed in writing with the Master Servicer, or (ii) invest funds on deposit in the Distribution Account in Permitted ~~Investments~~Investments as directed by the Master Servicer (or, with respect to the Monthly Remittance Amount, as directed by WMMSC), which Permitted Investments shall mature not later than the Business Day next preceding the Distribution Date (except that if such Permitted Investment is an obligation of or is managed by the institution that maintains such fund or account, then such Permitted Investment shall mature not later than such Distribution Date). Permitted Investments in respect of the Collection Account or the Distribution Account shall not be sold or disposed of prior to their maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the Certificateholders. All income and gain net of any losses realized from any such investment of funds on deposit in the Collection Account shall be for the benefit of the Master Servicer as master servicing compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Collection Account incurred in any such account in respect of any such investments shall promptly be deposited by the Master Servicer (from its own funds without any right of reimbursement) in the Collection Account or paid to the ~~Trust Administrator~~ Trustee by wire transfer of immediately available funds for deposit into the Distribution Account. All income and gain (net of any losses realized from any such investment of funds on deposit in the Distribution ~~Account~~Account and net of the WMMSC Investment Earnings Amount) shall be for the benefit of the ~~Trust Administrator~~ Master Servicer as additional compensation and shall be remitted to it monthly as provided herein. The amount of any realized losses in the Distribution Account incurred in any such account in respect of any such investments shall promptly be deposited by the ~~Trust Administrator~~ Master Servicer in the Distribution Account. The ~~Trust Administrator~~ Trustee shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Collection Account (except to the extent the ~~Trust Administrator~~ Trustee is the obligor and has defaulted thereon) or the Distribution Account and made in accordance with this Section 3.07. In the absence of written instructions by the ~~Trust Administrator~~Master Servicer, ~~all~~ with respect to funds other than the WMMSC Monthly Remittance Amount, or WMMSC, with respect to the WMMSC Monthly Remittance Amount, as to the investment of funds held in the Collection Account or Distribution Account, such funds on deposit ~~in the Distribution Account~~ therein shall remain uninvested. (f) The Master Servicer shall give notice to the Trustee~~, the Trust Administrator~~, each Rating Agency and the Depositor of any proposed change of the location of the Collection Account prior to any change thereof. The ~~Trust Administrator~~ Trustee shall give notice to ~~the Trustee,~~ the Master Servicer, each Rating Agency and the Depositor of any proposed change of the location of the Distribution Account prior to any change thereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-3)

Common use of Collection of Mortgage Loan Payments; Collection Account; Distribution Account Clause in Contracts